Oil prices continued to drift higher, after finding technical support yesterday the 200DMA and also buoyed by across-the-board draws reported by API.

API

Crude: -3.9M

Cushing: -1.6M

Gasoline: -2.8M

Distillates: -1.5M

DOE

Crude: -3.74mm

Cushing: -1.71mm

Gasoline: -5.57mm – biggest draw since March

Distillates: -2.75mm

The official data confirmed API’s across-the-board draws  with crude stocks down for 4 straight weeks and a large gasoline draw too….

Source: Bloomberg

The Biden admin added another 690k barrels to the SPR last week…

Source: Bloomberg

US Crude production remains at record highs despite the rig count continuing to decline…

Source: Bloomberg

WTI is extending gains on the draws and yesterday supportive bounce from the 200DMA…

Over the past five years, crude prices have averaged monthly declines from August through November, he said. Oil benchmarks have been “dragged lower by renewed concerns over Chinese demand, given the absence of further economic support out of Beijing,” said Tan.