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Jun 6, 2025  |  
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 | Remer,MN
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NextImg:WTI Extends Gains As Crude Stocks See Biggest Draw Since December

Crude prices are higher this morning on signs of progress in trade talks between the US and EU and the API report of a major drawdown in American crude inventories (despite product builds).

Geopolitical tensions continue to drive prices more aggressively as the possibility of a Putin-Zelensky meeting came and went and Iranian peace deal talks stumble.

The big question for traders is - will the official data confirm API's drawdown?

API

DOE

The official data confirmed API's report with a large crude draw offset by big draws in products...

Source: Bloomberg

Even including the 509k barrel addition to the SPR, total crude stocks fell by the most since December...

Source: Bloomberg

The rig count continues to slide (now at its lowest since Dec 2021), and despite Trump's 'Drill, Baby, Drill' push, US crude production remains well of its highs...

Source: Bloomberg

WTI extended gains after the official data confirmed API's...

Source: Bloomberg

Oil rose at the start of the week after a decision by OPEC+ to increase production in July was in line with expectations, easing concerns over a bigger hike.

However, prices are still down about 11% this year on fears around a looming supply glut, while traders continue to monitor US trade tariffs as President Donald Trump said his Chinese counterpart is “extremely hard” to make a deal with.

Saudi Arabia led increases in OPEC oil production last month as the group began its series of accelerated supply additions, according to a Bloomberg survey.

Nevertheless, the hike fell short of the full amount the kingdom could have added under the agreements.