U.S. benchmark West Texas Intermediate is up over 2.9% on Wednesday afternoon, propped up by falling crude inventories and lower Saudi and Russian crude exports
U.S. benchmark West Texas Intermediate WTI is up over 2.9%, with Brent up only half that on the day, after the EIA reported a larger-than-expected draw on U.S. crude stockpiles and a weakening U.S. dollar. U.S. crude oil inventories have drawn down more than 20 million barrels over the last three weeks as driving season props up demand. On Wednesday at 516 p.m. ET, Brent crude was trading up 1.72% at $85.17, up $1.44 on the day, while WTI was trading up 2.90% at $83.10, for a gain of $2.
Brent’s premium to WTI is now down to $2.12. The market is now in a state of backwardation, with front month contracts trading at a significant premium to those further out. Premiums for the first-month contract to the six-month contract are now at $3.41 in one of the clearest indications that the market is viewing crude as tightly supplied for prompt deliveries. U.S. crude oil exports have been riding some nice tailwinds from Saudi Arabia’s July export cuts so far, likely further lowering U.S.
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