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Anas Alhajji, managing partner and energy economist at Energy Outlook Advisors LLC, questions why West Texas Intermediate (WTI) crude oil prices increased by less than 1% even as Cushing storage levels reached tank bottoms.
He also cautions investors against chasing losses, describing the behavior as a syndrome rather than a proper investment approach.
Alhajji has previously highlighted how a sharp U.S. crude inventory draw lifted prices, while a surprise build in gasoline and distillate stocks raised demand concerns in an earlier report. He also noted that Russian LNG exports have reached record highs and that Venezuela crude oil shipments surged to levels last seen in early 2019, according to a separate update. These developments come as investors watch for signals in oil and energy markets.