WTI ended the day unchanged – despite some intraday vol overnight – as traders are wait for the next catalyst from U.S.-China trade talks or shifts in the Venezuelan regime.
“There’s a lot of forces sort of canceling each other out here,” said Finlon. “We’re just in a holding pattern.”
Some hoped that tonight’s inventory data would trigger some sustained move.
API
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Crude +7.29mm (+1.45mm exp)
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Cushing +1.1mm (+1.63mm exp)
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Gasoline -391k
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Distillates -3.1mm
After last week’s surprise plunge in crude inventories, traders expected a modest build this week, but API reported a huge 7.29mm build (+1.45mm exp)…
Having chopped lower and higher during the early day session, WTI settled in around $56.50 ahead of the API print and tumbled on the unexpectedly large build…
via ZeroHedge News https://ift.tt/2Tz8phJ Tyler Durden