Oil down 4% in biggest loss since June; Gasoline stock build hijacks OPEC show
Investing.com - The oil trade seems to have woken up to the fact that there’s something bigger after all than OPEC: The economy.
But the United States has its own problems too with the energy-price driven inflation of the past three months prodding the Federal Reserve to stay hawkish on interest rates for the foreseeable future. That has pushed theto 11-month highs, further weakening the finances of other nations and international demand for crude and other commodities denominated in the US currency.The other driver for Wednesday’s spectacular price drop in crude was the seasonal slide in U.S.
The so-called OPEC+ alliance — made up of the 13-member Saudi-led Organization of the Petroleum Exporting Countries and the 10 independent oil producers aligned to Russia — however, saw its much-hyped show hijacked by the events in global markets and by an inventory report released by the U.S. government.jumped almost 6.
Shipments of US crude reached record highs of more than 5 million barrels per day in recent weeks, boosted by demand for the so-called WTI Midland which made inroads into markets underserved by production cuts in Saudi and Russian crude. Last week, for instance, US crude exports were at 4.96M barrels, up from the prior week’s 4.012M.
The changes in gasoline and distillate inventories came amid healthy refining profit margins, known as “cracks”, seen for both now, particularly in distillates.
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