Oil futures become cheaper again after a moderate increase earlier today. Negative influence report on US petroleum inventories
US Department of Energy reported that crude oil inventories rose in the week 23-29 April by 2.8 million barrels to 543.4 million barrels, a record high for this time of year. Analysts had expected an increase of 1.444 million. Barrels. Meanwhile, oil inventories in Cushing terminal rose 243,000 barrels to 66.3 million barrels. Gasoline stocks rose by 536,000 barrels to 241.8 million barrels. Analysts had expected stocks to fall 200,000 barrels. Distillate stocks fell by 1.3 million barrels to 157 million barrels. Analysts expected distillate stocks remain unchanged. The utilization of refining capacity increased by 1.6% to 89.7%. Analysts suggested that the figure will rise to 0.4%. Oil in the US during the week April 23-29, dropped to 8.825 million barrels per day versus 8.938 million barrels per day in the previous week.
Recall, the report presented yesterday by the American Petroleum Institute showed that crude oil inventories in the US for the week rose by 1.3 million barrels. Distillate stocks fell by 2.6 million barrels, while gasoline inventories fell by 1.2 mln. Barrels.
Little support for oil have reported that the company Suncor Energy cuts production due to forest fires in Alberta, Canada. “Fires in Canada have helped to reduce the decline in quotations before leaving the Ministry of Energy report,” – said an analyst at Saxo Bank Ole Hansen.
Oil prices rose far more than 60% after reaching lows earlier this year as traders suggest slower growth of production and the beginning of the restoration of the balance in the oil market. “If demand continues to grow, it can be a support factor for oil prices,” – said the expert Tyche Capital Advisors Tariq Zahir.
WTI for delivery in June fell to $43.80 a barrel. Brent for June fell to $44.87 a barrel.
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