Today’s energy market action:H
Today’s energy market action:
- Inventory drawdowns in the US and a weaker greenback helped boost oil prices on Wednesday. Brent rose 1.3%, while WTI posted a 1.4% increase.
- The Energy Information Administration reported a whopping 9.6 million barrel decline in crude stockpiles, seen mostly in the Gulf Coast. Crude exports continue to gain momentum, reaching 3.4 million bbl/day at the end of last week.
- Heating oil and gasoline both rose about 1% for the day, helped by another 9 million barrel drawdown in product stockpiles south of the border.
- In Canada, the discount on Edmonton Condensate narrowed slightly, sending C5+ up 2%. Differentials on Canadian light and heavy crude were roughly unchanged. WCS and Canadian Light both rose about 1.5% for the day.
