Additional IEA stock release weighs on crude oil prices

Crude oil prices posted significant losses on Wednesday as the IEA announced an additional 60 Mb release from strategic stocks of its members, on top of the 180 Mb release from US SPR announced last week by the US President Biden. Brent 1st nearby prices dropped to an intraday low at $100.54/b.

In the US, the weekly EIA crude stock report revealed a 2.4 Mb rebound in crude stocks probably thanks to the SPR release launched last week. In addition, US crude production increased further to 11.8 Mbd last week, up 0.1 Mbd from a week earlier which may have played into the bearish sentiment as well.

Note that the Caspian Pipeline Consortium terminal on the Russian Black Sea has resumed oil shipments on Wednesday after 10 days of no maritime exports.

Brent prices rebounded slightly this morning and continue to show a triangle structure which highlights the current uncertainty surrounding crude oil markets, between weakening demand in China and massive stock releases on the bearish side and concerns over Russian oil supply on the bullish side.

Energyscan oil news
Share this news :

You might also read :

ES-oil
September 3, 2021

Longer-term hurricane impacts emerge

The BSEE reported that as of yesterday that the total outages in the Gulf of Mexico remained at 1.7 mb/d, which was revised higher from…
ES-gas
May 23, 2022

Prices weakened on bearish spot fundamentals

European gas prices weakened again on Friday, pressured by weak demand and comfortable supply. While Russian flows were stable, averaging 227 mm cm/day, Norwegian flows…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet? 

[booked-calendar]