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WTI Rises As Distillate Stocks Draw, Cushing Back Near 'Tank Bottoms', SPR At 43-Year Lows
WTI Rises As Distillate Stocks Draw, Cushing Back Near 'Tank Bottoms', SPR At 43-Year Lows
Oil prices are chopping sideways (to modestly higher) for the second day in a row as traders weighed the 'dark fleet' transits with renewed tensions in the Middle East further clouding the outlook for flows through the vital Strait of Hormuz.
“A combination of the escalation between the UAE and Iran, coupled with a market increasingly pricing a ‘closed for longer scenario,’ keeps oil and refined products supported,” said Arne Lohmann Rasmussen, chief analyst at Global Risk...
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