CRUDE OIL US crude oil inventories posted a decrease of 2.7 MMBbl last week, according to the weekly EIA report. Gasoline and distillate inventories increased 0.3 MMBbl and 2.6 MMBbl, respectively. Total petroleum inventories posted a build of 4.0 MMBbl. US crude oil production was flat versus the week prior, per EIA, while crude oil imports were up 0.49 MMBbl/d, to an average of 7.2 MMBbl/d. The US–China trade war and the continuous developments, both bearish and bullish, have been the main drivers for prices as of late. The dip below $55/Bbl from the previous week recovered early last week due to slight softening of the trade war. The optimism regarding a possible thaw of US–China tensions came after US President Donald Trump remarked that he would be talking with Chinese President Xi Jinping to discuss trade issues, and was furthered bolstered by the US stating it would extend a reprieve that permits China’s Huawei Technologies to buy components from US companies. The hopes that major economies around the globe will take measures to battle the economic slowdown also gave some support to prices. However, the support to prices from the easing US–China trade tensions was short-lived, as the sentiment… continue reading
Continue reading The Week Ahead For Crude Oil, Gas and NGLs Markets – August 26, 2019. This article appeared first on CTRM Center.
Source: CTRM Center