“You can battle against positions all you want, but at the end of the day there were some very bearish developments there,” Yawger said in an interview.
Oil prices fell the most in about a month as government data showed US crude inventories swelled to the highest levels since June 2021.
The Energy Information Administration’s report on Wednesday also showed increased inventories of products such as distillate — a precursor for diesel — despite relatively low refinery-utilisation rates. The data provides a glum picture of current demand, said Bob Yawger, director of the futures division at Mizuho Securities USA.
