WTI Extends Gains On Big Crude Draw, Production Slump

Zero Hedge | 7/24/2019 | Staff
jollyjetta (Posted by) Level 3
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Oil prices held on to gains overnight after the huge API-reported crude draw (but large ghasoline build) and more confidence in a possible US-China trade deal.

A confirmation of the API report in official government figures scheduled to be released Wednesday would “help us confirm an oil-price bottom,” said Phil Flynn, senior market analyst at Price Futures Group Inc., in a note to clients.

Lows - Crude - Oil - Rest - Year

“If we hold the recent lows and build off of it, it is very possible that crude oil has set a low that won’t be tested for the rest of this year.”

Bloomberg Intelligence's Senior Energy Analyst Vince Piazza warns:

Energy - Investors - Attention - Things - Tensions

"Energy investors seem to be paying attention to the wrong things. Escalating tensions in the Persian Gulf are supporting benchmarks, though the modest price boost relative to the...
(Excerpt) Read more at: Zero Hedge
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