Oil prices edged higher this morning after posting the biggest two-day decline since 2022, as traders assessed the Iran-Israel ceasefire and the API report overnight that pointed to another drop in US crude stockpiles.
“There is no longer any real fear of the conflict spreading,” said Arne Lohmann Rasmussen, chief analyst at A/S Global Risk Management.
“With Trump’s comments on Iranian oil exports, downward pressure on oil prices is likely to continue.”
API
Crude -4.28mm
Cushing -75k
Gasoline +764k
Distillates -1.03mm
DOE
Crude -5.84mm
Cushing -464k
Gasoline -2.08mm
Distillates -4.07mm
The official data confirmed API's reported big crude draw and products also saw major inventory drawdowns last week...
Source: Bloomberg
Total US crude stockpiles dropped to their lowest since January...
Source: Bloomberg
Despite a small 237k addition to the SPR, Crude stocks fell for the 5th straight week...
Source: Bloomberg
US crude production pushed modestly higher last week as the rig count continues to slide...
Source: Bloomberg
WTI Crude prices inched higher after the report following two days of carnage...
Source: Bloomberg
The OPEC+ alliance is due to hold discussions on July 6 to consider a further supply boost in August.
