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Oil prices have rollercoastered back into the green (back bear one-month highs) this morning after weakness overnight (which could have been driven by reports out of China’s Xi’an province of COVID-based driving bans).

“Crude oil trades near a one-month high after API’s weekly stock report,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. The market is “currently betting the omicron virus, despite a global surge, will not derail robust global demand.”

So the bullare hoping the official data backs API, and Biden is hoping it doesn’t

API

DOE

  • Crude -3.576mm

  • Cushing +1.055mm

  • Gasoline -1.459mm

  • Distillates -1.726mm

The official DOE data confirmed API’s sizable crude draw and showed bigger than expected product draws while Cushing stocks rose for the 7th straight week…

Source: Bloomberg

Crude production rose to the highest since May 2020…

Source: Bloomberg

WTI hovered around $75.80 ahead of the print and spiked almost $1 after the big draws…

Crude is heading for its biggest annual gain in more than a decade after global consumption recovered from the pandemic with the roll-out of vaccines.

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