- If you missed yesterday's webcast, the replay can be viewed here
- WTI climbed early Friday morning to above $69.20/Bbl, near its highest level since 2018
- The oil markets have found support this week as Iranian nuclear talks look to be taking longer than analysts expected
- Also providing support, the EIA reported a significant draw in American crude stockpiles
- U.S. government data showed a 5 MMBbl decrease in crude oil stocks for the week ended May 28
- The large reported draw was partially offset by sizable product builds in both distillate and gasoline inventories
- U.S. refinery utilization increased by 1.7% to now total 88.70% for operable capacity; still about 3% lower than what is typical for the same corresponding week
- A slight rise in the U.S. dollar this week may have countered some of the bullish oil-market news
- U.S. Federal Reserve announced plans to wind down the corporate bond portfolio it bought during the pandemic (S&P Global)
- The Dollar Index Spot Index traded up to $90.5 as of Thursday, a gain of $0.68 from Monday’s settle