WTI Maintains Losses After Another SPR Drain, Distillate Stocks At 30-Year Seasonal Lows

WTI Maintains Losses After Another SPR Drain, Distillate Stocks At 30-Year Seasonal Lows Oil prices have roller-coastered overnight - higher on new Houthie attacks in the Red Sea and now lower on reports that a draft deal approval in imminent. Up... A Houthi military spokesperson said the group would escalate attacks on Saudi vessels in the northern Red Sea — the latest workaround for the kingdom’s exports to avoid the perilous Bab al-Mandab Strait off Yemen’s coast to the south. Exports from the Red Sea have become a vital lifeline for Saudi Arabia since the Iran war choked off shipping from the Persian Gulf. Down... Axios reported the US, Iran and Oman were nearing an interim, 60-day accord to reopen the waterway,...

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