Newsletter summary

EIA data shows crude oil market getting a boostBaccaratwebsiteUs commodity oil inventory decreased more than expectedBaccaratwebsiteSPR inventories rose, and the US government hinted that oil prices were attractive. Gasoline and diesel demand improved, total oil inventory decreased, output was flat, refinery operating rate and crude oil output rebounded.

Text of news flash

[the release of EIA data this week shows that the crude oil market is generally positive]

In the recent EIA data report, the crude oil market received a positive boost, especially the crude oil inventory data in the United States. Us commodity crude oil stocks fell 136% more than expected.Baccaratwebsite.20,000 barrels per day, effectively relieving the growing inventory pressure in the previous period. In addition, even at the current inventory level, the absolute value of inventory is still historically neutral and does not put too much pressure on the market.

In addition, US strategic petroleum reserve (SPR) stocks continue to show an upward trend. This change shows that the US government is still actively replenishing its coffers, and it also reflects that they believe that current oil prices are attractive to buy.

At the end of the finished product, gasoline stocks increased by 91%Baccaratwebsite.50,000 barrels, but given the approach of the summer gasoline consumption season, the market shows signs of restocking ahead of time. At the same time, diesel stocks fell slightly by 14000 barrels, the overall change is not significant.

Taken together, total US oil inventories have fallen by 2.13 million barrels in the current period, which has given a positive boost to oil prices.

On the supply side, U.S. crude oil production was the same as last week, with total production at a stable level of 13.1 million barrels per day for the ninth consecutive week. On the demand side, with the approach of the peak summer gasoline consumption season, refinery operating rates and crude oil processing have increased, driving marginal improvement in demand for gasoline and diesel, although the total is still below the average of the past five years.