CRUDE OIL US crude oil inventories posted an increase of 2.2 MMBbl last week, according to the weekly EIA report. Gasoline inventories increased 0.8 MMBbl, and distillate inventories decreased 1.0 MMBbl. The total petroleum inventories showed another substantial increase of 9.3 MMBbl. US crude oil production decreased 100 MBbl/d last week per EIA. Crude oil imports were down 0.3 MMBbl/d to an average of 7.6 MMBbl/d versus the week prior. Prices confirmed the recent trend of weak global demand outpacing the production cuts and geopolitical unrest to drive trader interests. Rarely in WTI trade does the price of crude fail to maintain most of its gains after bullish events, like the two tankers attacked in the Gulf of Oman on Thursday. This type of geopolitical unrest, targeting the shipping lanes, should send prices up at a strong clip. While the action was met with gains immediately, by the end of the week prices had settled back into the middle of a recent range ($50-$55), closing the week at $52.51/Bbl. Early in the trade last week, prices were supported based on Saudi Arabian energy minister Khalid al-Falih’s comments about extending the oil production cuts, with an agreement on the horizon. He… continue reading
Continue reading The Week Ahead For Crude Oil, Gas and NGLs Markets – June 17, 2019. This article appeared first on CTRM Center.
Source: CTRM Center