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Bullboard - Stock Discussion Forum Whitecap Resources Inc T.WCP

Alternate Symbol(s):  SPGYF

Whitecap Resources Inc. is an oil-weighted growth company. The Company is engaged in the business of acquiring, developing and holding interests in petroleum and natural gas properties and assets. Its core areas include the West Division and East Division. Its West Division is comprised of three regions: Smoky, Kaybob and Peace River Arch (PRA). The properties in its Smoky region include Kakwa... see more

TSX:WCP - Post Discussion

Whitecap Resources Inc > afternoon WTI update
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Post by 2021Gamble on Jun 30, 2021 3:51pm

afternoon WTI update

Update: WTI Crude Oil Rises on Big Draw on U.S. Inventories Ahead of OPEC+ Meeting
30 Jun 2021 14:56 ET  

02:56 PM EDT, 06/30/2021 (MT Newswires) -- West Texas Intermediate (WTI) crude oil rose on Wednesday but surrendered some early gains after the Energy Information Administration's weekly report failed to confirm an 8.2-million barrel drop in U.S. inventories reported a day earlier.

WTI crude for August delivery closed up US$0.49 to US$73.47 per barrel, after earlier touching US$74.14, Marketwatch reported. August Brent crude, the global benchmark, was last seen up US$0.37 to US$75.13 while Western Canada Select was up US$0.42 to US$59.82 per barrel.

The American Petroleum Institute on Tuesday reported U.S. oil inventories fell by 8.15 million barrels last week, the biggest draw on supply since January. However the EIA reported a 6.7 million barrel drop, while gasoline inventories rose by 1.5 million barrels.

"EIA Crude oil storage was down 6.7 million to 452.4 million in today's report. Big number, but not the 8.15 million whopper that the API posted up on Tuesday afternoon. I think the spec trader was a big buyer going into the number, but pulled the plug rather quickly after futures spiked in the minutes after the number hit the tape," Robert Yawger, director of energy futures for Mizuho Securities USA, said in a note.

OPEC+ will hold its monthly ministerial meeting on Thursday to decide on raising supplies, amid reports of arguments among the members of how much additional production the group will allow. The group is expected to raise output by at least 500,000 barrels per day in August.

Comment by Re1ndeer2 on Jul 01, 2021 8:28am
MORNING UPDATE.......WTI $75.50
Comment by ElectroWave on Jul 01, 2021 11:08am
400 thousand barrels/day added per month ramping to 2 million barrels/day.
Comment by mlcb2525 on Jul 01, 2021 11:37am
Wrong, current reports indicate 400K per day through the end of the year. Final decision not yet made but there has not been one news report or analyst comment today that mentions a ramp up to 2.0M...............
Comment by mlcb2525 on Jul 01, 2021 11:50am
BNN Bloomberg just confirmed current recommendation if +400K through to the end of the year. Lower than market expectations and nowhere near 2.0M. Nice try. I would hate to be short oil over this period. I hope you can still enjoy your July 1st holiday..........lol
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