WTI Holds Losses After Big Product Draws

March 15, 2023

WTI Holds Losses After Big Product Draws

Oil prices have collapsed further this morning – after bouncing last night on API-reported product inventory drawdowns – as last night’s China macro data didn’t suggest a strong re-opening and Europe’s banking system joining the systemic crash freight train is not helping sentiment as oil stands alone for now in pricing an imminent recession.

“The energy complex appears to be connecting the dots between the recent banking issues and a possible recession,” oil-consulting firm Ritterbusch and Associates told clients Tuesday.

Additionally, the EIA says global oil markets are contending with a surplus as Russian production defies predictions of a slump while fuel demand slowly picks up.

“World oil supply should comfortably exceed demand in the first half of the year,” said the agency, which advises major economies.

“Much of the supply overhang reflects ample Russian barrels racing to re-route to new destinations.”

Will we see another US crude build as API reported last night?

API

Crude +1.16mm (+100k exp)
Cushing -950k
Gasoline -4.59mm (-1.2mm exp)
Distillates -2.89mm (-600k exp)

DOE

Crude +1.55mm (+100k exp)
Cushing -1.916mm – biggest draw since May 2021
Gasoline -2.061mm (-1.2mm exp)
Distillates -2.527mm (-600k exp)

US Crude stocks rose last week but Products and Cushing saw considerable drawdowns…

Source: Bloomberg

The now much-watched ‘adjustment factor’ on the DOE data is back near record highs…

Total crude stocks remain at highest since May 2021…

Source: Bloomberg

Inventory levels at the Cushing hub are rolling over from two year highs…

Source: Bloomberg

US crude production was flat last week as rig counts trend lower…

Source: Bloomberg

WTI was trading just below $69 ahead of the official data and rose modestly after…

Central bankers’ ultimate path on interest rates could have big implications for the oil patch, said Dan Pickering, chief investment officer of Pickering Energy Partners. “Somewhere out there is an economic slowdown,” Mr. Pickering said.

Tyler Durden
Wed, 03/15/2023 – 10:34

https://www.zerohedge.com/energy/wti-holds-losses-after-big-product-draws

WTI Holds Losses After Big Product Draws <body> <h1> Array ( [0] => qti holds losses after big product draws [1] => ati holds losses after big product draws [2] => sti holds losses after big product draws [3] => eti holds losses after big product draws [4] => 3ti holds losses after big product draws [5] => 2ti holds losses after big product draws [6] => wri holds losses after big product draws [7] => wfi holds losses after big product draws [8] => wgi holds losses after big product draws [9] => wyi holds losses after big product draws [10] => w6i holds losses after big product draws [11] => w5i holds losses after big product draws [12] => wtu holds losses after big product draws [13] => wtj holds losses after big product draws [14] => wtk holds losses after big product draws [15] => wto holds losses after big product draws [16] => wt9 holds losses after big product draws [17] => wt8 holds losses after big product draws [18] => wti golds losses after big product draws [19] => wti bolds losses after big product draws [20] => wti nolds losses after big product draws [21] => wti jolds losses after big product draws [22] => wti uolds losses after big product draws [23] => wti yolds losses after big product draws [24] => wti hilds losses after big product draws [25] => wti hklds losses after big product draws [26] => wti hllds losses after big product draws [27] => wti hplds losses after big product draws [28] => wti h0lds losses after big product draws [29] => wti h9lds losses after big product draws [30] => wti hokds losses after big product draws [31] => wti hopds losses after big product draws [32] => wti hoods losses after big product draws [33] => wti holss losses after big product draws [34] => wti holxs losses after big product draws [35] => wti holcs losses after big product draws [36] => wti holfs losses after big product draws [37] => wti holrs losses after big product draws [38] => wti holes losses after big product draws [39] => wti holda losses after big product draws [40] => wti holdz losses after big product draws [41] => wti holdx losses after big product draws [42] => wti holdd losses after big product draws [43] => wti holde losses after big product draws [44] => wti holdw losses after big product draws [45] => wti holds kosses after big product draws [46] => wti holds posses after big product draws [47] => wti holds oosses after big product draws [48] => wti holds lisses after big product draws [49] => wti holds lksses after big product draws [50] => wti holds llsses after big product draws [51] => wti holds lpsses after big product draws [52] => wti holds l0sses after big product draws [53] => wti holds l9sses after big product draws [54] => wti holds loases after big product draws [55] => wti holds lozses after big product draws [56] => wti holds loxses after big product draws [57] => wti holds lodses after big product draws [58] => wti holds loeses after big product draws [59] => wti holds lowses after big product draws [60] => wti holds losaes after big product draws [61] => wti holds loszes after big product draws [62] => wti holds losxes after big product draws [63] => wti holds losdes after big product draws [64] => wti holds losees after big product draws [65] => wti holds loswes after big product draws [66] => wti holds lossws after big product draws [67] => wti holds lossss after big product draws [68] => wti holds lossds after big product draws [69] => wti holds lossrs after big product draws [70] => wti holds loss4s after big product draws [71] => wti holds loss3s after big product draws [72] => wti holds lossea after big product draws [73] => wti holds lossez after big product draws [74] => wti holds lossex after big product draws [75] => wti holds lossed after big product draws [76] => wti holds lossee after big product draws [77] => wti holds lossew after big product draws [78] => wti holds losses zfter big product draws [79] => wti holds losses sfter big product draws [80] => wti holds losses wfter big product draws [81] => wti holds losses qfter big product draws [82] => wti holds losses adter big product draws [83] => wti holds losses acter big product draws [84] => wti holds losses avter big product draws [85] => wti holds losses agter big product draws [86] => wti holds losses atter big product draws [87] => wti holds losses arter big product draws [88] => wti holds losses afrer big product draws [89] => wti holds losses affer big product draws [90] => wti holds losses afger big product draws [91] => wti holds losses afyer big product draws [92] => wti holds losses af6er big product draws [93] => wti holds losses af5er big product draws [94] => wti holds losses aftwr big product draws [95] => wti holds losses aftsr big product draws [96] => wti holds losses aftdr big product draws [97] => wti holds losses aftrr big product draws [98] => wti holds losses aft4r big product draws [99] => wti holds losses aft3r big product draws [100] => wti holds losses aftee big product draws [101] => wti holds losses afted big product draws [102] => wti holds losses aftef big product draws [103] => wti holds losses aftet big product draws [104] => wti holds losses afte5 big product draws [105] => wti holds losses afte4 big product draws [106] => wti holds losses after vig product draws [107] => wti holds losses after nig product draws [108] => wti holds losses after hig product draws [109] => wti holds losses after gig product draws [110] => wti holds losses after bug product draws [111] => wti holds losses after bjg product draws [112] => wti holds losses after bkg product draws [113] => wti holds losses after bog product draws [114] => wti holds losses after b9g product draws [115] => wti holds losses after b8g product draws [116] => wti holds losses after bif product draws [117] => wti holds losses after biv product draws [118] => wti holds losses after bib product draws [119] => wti holds losses after bih product draws [120] => wti holds losses after biy product draws [121] => wti holds losses after bit product draws [122] => wti holds losses after big oroduct draws [123] => wti holds losses after big lroduct draws [124] => wti holds losses after big -roduct draws [125] => wti holds losses after big 0roduct draws [126] => wti holds losses after big peoduct draws [127] => wti holds losses after big pdoduct draws [128] => wti holds losses after big pfoduct draws [129] => wti holds losses after big ptoduct draws [130] => wti holds losses after big p5oduct draws [131] => wti holds losses after big p4oduct draws [132] => wti holds losses after big priduct draws [133] => wti holds losses after big prkduct draws [134] => wti holds losses after big prlduct draws [135] => wti holds losses after big prpduct draws [136] => wti holds losses after big pr0duct draws [137] => wti holds losses after big pr9duct draws [138] => wti holds losses after big prosuct draws [139] => wti holds losses after big proxuct draws [140] => wti holds losses after big procuct draws [141] => wti holds losses after big profuct draws [142] => wti holds losses after big proruct draws [143] => wti holds losses after big proeuct draws [144] => wti holds losses after big prodyct draws [145] => wti holds losses after big prodhct draws [146] => wti holds losses after big prodjct draws [147] => wti holds losses after big prodict draws [148] => wti holds losses after big prod8ct draws [149] => wti holds losses after big prod7ct draws [150] => wti holds losses after big produxt draws [151] => wti holds losses after big produvt draws [152] => wti holds losses after big produft draws [153] => wti holds losses after big produdt draws [154] => wti holds losses after big producr draws [155] => wti holds losses after big producf draws [156] => wti holds losses after big producg draws [157] => wti holds losses after big producy draws [158] => wti holds losses after big produc6 draws [159] => wti holds losses after big produc5 draws [160] => wti holds losses after big product sraws [161] => wti holds losses after big product xraws [162] => wti holds losses after big product craws [163] => wti holds losses after big product fraws [164] => wti holds losses after big product rraws [165] => wti holds losses after big product eraws [166] => wti holds losses after big product deaws [167] => wti holds losses after big product ddaws [168] => wti holds losses after big product dfaws [169] => wti holds losses after big product dtaws [170] => wti holds losses after big product d5aws [171] => wti holds losses after big product d4aws [172] => wti holds losses after big product drzws [173] => wti holds losses after big product drsws [174] => wti holds losses after big product drwws [175] => wti holds losses after big product drqws [176] => wti holds losses after big product draqs [177] => wti holds losses after big product draas [178] => wti holds losses after big product drass [179] => wti holds losses after big product draes [180] => wti holds losses after big product dra3s [181] => wti holds losses after big product dra2s [182] => wti holds losses after big product drawa [183] => wti holds losses after big product drawz [184] => wti holds losses after big product drawx [185] => wti holds losses after big product drawd [186] => wti holds losses after big product drawe [187] => wti holds losses after big product draww ) </h1> </body>