Like the other markets, crude oil is impacted by the prospect of aggressive monetary policy from the Federal Reserve.
This Thursday, the Brent futures suffered a fall of 1.3%, up to US$75.66while those of WTI experience a precipitation of the 1.3% and is traded in $70.97 per barrel. Both contracts are punished by the expectation of higher rates in the USA and as well as by the data of crude oil inventories which were reduced more than estimated.
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The data shows a decrease of 1.5 million barrels, standing at 454.2 million barrels in the United States. It should be noted that during this week, Saudi Arabia and Russia announced further production cuts as of August, which together are equivalent to the elimination of more than 5 million barrels per day from the market, that is, 5% of the world supply.
Oil: inventories in the US
The Energy Information Management reported the decrease in inventories of crude oil, gasoline and distillates in the US. In particular, crude oil inventories experienced a drop of 1.5 million barrels, settling at 452.2 million barrels. This figure contrasts with the expectations of analystswho expected a decline of 1 million barrels according to a Reuters poll.
As for the Cushing delivery center in Oklahoma, crude oil inventories fell by 400,000 barrels during the week ending June 30, according to EIA data. In addition, the production of crude oil in the refineries decreased in 224,000 barrels daily in the last week.
Regarding the refineries, utilization rates fell 1.1 percentage points over the week. On the other hand, gasoline inventories in the United States fell by 2.5 million barrels, reaching 219.5 million barrels. These results also differ from the expectations of analysts in the Reuters poll, who forecast a decline in 1.4 million barrels.
As for the distillatesincluding diesel and heating oilinventories registered a decrease of 1 million barrels in the week, reaching 113.4 million barrels. This contrasts with expectations for a 300,000 barrel increase based on EIA data.
Finally, net imports of US crude increased by 1.9 million barrels per day, as reported by the EIA.
Source: Ambito
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