The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Crude oil prices rose today after the U.S. Energy Information Administration reported a modest inventory build of 500,000 barrels for the week to January 14.
This compared with a draw of 4.6 million barrels for the previous week.
A day earlier, the American Petroleum Institute had estimated a draw in crude oil inventories of 1.4 million barrels.
In gasoline, the EIA reported yet another inventory build, after another two weeks of hefty increases. In the week to January 14, gasoline stocks added 5.9 million barrels. This compared with a combined build of over 18 million barrels for the previous two weeks.
Gasoline production averaged 8.7 million barrels daily last week. This compared with 8.6 million in average daily production a week earlier.
In middle distillates, the authority estimated an inventory decline of 1.4 million barrels for the week to January 14. This compared with an inventory build of 2.5 million barrels for the previous week.
Middle distillate production averaged 4.7 million bpd last week, which compared with 4.8 million bpd for the previous week.
Refinery runs averaged 15.5 million bpd, compared with 15.6 million bpd during the prior week.
Imports stood at 6.7 million bpd, which compared with 6.1 million bpd a week earlier.
Crude oil prices, meanwhile, hit the highest in seven years earlier this week as concern about supply deepened among traders.
Goldman added fuel to the rally by saying it expected global inventories to fall to the lowest in more than 20 year as did the spike in geopolitical tension in the Middle East following the drone attacks on Adnoc facilities by the Yemeni Houthis.
According to Reuters, some sources from OPEC+ believe Brent crude could before long rise to $100 per barrel—a scenario that some investment banks have already forecast but other OPEC+ sources have said would not be ideal for the cartel.
Oil Prices Move Higher On Small Crude Inventory Build
Thanks Spights
" At the time of writing, Brent crude was trading over $88 per barrel"
Now $89.2. $90 per barrel virtually nailed on....soon.
Have a great evening all.
Mark
Crude oil prices dipped this week after the White House said there were still tools on the table to address the rising prices of the commodity but quickly regained ground in the latest sign that there are a lot more powerful factors at play when it comes to oil prices.
"We continue to work with producer and consumer countries and these steps have had real effects on prices and ultimately tools continue to remain on the table for us to address prices," Emily Horne said earlier this week, adding "We will continue to monitor prices in the context of global economic growth and engage our OPEC+ partners, as appropriate."
This caused a dip in prices, per Bloomberg, after West Texas Intermediate closed at the highest in seven years on Tuesday. Yet the White House statement was not the only reason for the dip. It came on the day that the American Petroleum Institute reported yet another weekly build in gasoline stocks.
The Energy Information Administration is reporting its own inventory estimates in oil and fuels today. For the previous two weeks, the administration estimated hefty gasoline builds as well, totaling over 18 million barrels.
Stronger than expected demand for oil has pushed prices some 30 percent higher over the last couple of months, and there is further to go, according to analysts who are emphasizing OPEC's dwindling spare production capacity and Russia's apparent struggle to boost crude production in line with its OPEC+ quota.
On the bearish side, the EIA reported earlier this week that crude oil production in the Permian had hit a record in December and would continue to grow this month and next, reaching 5.076 million bpd in February. Total shale oil output was seen rising to 8.54 million barrels daily in February.
This, however, may not be enough to quench supply concerns that are fueling the bullish sentiment. At the time of writing, Brent crude was trading over $88 per barrel, and WTI was changing hands at over $87 a barrel.
Market Shrugs Off Biden's Readiness To Tackle Oil Price Rally
Stronger
88.36$
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