WTI Extends Gains Despite Bigger Than Expected Crude Build Oil climbed to the highest level this month amid U.S. sanctions on Rosneft Trading and mounting tensions in Libya threatened global crude supply and the ongoing optimism that the peak impact of the virus on China demand is behind us. “It’s a big turnaround,” said Mike Hiley, head of OTC energy trading with LPS Partners. “There’s no doubt the market is getting a lift from Libya and sanctions.” However, another big crude build will wipe some of that smile off the markets. API Crude +4.2mm (+2.5mm exp) Cushing +400k Gasoline -2.7mm Distillates -2.6mm This is the 4th weekly crude build in a row (and bigger than expected)... Source: Bloomberg WTI traded up to three-week highs today hovering around $53.50 ahead of the data And extended gains despite the bigger than expected crude build... Tyler Durden Wed, 02/19/2020 - 16:38