​WTI Dips After Small Crude Build, US Production Tumbles – Tyler Durden

WTI Dips After Small Crude Build, US Production Tumbles Crude prices are extending recent gains this morning – albeit modestly – as geopolitical risk premia are rebuilding amid missiles flying in Russia, MidEast tensions continuing, and Biden seems set on WW3 as his legacy. Last night’s API report showed a larger than expected crude inventory build and traders are on the lookout for whether a contango market structure is here to stay after the WTI prompt spread dipped into negative territory this week for the first time since February, signaling near-term oversupply. API Crude +4.75mm Cushing -288k Gasoline -2.48mm Distillates…  — Continue at ZeroHedge News : Read More