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Crude Oil WTI Futures - Jun 24 (CLM4)

Real-time capital.com
Currency in USD
Disclaimer
83.66
+0.09(+0.11%)
Closed

Crude Oil WTI Futures Discussions

While yesterday's EIA report showing a 9.4m draw in crude inventories appeared bullish on the surface, it was the refineries run rate that spooked traders. Normally in summer driving season it runs +90%. Yesterday's report showed a 76.7% run rate. The up coming holiday in the US usually marks the end of summer driving season &, after the holiday, the start of maintenance on the refineries where the run rates run this low. All summer long has been below 90%. This is due to Covid induced lack of demand for gasoline. Refiners are starting early on maintenance run rates it appears. Causing traders to sell off WTI.
I noticed that throughout Aug......scratching my head for weeks. I guess demand is very weak & price will be hard to rise above $45..
 I think oil traders have been more cautious/less hopeful compared to the very optimistic stock index traders.
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