EnergyScan

Oil is stable, market is waiting

Crude oil prices were sideways on Wednesday. Brent first nearby prices decreased by 0.4% to close at $106.70/b while WTI prics did not move to settle at $102.75/b at the end of the session.

Volatility was low, WTI prices traded in a tight band of $100.70 – $104.16 as traders did not receive many updates on the hot topics of the moment: ban of Russian oil imports, lockdown in Shanghai, disruption in Libya.

The weekly EIA report published yesterday indicated that US crude inventories fell by 8.0 Mb last week (the consensus was a 2.5 Mb increase) and 4.7 Mb were released from the strategic reserve. The inventory shrinkage was fueled by US exports that reached their highest level since March 2020 to an average of 4.3 Mbd as imports were at their lowest level for one year. Finally, US crude production is moving closer to pre-pandemic levels, increasing by 0.1 Mbd at 11.9 Mbd last week.

Share this news :
Share on twitter
Share on linkedin
Share on email

You might also read :

ES-oil
September 22, 2021

US crude draws continue

Crude markets continued to be partially bid up with ICE Brent November contract reaching 75.4 $/b. The industrial survey published by the API reported another sizable crude…
ES-economy
June 21, 2021

US 10-year bond yield below 1.4%!

The impact of the Fed meeting is still being felt in the markets: inflation expectations have crashed (see the Graph of the day) and bond…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?  Sign up here!

[booked-calendar]