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EIA Crude Inventories Drop Again

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The US Energy Information Administration (EIA) reported a crude oil inventory decline of 1 million barrels for the week to October 16. This followed a draw of 3.8 million barrels reported for the previous week. In gasoline, the EIA reported an inventory increase of 1.9 million barrels for the week to October 16. Gasoline production last week averaged 8.9 million bpd, compared with 9.2 million bpd a week earlier.

In distillate fuels, the EIA reported an inventory fall of 3.8 million barrels for last week after a draw of 7.2 million barrels reported for the previous week. Distillate fuel production averaged 4.1 million bpd last week, compared with 4.3 million bpd a week earlier. US Refinery runs averaged 13 million barrels daily, compared with 13.6 million bpd a week earlier, operating at 72.9 percent of capacity, versus 75.1 percent of capacity during the previous week.

Crude oil stored at the Cushing, Oklahoma delivery point for contracted barrels of WTI increased by 975,000 barrels. At 488.1 million barrels, US crude oil inventories are about 10% above the five year average for this time of year, according to the EIA.

Oil prices dropped in early trade on Thursday, adding to heavy losses overnight, after a build in U.S. gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe. U.S. gasoline stocks rose by 1.9 million barrels in the week to Oct. 16, the Energy Information Administration (EIA) said, compared with expectations for a 1.8 million-barrel drop. Overall product supplied, a proxy for demand, averaged 18.3 million barrels per day in the four weeks to Oct. 16, the EIA said – down 13% from the same period a year earlier. With new daily COVID-19 infections hitting records in several U.S. states and in Europe, new lockdowns and China’s clampdown on outbound travel to help stem the spread of the disease bode ill for fuel demand.

TREND : WEAK BEARISH

Time                                      :           22/10/2020

Pivot                                     :           40.34

Technical View                     :           LONG ABOVE 40.54

Target                                   :           40.74, 41.11, 42.21, 42.82

Technical View                      :           SHORT BELOW 40.14

Target                                   :           39.94, 39.01, 38.48, 37.29

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