{"id":590276,"date":"2026-04-22T14:40:17","date_gmt":"2026-04-22T14:40:17","guid":{"rendered":"https:\/\/buglecall.org\/?p=590276"},"modified":"2026-04-22T14:40:17","modified_gmt":"2026-04-22T14:40:17","slug":"wti-extends-gains-as-us-oil-product-exports-hit-record-highs-huge-spr-release-production-dips","status":"publish","type":"post","link":"https:\/\/buglecall.org\/?p=590276","title":{"rendered":"WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>Oil prices are modestly higher this morning, erasing overnight losses on Trump&#8217;s &#8216;ceasefire extension&#8217; after Iran attacked three ships in the Strait of Hormuz.<\/p>\n<p>While headline roulette continues to drive oil prices incrementally, this morning&#8217;s inventory\/supply data from DOE will provide some color on how the<\/p>\n<p><u><strong>API<\/strong><\/u><\/p>\n<ul>\n<li>\n<p>Crude -4.5mm<\/p>\n<\/li>\n<li>\n<p>Cushing +700k<\/p>\n<\/li>\n<li>\n<p>Gasoline -5.2mm<\/p>\n<\/li>\n<li>\n<p>Distillates -4.6mm<\/p>\n<\/li>\n<\/ul>\n<p><u><strong>DOE<\/strong><\/u><\/p>\n<ul>\n<li>\n<p><strong>Crude +1.925mm<\/strong><\/p>\n<\/li>\n<li>\n<p>Cushing +806k<\/p>\n<\/li>\n<li>\n<p><strong>Gasoline -4.57mm &#8211; 10th weekly draw in a row<\/strong><\/p>\n<\/li>\n<li>\n<p>Distillates -3.43mm &#8211; 4th weekly draw in a row<\/p>\n<\/li>\n<\/ul>\n<p>Crude stocks unexpectedly saw a build last week (after a draw the week before) as did Cushing inventories. However, on the product side, the sizable drawdowns continue&#8230;<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmCAF4.jpg?itok=HZyBzCui\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmCAF4.jpg?itok=HZyBzCui\"><img fetchpriority=\"high\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"ea7d6f02-d8da-4f9a-a1a9-168649741f1a\" data-responsive-image-style=\"inline_images\" height=\"288\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmCAF4.jpg?itok=HZyBzCui\" alt=\"\" \/><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p>Since the war started, Crude stocks have risen significantly, while gasoline inventories have seen non-stop draws&#8230;<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm49A5_0.jpg?itok=yO3z6rle\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm49A5_0.jpg?itok=yO3z6rle\"><img decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"df96dacf-3072-4a63-a735-7d7d841c1663\" data-responsive-image-style=\"inline_images\" height=\"290\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm49A5_0.jpg?itok=yO3z6rle\" alt=\"\" \/><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p><strong>Weekly US implied gasoline demand is holding up despite elevated prices.<\/strong> The 4-week moving average indicate a slight rise of 32,000 barrels per day, while the more volatile weekly data series ticked down by 33,000 barrels per day. Meanwhile, US average gasoline prices remain above $4 a gallon. It was near $3 a gallon right before the Iran war.\u00a0<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2026-04-22_07-45-11.jpg?itok=nNSYIMjU\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/2026-04-22_07-45-11.jpg?itok=nNSYIMjU\"><img decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"2bcf6ee0-838f-4c2b-b3fc-abaaf1070874\" data-responsive-image-style=\"inline_images\" height=\"294\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2026-04-22_07-45-11.jpg?itok=nNSYIMjU\" alt=\"\" \/><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p>The crude inventory build was more than offset by a huge 4.14mm barrel drawdown from the SPR&#8230;<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmE578.jpg?itok=2NtCxDMb\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfmE578.jpg?itok=2NtCxDMb\"><img loading=\"lazy\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"4e1f9554-530e-4aed-9e6f-6ea6483abe25\" data-responsive-image-style=\"inline_images\" height=\"289\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmE578.jpg?itok=2NtCxDMb\" alt=\"\" \/><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p>US crude production dipped once again&#8230;<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm77FD.jpg?itok=p20M1506\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm77FD.jpg?itok=p20M1506\"><img loading=\"lazy\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"f13cbd48-ebf9-4912-be21-4dbfff5dd328\" data-responsive-image-style=\"inline_images\" height=\"289\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm77FD.jpg?itok=p20M1506\" alt=\"\" \/><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p>Notably, total US oil product exports accelerated to a new record high last week&#8230;<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm4731.jpg?itok=iwNYZtYW\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/bfm4731.jpg?itok=iwNYZtYW\"><img loading=\"lazy\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"28ff9dcf-16e4-4fa8-96ed-f73074a2a469\" data-responsive-image-style=\"inline_images\" height=\"290\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm4731.jpg?itok=iwNYZtYW\" alt=\"\" \/><\/a><\/p>\n<p>Source: Bloomberg<\/p>\n<p>WTI is holding gains for now, near yesterday&#8217;s highs around $92&#8230;<\/p>\n<p><a data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2026-04-22_07-35-11.jpg?itok=XdDwgBgX\" data-link-option=\"0\" href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/2026-04-22_07-35-11.jpg?itok=XdDwgBgX\"><img loading=\"lazy\" decoding=\"async\" data-entity-type=\"file\" data-entity-uuid=\"470c57a8-5828-4f4e-ba25-04ae3b397469\" data-responsive-image-style=\"inline_images\" height=\"286\" width=\"500\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2026-04-22_07-35-11.jpg?itok=XdDwgBgX\" alt=\"\" \/><\/a><\/p>\n<p>Finally, as The Wall Street Journal reports, <strong>analysts and commodities trading company executives are expressing shock at what they call a disconnect between market pricing and reality.<\/strong><\/p>\n<p>Prices of the most-active Brent futures contract are holding below $100 a barrel despite escalating tension in the Strait of Hormuz and the cancellation of U.S.-Iran peace talks. Just today, two attacks on ships in the waterway showed that the fight for control of the strait continues and spooked shipowners and crew members. Here&#8217;s what I&#8217;m hearing from experts and industry leaders at the Financial Times Commodities Global Summit in Lausanne, Switzerland:<\/p>\n<blockquote>\n<p><em>&#8220;The lack of price discovery that we are seeing is so worrying to me, because in reality we are storing up a bigger problem for the future,&#8221; said Amrita Sen, founder and director of market intelligence at Energy Aspects. Price discovery refers to the process of buyers and sellers determining the fair price of a good or an asset in the futures market. <\/em><\/p>\n<p><em><strong>&#8220;Futures prices are meant to do the job of giving signals to sort out supply and demand. We are doing the opposite,&#8221; <\/strong>she said in a panel.<\/em><\/p>\n<\/blockquote>\n<p>In 2022, when Russia invaded Ukraine, the market didn&#8217;t experience nearly as large a physical disruption as this time, and yet oil prices went much higher and stayed between $110 and $125 a barrel for months, said Saad Rahim, chief economist at Swiss commodity trader Trafigura, at the conference yesterday.<\/p>\n<blockquote>\n<p><em><strong>&#8220;This time, the scale seems to be something where the market cannot get its head around it, and therefore it says, we are not going to think about it.&#8221;<\/strong><\/em><\/p>\n<\/blockquote>\n<p>The world is already losing an average of 10 million barrels a day of crude oil and 5 million barrels a day of oil products. Hits to the world&#8217;s supply of fertilizers and chemicals are also severe.<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" lang=\"\" class=\"username\" xml:lang=\"\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Wed, 04\/22\/2026 &#8211; 10:40<\/span><img decoding=\"async\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmCAF4.jpg?itok=HZyBzCui\" title=\"WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips\" \/><\/p>","protected":false},"excerpt":{"rendered":"<p>WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips Oil prices are modestly higher this morning, erasing overnight losses on Trump&#8217;s &#8216;ceasefire extension&#8217; after Iran attacked three ships in the Strait of Hormuz. While headline roulette continues to drive oil prices incrementally, this morning&#8217;s inventory\/supply data from DOE&hellip; <a class=\"more-link\" href=\"https:\/\/buglecall.org\/?p=590276\">Continue reading <span class=\"screen-reader-text\">WTI Extends Gains As US Oil Product Exports Hit Record Highs, Huge SPR Release, Production Dips<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":590277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[17,22,13],"tags":[],"class_list":["post-590276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-border-security","category-immigration","category-immigration-reform","entry"],"_links":{"self":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/590276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=590276"}],"version-history":[{"count":0,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/posts\/590276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=\/wp\/v2\/media\/590277"}],"wp:attachment":[{"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=590276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=590276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buglecall.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=590276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}