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The American Petroleum Institute (API) has announced a surprise draw of 2 1333 million barrels of crude oil stocks for the week ending March 15, which meets analysts' expectations for the construction of 309,000 barrels . It's the second week in a row that the draw is a surprise.
Last week, IPA announced a large surprise draw of 2.6 million barrels of crude oil. A day later, the EIA released a similar figure, estimating that crude inventories had been reduced by 3.9 million barrels.
Taking into account this week's data, the net draw is 1.5 million barrels for the eleven reporting periods so far this year, using API data.
(Click to enlarge)
WTI was trading slightly down on Tuesday until the release of data, at $ 59.22, down from $ 0.16 (-0.27%) to 13:59. His counterpart, Brent's benchmark, was trading at $ 67.57, up $ 0.03 (+ 0.04%) at that time, with prices close to those Yesterday, the market continues to evaluate with inconsistent results. oil exports, Iran's precarious sanction situation, the current trade dispute with China and diverging opinions of analysts on the prospects for growth in demand in the near future.
Nevertheless, oil prices are reaching four-month highs and WTI is up more than $ 2 per barrel a week. Brent is trading at $ 1 a barrel from last week's levels.
Related: gas concentrations could put pressure on prices in Europe
The API this week indicated that gasoline inventories for the week ending March 15 amounted to 2.794 million barrels. Analysts have estimated gasoline inventories at 2.125 million barrels a week.
Crude oil production in the United States estimated by the Energy Information Administration has shown that week-end production ending March 8th – the latest available information – has decreased slightly to 12.0 million barrels per barrel. day after two weeks, reaching a record level of 12.1 million barrels per day.
Distillate stocks decreased by 1.607 million barrels compared to a projected 1.3 million barrels for the week.
Crude oil inventories at Cushing, Oklahoma, decreased by 317,000 barrels for the week.
The US Energy Information Administration's report on crude oil inventories is due to be released Wednesday at 10:30 am IS.
At 4:39 pm EST, WTI traded at $ 59.15 and Brent at $ 67.51.
By Julianne Geiger for Oilprice.com
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