- U.S. crude oil futures tumble after U.S. data shows a surprise rise in domestic crude inventories and the first increase in four weeks; WTI crude -1.2% at $73.25/bbl, Brent -0.1% at $78.16/bbl.
- U.S. crude inventories rose by 1.2M barrels in the week ended June 29, compared with expectations for a large decrease; however, crude stocks stored at the Cushing, Okla., trading hub fell by 2.1M barrels in the latest week to 27.8M barrels.
- The production outage at Syncrude Canada had been expected to result in a big storage draw, but instead the report shows a more normal U.S. supply-demand picture after the biggest stockpile reduction since 2016 a week earlier, says Mizuho analyst Robert Yawger.
- “It’s going to suck some of the overbought momentum out of the market,” Yawger says.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: 0 A Barrel Oil? In Your Dreams
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