The Energy Information Administration
Total crude inventories, according to EIA, stood at 468.2 million barrels, below the maximum for this time of year, but near the upper limit.
Gasoline inventories – also watched closely by traders – went down by 2 million barrels last week.
Refineries processed 15.6 million bpd of crude oil, up by 182,000 barrels on the previous week, producing 9.8 million barrels of gasoline daily, and 4.5 million tones of distillate fuel.
Last Wednesday, the EIA
A series of meetings between the Russian and Saudi oil ministers, along with visits by Venezuela’s president and energy minister to Iran and Russia, have resulted in nothing specific, to say the least, with Russia’s Alexander Novak reiterating the country’s general readiness to join a freeze if all OPEC agrees, Iran’s Supreme Leader
In this environment of major volatility, any information containing specific figures about demand and supply is bound to have some market-swinging effect. However, this effect may very well prove to be short-lived, unless more news comes in fundamentals-wise.
Yesterday, after API’s report, WTI dropped back below US$50 a barrel, trading at US$49.30 when Oilprice reported on API’s figures, and incurring a hefty 2.41-percent drop since the start of the trading session. Brent suffered a 2.27-percent fall to US$50.29.
At the time of writing, WTI was at US$49.75 a barrel, down a further .42 percent from opening, and Brent was trading at US$50.39, down .79 percent from open.
By Irina Slav for Oilprice.com
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