CRUDE OIL US crude oil inventories posted an increase of 2.4 MMBbl last week, according to the weekly EIA report. Gasoline inventories increased 0.5 MMBbl, while distillate inventories decreased 3.0 MMBbl. Total petroleum inventories increased 0.7 MMBbl. US crude oil production increased 100 MBbl/d, per EIA, while crude oil imports were down 0.7 MMBbl/d to an average of 6.4 MMBbl/d. WTI flat price spent the past week doing much the same thing it did the week prior: retracing the brief gains caused by the September 14 attack on Saudi crude oil production and treatment facilities. Production from the Khurais oilfield has reportedly returned to 1.3 MMBbl/d, and it was announced that capacity at the processing facility at Abqaiq has been restored (although production has not resumed). Detracting further from the withering geopolitical risk premium was Friday’s announcement of a Saudi-Yemeni ceasefire. With geopolitical risk diminishing, the trade war between the US and China has returned to the forefront amid growing concerns about a global economic slowdown. The CFTC report released Friday (showing positions from September 24) showed that on the rally from the Iranian attacks, speculators increased their positions as the Managed Money short positions increased by 13,740 contracts. The… continue reading
Continue reading The Week Ahead For Crude Oil, Gas and NGLs Markets – September 30, 2019. This article appeared first on CTRM Center.
Source: CTRM Center