WTI Rebounds After ‘Across The Board’ Inventory Draws

Oil prices are lower this morning on some potentially optimistic comments from Ukraine, after earlier rallying toward $127/bbl as President Biden said his nation would ban the import of Russian crude.

Bloomberg’s Valle notes that “fewer refined-product imports are compounding already tight inventory, particularly along the U.S. East Coast.”

DOE

Inventories tumbled across the board according to the latest official DOE data with Cushing stocks down for a 9th straight week…

Source: Bloomberg

Distillates inventories registered a 5.23 million barrel drop last week, the biggest decline in about a year, to the lowest level since November 2014.

Cushing stocks continue to drop near operational lows…

Source: Bloomberg

Oil prices rebounded modestly on the draws…

Crude production is holding steady for a fifth week at 11.6 million barrels a day despite widespread expectations that shale producers are cranking out barrels spurred by the strong rally in oil prices.

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