The oil rally is now the longest it has been in two years, with 9 straight winning days as vaccine, stimulus, and output cuts keep the momentum going. However, Bjornar Tonhaugen of Rystad Energy warned \u201cThe current price levels are healthier than the actual market and entirely reliant on supply cuts, as demand still needs to recover”. Crude inventories declined by 6.6MM\/ bbls in the previous week, compared to a forecasted build of 985K\/bbl build. Gasoline inventories increased by 4.3MM\/bbls and are sitting right at five-year averages for this time of year. Distillate inventories were down by 1.7MM\/bbls, still about 7% above the five-year average. “A combination of higher refining activity and lower imports resulted in a fourth consecutive draw to oil inventories, and a chunky one at that,” said Matt Smith, director of commodity research at ClipperData. He cautioned that a build to gasoline inventories offset the bullish draw. WTI traded up $.32 or .55% to close at $58.68. Brent traded up $.38 or .62% to close at $61.47.<\/p>\n\n\n\n
The oil rally is now the longest it has been in two years, with 9 straight winning days as vaccine, stimulus, and output cuts keep the momentum going. However, Bjornar Tonhaugen of Rystad Energy warned \u201cThe current price levels are healthier than the actual market and entirely reliant on supply cuts, as demand still needs […]<\/p>\n","protected":false},"author":2,"featured_media":2861,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-2858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n