Commercial crude oil reserves in the United States fell much more than expected last week, according to figures released by the United States Energy Information Agency (EIA) on Wednesday, on the back of exceptional demand .
In the week ended December 10, crude inventories fell 4.6 million barrels to 428.3 million barrels, as analysts forecast a decline of just 1.7 million barrels over the period.
Falling before the publication, the price of black gold recovered after the announcement, but still remained in decline.
At around 4:20 p.m. GMT, a barrel of West Texas Intermediate (WTI) for delivery in January dropped 0.67% to $ 70.25.
In London, a barrel of Brent from the North Sea, with maturity in February, dropped 0.44% to 73.37 dollars.
This surprise melting can be largely attributed to a sharp increase in demand, which grew by more than 3.3 million barrels per day (mb / d) compared to the previous week, to reach 23.1 mb / d. j, as well as exports.
This is the highest level of weekly demand on record by the EIA. Gasoline consumption has increased significantly (+509,000 barrels per day), but it is above all the jump in distilled products (fuel oil, diesel, fuel oil) which has driven the whole (1.3 mb / d or + 36% over a week).
If the onset of winter explains, in part, this acceleration of distilled products, demand is nonetheless much higher (22%) than it was for the same week of last year. .
“Demand has been exceptionally strong as distributors prepare for an active holiday season,” said Matt Smith, head of petroleum analysis for commodities data provider Kpler.
The analyst pointed out that road traffic forecasts showed an increase of more than a quarter compared to last year.
While they were expected to rise sharply by 2.05 million barrels, gasoline reserves fell by 700,000 barrels.
As for exports, they took off by 60%, to 3.64 mb / d, ie significantly more than last year at the same time (+ 60% also).
Matt Smith also pointed to the sharp 33% drop in imports during the week ended December 10.
As in previous weeks, strategic reserves continued to decline, this time with two million barrels less in US government tanks, to 598.9 million barrels.
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