Prices Drop Due To Crude Oil Inventory Build

US crude oil stocks increased by 5.7 MMBbl. Gasoline and distillate inventories decreased 3.0 MMBbl and 1.0 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 0.6 MMBbl alongside gasoline and distillate builds of 1.6 MMBbl and 1.9 MMBbl, respectively. Analysts were expecting a crude oil build of 0.7 MMBbl. Total petroleum inventories posted a decrease of 2.2 MMBbl. US crude oil production remained unchanged last week, per the EIA’s estimates. Crude oil imports were up 0.84 MMBbl/d last week to an average of 6.7 MMBbl/d. Refinery inputs averaged 16.0 MMBbl/d (0.13 MMBbl/d more than last week’s average), leading to a utilization rate of 87.7%. Prices are pressured by crude oil build and stocks in Cushing posting a 31.9 MMBbl build. Prompt-month WTI was trading down $0.29/Bbl, at $55.25/Bbl; at the time of writing. Crude prices have been retracting since last week after nearly reaching their one-month-high levels. The boost in prices last week was due to reports that OPEC+, led by Saudi Arabia, could reach an agreement in December to potentially cut more supply from the market, as well as positive sentiment around China increasing its oil import quota and optimism surrounding the US – China trade… continue reading

Continue reading Prices Drop Due To Crude Oil Inventory Build. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply