Bbg: $WTIC Heads to 2nd Weekly Loss In a Row

Bloomberg headline: Crude Oil Wilts as Global Recession Concerns Batter Commodities

:pushpin: US benchmark WTI heads for weekly drop as raw materials sink

:pushpin: Fed chief Powell vows to fight fastest US inflation in decades

By Elizabeth Low
June 23, 2022, 11:52 PM UTC Updated onJune 24, 2022, 4:07 AM UTC

Oil headed for its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off.

West Texas Intermediate traded above $104 a barrel after diving almost 6% over the previous two sessions. The US benchmark has shed close to 5% this week, putting prices on course for their first monthly drop since November.

This is the first I’ve heard about the EIA losing its data flow this week:

The crude market has been deprived this week of fresh data on the state of US inventories. The Energy Information Administration’s stockpile report was delayed after a power disruption damaged some of the agency’s hardware.