Crude inventories fell 3.0 million barrels (MB) against an expected decline of 2.0 MB. Black gold prices reacted only moderately: around 3:10 p.m. GMT, WTI was stable at $ 67.54, Brent up 0.46% to $ 71.38
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US crude oil trade reserves fell sharply last week, significantly more than analysts expected, as did gasoline inventories, according to the weekly report released by the US News Agency on Wednesday. on energy (EIA).
Crude inventories fell 3.0 million barrels (MB) for the week ended August 20, as analysts expected a decline of 2.0 MB. Gasoline stocks fell by 2.2 MB, against an expected drop of 1.5 MB.
After two sessions of significant gains, the price of black gold reacted only moderately to the publication of the report, yet likely to support prices.
At around 3:10 p.m. GMT, WTI’s US barrel for October was stable at $ 67.54.
The barrel of Brent from the North Sea for delivery in October recorded him, an increase of 0.46% to 71.38 dollars.
Matt Smith, director of materials research for ClipperData, noted that commercial crude oil reserves have fallen to their lowest level since January 2020.
They are 6% lower than the average of the last five years over the same period.
The drop in inventories compared to last week is mainly due to a slight increase in refining activity and a small drop in imports, the analyst said.
Refinery capacity utilization thus increased further, to 92.4% against 92.2% the previous week and 91.8% previously.
As for imports, they fell to 6.15 million barrels per day (mbd), against 6.35 mbd on average during the previous seven days.
After a significant and unexpected increase in gasoline stocks the previous week, the marked decline in the week of August 20 is likely to reassure the demand of American motorists, who had started very strongly in the summer.
The demand for gasoline thus rebounded, to 9.57 mbd, against 9.33 the previous week.
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