Oil markets are holding steady despite the surprise increase in crude inventories reported by the U.S. Department of Energy (DOE), TDS analysts note.
“Systematic flows have eased in WTI, but Brent crude could still see funds look to add +7% of their max historic position if prices can hold above $85.99/bbl.”
“Elsewhere, weaker demand statistics and a large inventory build in gasoline, bucking the typical seasonal pattern heading into summer driving season, has prompted Commodity Trading Advisors (CTAs) to turn heavy sellers in RBOB gasoline.”
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