Oil Prices Reach $73, Ignoring EIA Buildup, Dax 3% Off the Highs
Crude Oil prices continue to climb as WTI reaches $73 despite higher EIA crude inventories, while Dax index has tumbled 3% lower in the last two days.
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European markets closed with mixed results, reflecting a cautious investor sentiment amid economic uncertainties and global market shifts. While Germany’s DAX , the UK’s FTSE 100, and Italy’s FTSE MIB declined, France’s CAC and Spain’s Ibex managed to post modest gains, indicating selective strength in certain sectors. The FTSE 100 faced the biggest percentage drop, likely impacted by ongoing economic concerns and global risk aversion.
European Stock Market Close – Dax Heading for the 20 SMA
Main European Indices – Mixed Performance
- Germany’s DAX: Declined 93.10 points (-0.42%), closing at 22,340.54 as investor sentiment remained cautious.
- France’s CAC: Gained 12.04 points (+0.15%), closing at 8,122.59, showing slight resilience.
- UK’s FTSE 100: Dropped 49.56 points (-0.57%), ending at 8,662.98, pressured by weaker risk appetite.
- Spain’s Ibex: Advanced 37.70 points (+0.29%), finishing at 12,967.09, supported by sectoral strength.
- Italy’s FTSE MIB: Fell 99.13 points (-0.26%), closing at 38,249.02, reflecting broader market uncertainty.
Meanwhile, the EIA’s weekly energy inventory report pointed to a significant crude oil stockpile increase, far exceeding expectations, which could weigh on oil prices if demand fails to keep pace. However, the larger-than-expected declines in gasoline and distillate inventories suggest strong consumer and industrial fuel consumption, which may help balance supply concerns.
The build in Cushing storage levels also highlights shifting oil dynamics, with possible implications for future price movements. As markets digest these data points, investors will closely watch macroeconomic developments, including central bank policies and geopolitical tensions, which could influence risk sentiment and asset prices. In the energy sector, oil price volatility may persist, with supply-demand factors playing a crucial role in determining the next market direction.
EIA Weekly Energy Inventory Report – Larger-Than-Expected Crude Build
- Crude Oil Inventories: Increased by 4.633M barrels, significantly exceeding the forecasted 3.144M, suggesting a potential oversupply.
- Gasoline Stockpiles: Slightly declined by 0.151M barrels, compared to the expected 0.006M decrease, indicating stable demand.
- Distillate Inventories: Dropped by 2.051M barrels, a steeper decline than the estimated 1.634M, signaling tighter supply.
- Cushing Storage: Rose by 1.472M barrels, reversing last week’s 0.872M barrel increase, adding to storage levels at the key hub.
WTI crude oil tried the upside yesterday after bouncing off the $70 support zone, and approached $73, but buyers let go and the price retreated lower. Today WTI crude fell to $71.70 in the early hours of the morning, but resumed the uptrend again as US president Donald Trump commented on refilling the Strategic Petroleum Reserve, which would require a lot of purchases. WTI broke above $73 a while ago, ignoring the buildup in EIA inventories.
US WTI Crude Oil Live Chart
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