A Trio of Reports Knock Oil PRices Lower

On March 29, 2012 by TradingDesk

A trio of reports Wednesday knocked oil prices lower as rumors of another multi-national SPR release and an actual 7 million barrel build in US stockpiles, reminded traders that there is plenty of oil available despite what is or isn’t happening in the Middle East. Refined products fared better as stockpiles drew thanks to a pickup in weekly demand and export figures.

Products are gaining this morning, following European grades higher, despite WTI ticking lower. The WTI/Brent spread has broken below -1900, which should set up a test of the year’s lows at -2100.

US Equities are also following their European counterparts lower so far. The latest revision of GDP showed growth unchanged from the last estimate at 3%. Weekly jobless claims were much higher than estimates, as initial claims rose 9,000 and last week’s estimate was revised higher by 16,000.

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