The Price Decline Continued on Hopes that Saudi Arabian Production Would Be Restored By The End Of The Month

Despite the 0.6 MMBbl draw in Cushing versus the prior reported week, total US crude oil stocks increased by 1.1 MMBbl. Gasoline and distillate inventories increased 0.8 MMBbl and 0.4 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 0.6 MMBbl, alongside gasoline and distillate builds of 1.6 MMBbl and 2.0 MMBbl, respectively. Analysts, to the contrary, were expecting a crude oil draw of 2.9 MMBbl. Total petroleum inventories posted an increase of 0.9 MMBbl. For a summary of the crude oil and petroleum product stock movements, see the table below. US crude oil production remained unchanged last week, per the EIA’s estimates. Crude oil imports were up 0.3 MMBbl/d last week, to an average of 7.1 MMBbl/d. Refinery inputs averaged 16.7 MMBbl/d (0.8 MMBbl/d less than last week’s average), leading to a utilization rate of 91.2%. The price decline that started yesterday on hopes that Saudi Arabian production would be restored by the end of the month continued today, with the build in crude oil stocks. Prompt-month WTI was trading down $1.06/Bbl, at $58.28/Bbl, at the time of writing. Flat price has been volatile following the attack on Saudi Arabian crude facilities over the weekend, with West… continue reading

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Source: CTRM Center

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