Softness in the East?

Crude prices remained broadly steady as the EIA weekly snapshot reflected a growing discrepancy between US crude oil and fuel markets with a net build in inventories of 1.3 mb. Similarly to last week, recovering refining runs in Texas was unable to follow the pace of crude production or fuel demand, leading to a 13.8 mb build in crude oil inventories and large draws in gasoline and distillate stocks. Weak Chinese crude demand continues to impact crude markets globally, with evidence of a slowdown in purchases in the West African market. 

Share this news :

You might also read :

February 25, 2021

Rather say it twice than once

Optimism was back with a vengeance on markets yesterday and the trend was confirmed in Asia overnight: stocks on the rise despite bond yields reaching…
November 28, 2022

Fed reassures, China worries

Macro & Oil Podcast #5 In this EnergyScan podcast, Olivier Gasnier tells us about the conclusions to draw from the minutes of the Fed’s meeting…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Subscribe to our newsletter

Don’t have an account yet?