Crude oil inventories in the United States rose this week by 483,000 barrels for the week ending January 12, according to The American Petroleum Institute (API), after analysts predicted a draw of 2.4 million barrels. The API reported a 5.215-million-barrel draw in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels again this week. Inventories are now at 355.6 mil...
Key Takeaway - Oil prices rise with WTI nearing $73 and Brent close to $78 as US strikes in Yemen escalate Middle East tensions, impacting trade routes. - The oil market shows signs of tightening with WTI's prompt spread entering a bullish backwardation for the first time since November. - American Petroleum Institute reports a slight increase in US crude inventories but a decrease at Cushing, signaling mixed supply conditions. Middle Ea...
Following the Fed minutes, th...
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels again this week. Inventories are now at 355.6 mil...
- Oil prices rise with WTI nearing $73 and Brent close to $78 as US strikes in Yemen escalate Middle East tensions, impacting trade routes.
- The oil market shows signs of tightening with WTI's prompt spread entering a bullish backwardation for the first time since November.
- American Petroleum Institute reports a slight increase in US crude inventories but a decrease at Cushing, signaling mixed supply conditions.
Middle Ea...
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