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The Commodities Feed: US oil stocks rise
Oil prices sold off yesterday following a surprise build in US crude oil inventories. ICE Brent fell 1.15% yesterday, settling below US$80/bbl once again. The EIA inventory report showed that US commercial crude oil inventories increased by 1.36m barrels over the last week, very different to the 5.2m barrel draw the API reported the previous day and the first increase since late June. While crude oil exports increased by 118k b/d WoW to 3.76m b/d, they remain below the 4-week average of 4.18m b/d. Refined product stocks still edged lower despite refiners increasing utilisation rates by 1pp over the week. Gasoline and ... (full story)
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- Posted: Aug 14, 2024 10:24pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 122
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