Home Gold News EIA Crude Oil Inventories Slip Marginally

EIA Crude Oil Inventories Slip Marginally

176
0

The US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by 2.0 million barrels from the previous week. At 492.4 million barrels, US crude oil inventories are about 13% above the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories for week ended September 25, 2020. US crude oil refinery inputs averaged 13.7 million barrels per day during the week ending September 25, 2020, which was 300,000 barrels per day less than the previous week’s average. Refineries operated at 75.8% of their operable capacity.

US crude oil imports averaged 5.1 million barrels per day last week decreased by 45,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.2 million barrels per day, 21.6% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 732,000 barrels per day, and distillate fuel imports averaged 141, 000 barrels per day.

Total motor gasoline inventories increased by 0.7 million barrels last week and are about 1% above the five year average for this time of year. Distillate fuel inventories decreased by 3.2 million barrels last week and are about 21% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 0.6 million barrels last week.

Oil prices were little changed in early trade on Thursday .

Oil prices were little changed in early trade on Thursday after U.S. lawmakers postponed a vote on a $2.2 trillion coronavirus relief package in hopes of reaching a bipartisan deal, while rising infections fuelled demand fears. WTI jumped on Wednesday after data from the U.S. Energy Information Administration showed crude stocks and distillate inventories, which include diesel and jet fuel, fell more than expected in the latest week. But demand worries remain. Concerns are growing in New York, where COVID-19 infection rates continued to climb. Growing supply from the Organization of the Petroleum Exporting Countries (OPEC) also weighed on the market, with output having risen by 160,000 barrels per day in September from August as some Libyan installations restarted and Iran’s exports grew, a Reuters survey found. Increasing supplies from OPEC+ will be risking their rebalancing effort as the market is still grappling with weak demand. Russia likely exceeded its OPEC+ quota, compounding the worry that the group may be adding more supply than the market can handle

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :           01/10/2020

Pivot                                     :           39.54

Technical View                     :           LONG ABOVE 39.74

Target                                   :           39.94, 40.56, 40.92, 41.79

Technical View                      :           SHORT BELOW 39.34

Target                                   :           39.14, 38.93, 38.16, 37.71

LEAVE A REPLY

Please enter your comment!
Please enter your name here