WTI Dips After Across The Board Inventory Builds, Big SPR Drain, & Record US Production

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WTI Dips After Across The Board Inventory Builds, Big SPR Drain, & Record US Production Oil prices are higher again this morning after President Donald Trump nixed the idea of an…

Oil prices are higher again this morning after President Donald Trump nixed the idea of an eventual deal with Iran.

The U.S. and Iran had reportedly been in on-again, off-again negotiations over the issue reopening the strait. So far, none of those talks yielded a comprehensive deal. Trump claimed a deal was not necessary because the U.S. already controls the strait.

Trump had previously floated the idea of resuming hostilities after the midterm elections, but for now, no such actions.

Flareups have also persisted. The Islamic Republic said two supertankers loaded with oil were halted by explosions while using the “unauthorized” route through the Strait of Hormuz on Wednesday night, according to the semi-official Iranian Students’ News Agency.

With the geopolitical premium on the rise again, the inventory and supply data may become more important again...

After API reported a huge 9mm barrel crude build last week and while the official data was smaller, it was still a sizable build (4.65mm barrels) - the most since August. There were builds across all cohorts, most notably in Distillates (the biggest build since July)...

After a few weeks of relative calm, the Trump admin drained a large 2.65mm barrels from the SPR last week...

Total Distillates stocks remain at record lows for this time of year...

WTI was trading up around 1% just below $87.50 ahead of the official data, and dipped after the build...

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