Home Gold News US Crude Inventories Rise For First Time In Seven Weeks

US Crude Inventories Rise For First Time In Seven Weeks

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US crude oil inventories increased during the week ending September 4th, the US Energy Information Administration (EIA) said in a report on Thursday. According to the Weekly Petroleum Status Report, US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.0 million barrels from the previous week, marking a first gain in seven weeks. At 500.4 million barrels, US crude oil inventories were about 14 percent above the five-year average for this time of year.

According to the EIA, total motor gasoline inventories decreased by 3.0 million barrels last week and were about 3% above the five-year average for this time of year. Finished gasoline and blending components inventories both decreased last week.

Distillate fuel inventories decreased by 1.7 million barrels last week and were about 20 percent above the five-year average for this time of year.

US crude oil refinery inputs averaged 12.8 million barrels per day during the week ending September 4, 2020, which was 1.1 million barrels per day less than the previous week’s average. Refineries operated at 71.8% of their operable capacity last week.

Oil prices extended declines on Friday, under pressure from a surprise rise in U.S. stockpiles and ongoing weak demand from the coronavirus pandemic. Both major benchmarks were headed for a second week of declines. In the United States, stockpiles rose last week against expectation as refineries slowly returned to operations after production sites were shut down due to storms in the Gulf of Mexico and wider region. Crude inventories in the United States rose 2.0 million barrels last week, against expectations for a 1.3 million-barrel decrease in a Reuters poll. In a further bearish sign, traders were starting to book tankers again to store crude oil and diesel, amid a stalled economic recovery as the COVID-19 pandemic continues unabated. Onshore storage remains near capacity as supplies continue to outpace demand, so the use of so-called floating storage is back in vogue as cheap financing costs and the spread between contracts for delivery now and later months makes it favourable for traders to hold oil for later sale

TREND : BEARISH

Time                                      :           11/09/2020

Pivot                                      :           37.42

Technical View                     :             LONG ABOVE 37.62

Target                                   :            37.82, 38.05, 38.71, 39.18

Technical View                     :             SHORT BELOW 37.22

Target                                   :            37.02, 36.52, 36.14, 35.39

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