CRUDE OIL US crude oil inventories posted a substantial decrease of 10.0 MMBbl last week, according to the weekly EIA report. Gasoline and distillate inventories both decreased 2.1 MMBbl. Total petroleum inventories posted a significant decline of 11.2 MMBbl. US crude oil production was up 200 MBbl/d from the week before, per EIA. The market continues to follow trends of late, correlating any directional movements in prices to the tweets of President Trump and the statements of the Chinese regarding the trade war between the world’s two largest economies. Confusion reigns as the US and China appear to be willing to reduce the recent escalating tensions. Trump stated that China was seeking a trade deal and that US officials had received requests from the Chinese negotiators to return to discussions. That was followed by the Chinese trade negotiator, Vice President Liu He, stating that Beijing hopes to resolve the trade war through calm negotiations without escalating tensions any further. However, when the Chinese declined to confirm the Trump announcement regarding the requests, the market could not confirm a potential trade deal and lost any support brought by the comments. It is becoming evident that any trade deal will have to… continue reading
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Source: CTRM Center