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Apex Trader Funding (ATF) - News

Crude Oil Eyes Highest Close In 7 Weeks As Inventories Drop More Than Expected: Energy ETF, Stocks On The Move

West Texas Intermediate (WTI) light crude oil surged 0.3% past $81 per barrel on Thursday, eyeing its highest close since late April and a potential third consecutive session of gains, as lower-than-expected U.S. inventories spurred market concerns. What Happened: Commercial crude oil stocks in the U.S. fell by 2.547 million barrels for the week ending June 14, surpassing market expectations of a 2 million barrel decline, according to the EIA Petroleum Status Report. At 457.1 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.  Total motor gasoline inventories decreased by 2.3 million barrels, contrary to the expected rise of 1.10 million barrels, and are about 1% below the five-year average. Distillate stockpiles, including diesel and heating oil, dropped by 1.726 million barrels against the consensus of a 1 million barrel increase. These stockpiles are now about 8% below the five-year average. Why It Matters: The recent ...