Surprise API Draw Providing Early Support, EIA Report Next
Surprise API Draw Providing Early Support, EIA Report Next
Brittany Sowacke Bloomberg News
15 March, 2019, 16:09
The EIA data came after the American Petroleum Institute also said Tuesday that US crude stocks had fallen in the previous week.
Global benchmark May Brent crude, +0.81 per cent gained 95 cents, or 1.5 per cent to $66.69 a barrel on ICE Futures Europe, after the contract registered a weekly rise of one per cent on Friday.
The American Petroleum Institute (API) on Tuesday reported a drop of 2.58 million barrels in the US crude oil inventories for the week ending March 8. "They're on a mission to get prices back up to $80 a barrel", said Phil Flynn, senior market analyst at Price Futures Group Inc.in Chicago.
US crude oil stockpiles declined unexpectedly last week as output slipped from record highs and refining rates edged up, while gasoline stocks decreased and distillate inventories rose, the Energy Information Administration said on Wednesday. "It looks very supportive as refiners come out of maintenance". U.S. West Texas Intermediate crude futures were at $57.99 per barrel, up $1.12, or 2%- building on their strong gains from earlier in the day.
The terminal resumed operations by Wednesday, according to two sources and Refinitiv Eikon data, but shipments have not started up.
"The decrease in net crude oil imports (December, 2018) was driven primarily by lower imports from Saudi Arabia (down 160,000 bpd month-on-month) and higher exports to Asian countries such as South Korea (up 200,000 bpd month-on-month), China (up 90,000 bpd month-on-month) and India (80,000 bpd month-on-month)", Barclays bank said. Power has been restored to many parts of the country in recent days.
Besides, the IEA had also added that the U.S. gross crude export would double, which would eventually result in a greater competition for energies in the Asian markets and United States may have the singular authority to dominate the Crude oil price.
"I expect to see WTI hitting $60 a barrel in the next couple of weeks as inventories in the US are impacted by the lack of Venezuelan imports", said Andrew Lipow, president of Lipow Oil Associates in Houston.
In terms of production, "there's nothing really bearish about the markets", said Brynne Kelly, an energy trader and analyst in NY.
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