CRUDE OIL US crude oil inventories posted a large decrease of 10.8 MMBbl last week, according to the weekly EIA report. Gasoline inventories decreased 0.2 MMBbl while distillate inventories increased 0.6 MMBbl. Total petroleum inventories posted a decrease of 6.7 MMBbl. US crude oil production decreased 700 MBbl/d last week, per EIA, with the Gulf of Mexico hurricane-related shut-ins. Crude oil imports were up 0.2 MMBbl/d to an average of 7.0 MMBbl/d versus the week prior. The expiration of the August WTI contract provided little volatility, as the range between the high and low on Monday was just over $1.00/Bbl. The price range for the entire week was only $2.31/Bbl as the trade continues to weigh the geopolitical meddling by Iran and the declining global economic and demand growth. It was only the surprising declines in crude oil inventories that provided any volatility to prices, sending WTI to its high for the week at $57.64/Bbl. Observing the crude oil markets from afar, it looks like prices may not be headed in either direction for a while. The standoff with Iran and associated geopolitical tensions will not be resolved quickly (short of military action), as Iran seeks to crawl out from… continue reading
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Source: CTRM Center