- Crude oil prices rallied to their largest single-session dollar and percentage gains in nearly three weeks on news of a decline in stockpiles at the Cushing, Okla., storage hub; WTI +2.2% to settle at $62.57/bbl and Brent +1.8% to $65.54/bbl, their best showing since Feb. 14.
- Bloomberg reports data from Genscape show a 600K-barrel decline in last week’s crude inventories at Cushing, where supplies already are at their lowest level since 2014.
- “The trend in global inventories shows that the market is fundamentally under-supplied and that emphatically remains the case,” says Raymond James energy analyst Pavel Molchanov, adding that the drawdown in inventories should continue through to near the end of this year.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, UBRT, ERYY, DBRT, ERGF, OILD, OILU, USAI
- Now read: Investing In Oil & Gas A Bit More Prudently
Original article