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12.08.26 - 18:12
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WTI Dips After Massive Crude Inventory Build, Big SPR Drain, Surge In Imports (ZeroHedge)
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WTI Dips After Massive Crude Inventory Build, Big SPR Drain, Surge In Imports
Oil prices are marginally lower this morning as OPEC again cut its forecast for global oil-demand growth for this year, but stalled talks to reopen the critical Strait of Hormuz waterway and risks in the Red Sea prolong disruptions to global supplies.
Physical disruptions are spreading beyond Hormuz. Refinery attacks and fires have hit Russia and Libya, while the Houthis claimed another attack on Saudi Aramco's Jazan complex. The Red Sea has become a key alternative export route for the Kingdom, and Houthi attacks are putting that release valve under pressure.
Overnight saw API report a huge crude inventory build and
API
Crude +9.1mm
Cushing +1.6mm
Gasoline -1.5mm
Distillates -600k
DOE
Crude +17.4mm (-1.4mm exp) - biggest build since Jan 2023
Cushing +1.61mm
Gasoline -968k
Distillates -10k
After API's reported large build, the official data showed an almost unprecedented 17.4m...
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