قالب وردپرس درنا توس
Home / Business / Oil pumps on large commodity stock

Oil pumps on large commodity stock



  Oil storage "title =" Oil storage "/> </source></picture></div>
<div id=

The crude oil price was raised higher today after the EIA released its latest Weekly Petroleum Status Report, where the authority said crude oil inventories had fallen by 8.6 million barrels a week to February 22, even though they are still above the seasonal five-year average.

This compares to a stock increase of 3.7 million barrels for the previous week.

Gasoline stock fell by 1

.9 million barrels in the reported period, compared to a 1.5 million barrel a week earlier Distillate fuel stocks shed 300,000 barrels a week until February 22 while a week earlier refining intake was $ 15.9 million. Last week, compared with 15.7 million bpd a week earlier, with petrol production of 9.6 million bpd and distillate fuel production of 4.8 million bpd, this compares to co-production rates of 9.5 million bpd for gasoline and 4.8 million bpd for distillate fuel.

Yesterday, prices rose after the US Petroleum Institute estimated a stock drawing that the market apparently hadn't expected, making it a week of inventory surprises. The API estimate of crude oil revenues was 4.2 million barrels.

OPEC's downturn continues to have a positive effect on prices despite President Donald Trump's call to OPEC to relax as prices were too high. Following Trump's tweet to OPEC, oil prices fell sharply, and many dealers wondered if there were rational rules in the oil market.

Whatever stock level in US storage facilities, production continues to grow after beating a historic high of 12 million barrels a day two weeks ago. This basic factor is likely to continue pushing prices no matter how much OPEC cuts. Nevertheless, it will push most of the prices of light crude characters while heavy crude oil, such as OPEC cuts and what Venezuela does not sell, climbs higher.

By Irina Slav for Oilprice.com

More top leaflets From Oilprice.com:

Download the free oil price tag today


Back to homepage


Source link