“Despite the API report showing gains for crude oil and oil products, crude oil prices are higher, supported by expectations that China will ease COVID restrictions, translating into higher demand and imports this year.” summer (northern)”said Giovanni Staunovo, an analyst at UBS.
Norwegian oil workers plan to strike from June 12 to demand better wages, putting some oil production at risk of shutting down.
Market sources said the Figures from the American Petroleum Institute (API) on Tuesday showed that US crude stocks rose by 1.8 million barrels in the week ending June 3. Gasoline and distillate inventories grew by 1.8 million barrels and 3.4 million barrels, respectively.
The Energy Information Administration (EIA), a government agency, will report stock levels through last week on Wednesday.
Global supplies of crude oil and petroleum products remain tight, pushing Asian refiners’ diesel margins to record levels as Western sanctions hamper exports from top producer Russia.
Analysts at JP Morgan estimate that Russia cut between 500,000 and 700,000 barrels per day of exports of petroleum products, because it is now more difficult to market fuels than to sell crude.
Source: Ambito
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