WTI Extends Gains After API Reports Large Crude Draw | ZeroHedge
Flip-flopping headlines from OPEC+ leaks and China COVID restrictions prompted a volatile day in crude markets today but WTI ended higher. OPEC+ does “not like contango and that is what has raised market expectations of deeper cuts,” Amrita Sen, chief oil analyst at consultant Energy Aspects, said in a Bloomberg TV interview. “I’m not ruling out deeper cuts -- that’s of course on the table -- but I would say that’s not our base case.” Earlier in the session, prices rallied above $79 a barrel after Beijing said it would bolster vaccination among seniors then prices briefly flirted with losses after Reuters reported that the production cartel would stick with its current oil-output policy API Crude -7.85mm (-2.49mm exp) - biggest draw since April 2022 Cushing -150k Gasoline +2.85mm Distillates +4.01mm This is the 3rd sizable crude draw in a row...and the 3rd straight week of sizable product builds... Source: Bloomberg WTI was hovering around $78.50 ahead of the API print and extended gai
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### Response: Flip-flopping headlines from OPEC+ leaks and China COVID restrictions prompted a volatile day in crude markets today but WTI ended higher. OPEC+ does “not like contango and that is what has raised market expectations of deeper cuts,” Amrita Sen, chief oil analyst at consultant Energy Aspects, said in a Bloomberg TV interview. “I’m not ruling out deeper cuts -- that’s of course on the table -- but I would say that’s not our base case.” Earlier in the session, prices rallied above $79 a barrel after Beijing said it would bolster vaccination among seniors then prices briefly flirted with losses after Reuters reported that the production cartel would stick with its current oil-output policy API Crude -7.85mm (-2.49mm exp) - biggest draw since April 2022 Cushing -150k Gasoline +2.85mm Distillates +4.01mm This is the 3rd sizable crude draw in a row...and the 3rd straight week of sizable product builds... Source: Bloomberg WTI was hovering around $78.50 ahead of the API print and extended gai