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Oil prices flirt with $100 handle
Brent has pushed on to fresh year-to-date highs above $95/bbl, as concerns surrounding tight crude supplies continue to dominate oil markets. Technical factors have contributed to recent strength. Hedge funds have continued to pour into the energy complex, motivated by the tightening supply/demand conditions. Speculative futures long positions on the ICE and COMEX exchanges have risen by 27,000 positions last week. The Brent Dec 23/Dec 24 spread, a key benchmark for forward curve sentiment, has risen to almost $10.0/bbl, up from $3.75/bbl on 24th August. The curve is seeing its greatest backwardation level (when the ... (full story)
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U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending September 15, 2023, which was 496 thousand barrels per day less than the previous week’s average. Refineries operated at 91.9% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 1.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, 7.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 511 thousand barrels per day, and distillate fuel imports averaged 83 thousand barrels per day. post: EIA: INVENTORIES OF CRUDE IN THE US SPR UP 600,000 BBLS TO 351.23 MLN.WTI Holds Bounce Above $90 After Across-The-Board Inventory Draws Oil prices extended losses overnight from yesterday afternoon, but bounced back into the green this morning after WTI found support at $89 after Goldman upgraded its forecast. “The impressive run-up in crude oil prices had to come to a temporary halt and today’s Fed decision on interest rates provides the perfect excuse to bank some money,” PVM Oil Associates Ltd. analyst Tamas Varga wrote in a note. After last week's big product builds, all eyes will be on any signs of demand-destruction. But, more ominously, the decline in Cushing stocks is top of mind for many. API • Crude -5.25mm (-1.00mm exp) • Cushing -2.56mm • Gasoline +732k (+500k exp) • Distillates -258k (-200k exp) DOE • Crude -2.14mm (-1.00mm exp) • Cushing -2.06mm • Gasoline -831k (+500k exp) • Distillates -2.87mm (-200k exp) - biggest draw since May
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- Posted: Sep 20, 2023 12:08pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 194