EIA Expectations: Crude -0.5M, Distillate -2.78M, Gasoline -2.02M
The latest EIA data indicates differing trends in crude and product inventories, with crude oil showing a smaller drop than anticipated, while distillates and gasoline inventories decreased more than expected.
US President Trump posts on Truth Social that he will be working with US House Speaker Johnson and others to get a clean extension of FISA 702 through the House of Representatives
US Energy Secretary Wright says sanctions waiver on Russian oil is unlikely to be extended; additional oil reserve releases are not necessary
EIA Expectations: Crude -0.5M, Distillate -2.78M, Gasoline -2.02M
Pakistan Army Chief is to visit Tehran to narrow the gaps between the US and Iran, Reuters reports citing a senior Iranian source
Bank of America (BAC) Master Trust Net charge offs 2.40% (prev. 2.24% M/M), total delinquencies 1.38% (prev. 1.43% M/M)
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- Crude: -0.5M, prev. 3.081M (Private +6.1M)
- Distillate: -2.78M, prev. -3.144M (Private -3.4M)
- Gasoline: -2.02M, prev. -1.589M (Private +0.6M)
- Cushing: prev. 0.024M (Private -1.7M)
- Refining: 0.2%, prev. -0.1%
- Production: prev. 13.596M
This mix can signal adjustments in supply dynamics, potentially affecting price movements in the near term, particularly given the ongoing geopolitical tensions. Traders should be mindful of how these changes could impact crude spread and overall market sentiment.
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