.png)
BC-Oil-Recovers-After-US-Supply-Report-Hints-at-Bullish-Drivers , Ilena Peng (Bloomberg) — Oil recovered after a US crude report flagged potential bullish drivers and markets processed hotter-than-expected inflation data. West Texas Intermediate futures traded near $89 a barrel after draws from distillate stockpiles and US strategic oil reserves indicated further market tightness on the horizon, despite a larger-than-forecast 9.9 million barrel build in crude inventories. US equities recovered and Treasury yields fell back from highs as traders mulled the Federal Reserve’s next moves following the inflation report that bolstered the likelihood of further interest rate hikes, potentially threatening the growth outlook. “It’s a super bearish headline, but if you look at the underlying data, it tells a different story,” said Matt Sallee, portfolio manager at Tortoise when referring to this week’s Energy Information Administration report. “The combination of a big distillate draw, another big SPR draw and then a reversal in the exports — I think if you back those things out, this was probably a more bullish report.” WTI futures also moved below the 50-day moving average in intraday trading Wednesday and earlier Thursday, indicating the potential for higher prices. Earlier in the session, the International Energy Agency warned that production cuts agreed earlier […]
CamTrader offers a preview only. View original article. www.bnnbloomberg.ca
