Withdrawal in Total Petroleum Inventory Despite a Crude Build Lifted Prices

US crude oil stocks increased by 2.9 MMBbl. Gasoline and distillate inventories decreased 1.2 MMBbl and 3.9 MMBbl, respectively. Yesterday afternoon, API reported a crude oil build of 4.1 MMBbl alongside a gasoline draw of 5.9 MMBbl and a distillate draw of 4.0 MMBbl. Analysts were expecting a crude oil build of 2.4 MMBbl. Total petroleum inventories posted a decrease of 8.3 MMBbl. US crude oil production increased 200 MBbl/d last week, per the EIA’s estimates. Crude oil imports were down 67 MBbl/d last week, to an average of 6.2 MMBbl/d. Refinery inputs averaged 15.7 MMBbl/d (0.36 MMBbl/d less than last week’s average), leading to a utilization rate of 85.7%. Prices got some support from positivity around US-China negotiations despite the crude build and stocks in Cushing posting a 26.9 MMBbl increase. Prompt-month WTI was trading up $1.02/Bbl, at $53.65/Bbl, at the time of writing. WTI for November delivery attempted to get off on the right foot Monday morning but landed flat on its face in early-afternoon trading. Trading on Tuesday proved no better, with prompt futures contracts closing not far from the prior day’s settlement at $52.63/bbl. Macro concerns about the health of the global economy and petroleum demand… continue reading

Continue reading Withdrawal in Total Petroleum Inventory Despite a Crude Build Lifted Prices. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply