WTI futures backwardation grows to eight-month high in sign of tight supply

seekingalpha07-19

Crude oil futures finished little changed after a volatile session Thursday, with prices moving above and below the flatline following the previous day's surge on a bigger than expected U.S. crude ...

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Bear 2X Shares","BNO":"美国布伦特原油基金有限合伙企业","USOI":"X-Links Crude Oil Shares Covered Call ETN","BK4585":"ETF&股票定投概念","WTI":"W&T海底钻探","GUSH":"Direxion Daily S&P Oil &Gas Exp. & Prod. Bull 2X Shares","BK4588":"碎股","BK4213":"石油与天然气的勘探与生产","DBO":"原油ETF-PowerShares","NRGU":"MicroSectors U.S. Big Oil Index 3x Leveraged ETN"},"translate_title":"WTI期货现货溢价升至八个月高位显示供应紧张","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BNO":1,"DBO":1,"DRIP":1,"GUSH":1,"NRGU":1,"SCO":1,"UCO":1,"USL":1,"USOI":1,"WTI":1},"content_text":"Crude oil futures finished little changed after a volatile session Thursday, with prices moving above and below the flatline following the previous day's surge on a bigger than expected U.S. crude inventory drawdown, which was partially offset by builds in gasoline and distillate stocks. Despite the much larger than expected 4.9M barrel decline in U.S. crude stocks, weak U.S. gasoline demand has kept oil prices from moving higher, Again Capital's John Kilduff told Reuters. \"The reality on the ground is that we've got a slowing economy that could potentially soften crude oil demand,\" Kilduff said. Wednesday's gains marked a rebound off technical support levels, and \"despite a buildup in products, falling crude stockpiles have set the stage for spot to retest the mid to upper $80 range,\" Peter Cardillo of Spartan Capital said, according to Dow Jones. Rising expectations that the U.S. Federal Reserve will cut interest rates in September also also aiding crude, but bullish sentiment is tempered by persistent concerns over growth in China, the world's biggest crude oil importer. Front-month Nymex crude (CL1:COM) for August lost $0.03 to $82.82/bbl, and front-month September Brent (CO1:COM) added $0.03 to $85.11/bbl. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI) The premium for front-month U.S. crude oil futures over the second-month contract widened to its highest since October, Reuters reported, citing LSEG data, likely driven by last week's drop in crude inventories at the Cushing delivery point to a three-month low. \"The stronger backwardation indicates... market participants expect further inventory declines in Cushing,\" UBS analyst Giovanni Staunovo told Reuters. Crude stocks at the Cushing hub excluding strategic petroleum reserve barrels fell by 875K barrels to 32.66M in the week ended July 12, the lowest point since April, the U.S. Energy Information Administration said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2452466660"}