Oil edged higher following a short run of declines as traders readied for weekly stockpile data in the US and Washington continues to push for a cease-fire between Israel and Hamas.US Secretary of State Antony Blinken left the Middle East late Tuesday without a cease-fire agreement, but reiterated that Israel had agreed to a “bridging” deal to create space for the two sides to hammer out details.API
DOE
Refuting API’s reported small crude build, the official data showed across the board inventory drawdowns last week with crude stockpiles down for the 7th week in the last 8 and distillates stocks falling by the most since March… 
Source: Bloomberg
The Biden admin continues to add (marginally) to the SPR (+636k barrels last week)… 
Source: Bloomberg
US crude production increased back to record highs (as rig counts continued to slide)… 
Source: BloombergTotal US Crude inventories fell to their lowest since February… 
Source: BloombergWTI extended its (modest) gains after the official data… 
Source: BloombergCrude has given up most of its gains this year as China’s lackluster economy overshadowed OPEC+ supply cutbacks. Investors are also watching US economic data and await Powell’s speech on Friday at Jackson Hole hoping that lower inflation could lead the the Fed to cut rates — a boon to wider energy demand.More By This Author:China On The Verge: Welfare State Crumbles, Explosion In Social Unrest As Youth Unemployment Soars, Strikes Surge
WTI Extends Losses After API Reports Small (Surprise) Crude Build
Lowe’s Cuts Full-Year Outlook On “Challenging Macroeconomic Backdrop” Hitting Homeowners
