CRUDE WRAP: WTI (M4) SETTLES USD 0.61 HIGHER AT 78.99/BBL; BRENT (N4) SETTLES USD 0.42 HIGHER AT 83.58/BBL

Analysis details (19:42)

The crude complex saw gains on Wednesday amid tailwinds from crude stocks drawing more than anticipated. WTI and Brent hit lows of USD 76.89/bbl and 81.71/bbl, respectively, in the overall downbeat European session, and although oil was already paring off worst levels, the weekly EIA data gave the complex the needed impetus to wipe out losses and extend higher to peaks of USD 79.15 and 83.82/bbl. In terms of the metrics, crude drew 1.362mln (exp. -1.066mln), while distillates and gasoline both saw surprise builds, in fitting with the private inventory numbers on Tuesday night. Whilst participants are awaiting a significant Middle East development/breakthrough, the latest update came via Alsharq News citing official Egyptian media, who said discussions continue in Cairo from ten in the morning, amid notable agreement on some controversial points.

08 May 2024 - 19:42- EnergyResearch Sheet- Source: Newsquawk