Snapshot: WTI Crude is trading down 3.67% at $69.28, pressured by accelerating shipping transits through the Strait of Hormuz and news of Saudi Arabia ramping up exports. The key domestic driver remains the significant drawdown in US crude inventories, which fell by 6.09 million barrels last week, a stark contrast to current supply ramp-up narratives. Today’s focus shifts to revised UoM consumer sentiment and inflation expectations at 10:00 ET.
- EIA US Crude Stocks: -6,088k bbl (as of 2026-06-19)
- Risk into NY: Watch for any further signals from President Trump’s speech at 13:30 ET, which could influence geopolitical risk premiums.
Bias into NY: The domestic inventory draw provides a floor, but the overwhelming narrative of increased Middle Eastern supply and easing geopolitical tensions is driving prices lower. We see downside risk towards $68.00 unless the UoM data surprises significantly to the upside.