Macron “has quickly switched to ‘let’s negotiate a new deal.’ It was a bit of a surprise,” said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York.
“It would be a deal that would get everyone involved and try to avoid a confrontational situation. It does seem to be a situation that would hopefully not involve taking barrels off the market.”
- Crude +1.099mm (-2.25mm exp)
- Cushing -930k (-150k exp)
- Gasoline -2.724mm
- Distillates -1.911mm
Investor expected a follow up to last week’s surprise crude draw but were surprised by a crude build. Cushing along with products all saw inventory draws again…
“A lot of people are just waiting for the stats to come out,” said Thomas Finlon, director of Energy Analytics Group LLC in Wellington, Florida, and after API’s print, prices kneejerked lower before recovering somewhat…
The United States Oil Fund LP ETF (USO) rose $0.01 (+0.07%) in premarket trading Wednesday. Year-to-date, USO has gained 13.91%, versus a -1.45% rise in the benchmark S&P 500 index during the same period.
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