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13.05.26 - 19:42
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WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped (ZeroHedge)
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WTI Holds Gains Despite Biggest SPR Drawdown In 45 Year History, Production Jumped
Oil prices are higher this morning (extending its 8%-plus surge of the last three days) as Middle East tensions simmer and global stockpiles shrink at a record pace.
WTI topped $103 and Brent crude traded near $108 a barrel, erasing its retreat earlier on Wednesday, after the IEA said global observed oil inventories declined at a rate of about 4 million barrels a day in March and April.
Saudi Arabia told OPEC that its output sank to the lowest level since 1990.
“With global oil inventories already drawing at a record clip, further price volatility appears likely ahead of the peak summer demand period,” the Paris-based IEA said in its Oil Market Report.
The market will remain “severely undersupplied” until October even if the conflict ends next month, the agency said.
For obvious reasons, this morning's official inventory and supply data (for the US) is now top of mind.
API
Crude -2.2mm
Cushing
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13.05.26 - 19:42
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IEA Revises 2026 Forecast: Global Oil Supply To Plunge Below Demand This Year (ZeroHedge)
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IEA Revises 2026 Forecast: Global Oil Supply To Plunge Below Demand This Year
Global oil demand is set to exceed supply in the current year amid the ongoing conflict in the Middle East, reversing previous projections of a surplus, OilPrice reports citing the latest IEA data.
"With Hormuz tanker traffic still restricted, cumulative supply losses from Middle East Gulf producers already exceed 1 billion barrels with more than 14 million (barrels per day) of oil now shut in, an unprecedented supply shock," said the agency, which advises industrialized countries.
According to the May 2026 Oil Market Report by the International Energy Agency (IEA), global oil supply is projected to fall by 3.9 million bpd across 2026, with ~10.5 million bpd of Gulf oil production currently offline.
Global oil stocks are depleting at a record pace as supply losses from disruptions to flows via the Strait of Hormuz keep mounting
Producers & consumers are responding to the market signals, with Atlantic ...
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13.05.26 - 16:30
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Futures, Yields And Oil All Rise As Trump Arrives In China (ZeroHedge)
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Futures, Yields And Oil All Rise As Trump Arrives In China
US equity futures are up (alongside oil and yields, go figure), reversing yesterday's modest losses, as optimism around the earnings potential of AI outweighs concerns over hot inflation readings bringing dip buyers back to drive tech stocks higher, with traders betting that the tech rally has further room to run while also hoping on good news from the Trump-Xi summit set to start today in Beijing. As of 7:30am ET, S&P futures were up 0.2% and Nasdaq futures rose 0.7% thanks to a rebound in Semi stocks in the Asian and EMEA sessions. In premarket trading, semis are bid as yesterday's dip buyers appear to be once again rewarded. NVDA is up 2.5% as CEO Huang joining Trump's China trip. Chip and memory sotcks, the key drivers of the past month's narrow rally in the artificial-intelligence trade, posted broad gains. While there were no material updates on US / Iran, today attention shifts elsewhere as Trump's China trip kicks off (wi...
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13.05.26 - 15:48
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Ölpreis stoppt Anstieg vorerst (DPA-AFX)
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NEW YORK/LONDON (dpa-AFX) - Der Ölpreis ist am Mittwoch nicht weiter gestiegen und hat die Aufwärtsbewegung der vergangen beiden Handelstage vorerst gestoppt. Nachdem er am Morgen noch um etwa ein Prozent gefallen war, notierter er zuletzt wenig verändert....
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