News Headline Summary

ENERGY WRAP: Large US stockpile declines & continued unrest in Egypt sees WTI crude futures surge, briefly breaking above USD 102.00; settle at USD 101.24/bbl, up USD 1.64 or 1.65%

WTI futures surged over 1.6% as prices briefly broke above USD 102.00 following the largest decline in US stockpiles in a year. Yesterday’s after-market API crude inventories came in at -9358K vs. Prev. -28K. Today’s DOE crude inventory reports showed a drawdown of -10347k vs. Exp. -2250k. Sentiment was aided further by the ongoing geopolitical concerns in Egypt boosting anxiety that shipments through the Suez Canal may be disrupted. Heading to the pit close, WTI futures pared some of their gains following report from local press that Egypt’s President Morsi had been detained.

03 Jul 2013 - 19:40 - Energy Geopolitical - Source: RANsquawk

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