EIA weekly US crude oil inventories +17.423K vs -1405K expected
- Prior was +2479K
- Gasoline -968K vs -1199K expected
- Distillates -10K vs -200K expected
API data from late yesterday:
- Crude +9072K
- Gasoline -1531K
- Distillates -596K
For the week ending August 7, another 6.1 million barrels left the SPR and it recently broke below 300 million barrels. That is a massive build, though some of it was flagged by API and a talk of a mismatch on timing between imports and exports. At the end of the day though, no one is buying crude on a headline like that.
WTI crude oil has been bouncing around on Iran headlines and was last down 40-cents to $82.81 per barrel.
Meanwhile, the tweeter-in-chief is ranting about Iran on Truth Social:
The U.S.A. has total control over over the Strait of Hormuz. I THINK WE
WILL KEEP IT! Our Naval Blockade is being called, by everyone, “A WALL
OF STEEL,” and there is nothing Iran can do about it. They have no Navy,
they have no Air Force, their remaining soldiers are unpaid, the IRGC
is decimated and fleeing, and their “Leadership” is uncertain, at best!
They have No Money – Their country is “shot.” All they have is FAKE NEWS
and 300% INFLATION, and getting worse! Iran is all talk and no action,
the Bully of the Middle East No Longer. Praise be to Allah! President
DONALD J. TRUMP
On it goes.
This article was written by Adam Button at investinglive.com.