Oil Prices Experience Decline Ahead of US Inventory Review
Wednesday, 20 March 2024, 14:26
Oil Prices Update
A round of profit taking has hit oil today after rising to the highs of the year yesterday. The selling started after the API private inventory data late yesterday showed:
- Crude -1519K
- Gasoline -1574K
- Distillates +512K
- Cushing +325K
There was some chatter yesterday of a 6 million barrel crude oil draw, but that's cooled off to 3-4 million following API. The consensus is much more benign, but I'm not sure it's trustworthy given the post-API moves in energy:
- Crude +13K
- Gasoline -1350K
- Distillates -87K
The data is set to release shortly. WTI crude oil was last down $1.41 to $82.06.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.