Around The Barrel – Crude Oil Builds 5.457M as Production 12.2M Bpd, Highest Since March 2020

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  • #41601
    MoneyNeverSleeps
    Participant

    WTI crude oil futures tipped back above $90.00/bbl today, settling up 2.2% to $90.67/bbl.
    This boosted the energy sector $XLE +0.5% which closed near the top of the leaderboard.
    Unleaded gasoline futures settled 0.6% higher at $2.89/gal.

    #41458
    TradersCom
    Keymaster

    The EIA reported US gasoline exports at 1.126mbpd last week (up 286kbpd w/w) to the highest level since December 2018. Crude oil stocks rose+5.457Mbbl
    [See the full post at: Around The Barrel – Crude Oil Builds 5.457M as Production 12.2M Bpd, Highest Since March 2020]

    #41778
    MoneyNeverSleeps
    Participant

    Goldman Sachs forecast oil to $130 by year end
    – demand exceeding what is currently expected
    – supply staying low, inventories falling and markets not positioned for a rising price

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