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Crude gains $1.11

Posted on: March 16, 2017

The highly anticipated weekly EIA numbers are in and they are more in line with the API forecast on Tuesday for a 513k draw vs the Bloomberg analyst survey for a 3.13 million barrel build. EIA reported a 237k draw in US stockpiles and these figures were largely driven by lower net imports.

EIA values combined with a 25 basis point increase in the fed funds rate that actually weakened the USD (likely already had a rate hike priced in) made USD denominated futures such as the WTI more desirable. Although a seemingly bullish sentiment for the day there is concern that US shale production won’t be stopping anytime soon with the ability to generate profits in the low 30s where many producers have already hedged out their returns with higher futures prices. Overall, WTI futures gained $1.11 and settled at $48.86.

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