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US Crude Inventory Surprisingly Dropped Last Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -1.07  mmb to 1353.84 mmb in the week ended November 20. Crude oil inventory dropped -0.75 mmb (consensus: +0.13 mmb) to 488.72 mmb. Stockpile decreased in 4 out...

US Crude Inventory Increased for a Second Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -10.16 mmb to 1354.91 mmb in the week ended November 13. Crude oil inventory gained +0.77 mmb (consensus: +1.65 mmb) to 489.48 mmb. Stockpile increased in 3 out...

US Crude Inventory Increased, Curbing Price Rebound

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended November 6. Crude oil inventory gained +4.28 mmb (consensus: -0.91 mmb) to 488.71 mmb. Stockpile increased in 2 out...

US Crude Oil Inventory Surprisingly Slumped

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended October 30. Crude oil inventory dived -8 mmb (consensus: +0.89 mmb) to 484.43 mmb. Stockpile increased in 4 out...

WTI Crude Oil Price Plunged after US Inventory Increased Much more than Expected

The front-month WTI crude oil contract slumped to the lower in 4 weeks as increase in US inventory almost quadrupled expectations. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the...

OPEC+ Meeting Acknowledged Weak Demand Outlook. US Crude Inventory Slipped, while Gasoline Stockpile Gained for First Time in 3 Weeks

The meeting among OPEC+ producers to discuss about revision of output cuts was inconclusive. While a number of OPEC+ producers agreed that weak oil demand outlook might justify more reduction in output, it's yet to know how much more is needed. A greater problem is compliance. As we noted...

US Crude Oil Inventory Declined Further. Distillate Stockpile Dived on Demand Recovery

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks plunged -16.8 mmb to 1402.34 mmb in the week ended October 9. Crude oil inventory fell -3.82 mmb (consensus: -2.84 mmb) to 489.11 mmb. Stockpile gained in 3 out...

US Crude Oil Inventory Fell for Three Straight Weeks, while Cushing Stock Increased

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dropped -0.57 mmb to 1421.11 mmb in the week ended September 25. Crude oil inventory dropped -1.98 mmb (consensus: +1.57 mmb) to 492.43 mmb. Stockpile decreased in 4 out...

Crude Oil Prices Down in 3 out of 4 Weeks. Outlook Dependent on Pandemic, OPEC+ Compliance and Libya’s Output

Crude oil prices have declined for 3 out of the past 4 weeks. the most recent weakness has been driven by concerns over the demand outlook as a third wave of coronavirus outbreak has hit Europe. This is also a reason for the narrowing in WTI-Brent spread although the...

US Crude Oil and Petroleum Product Inventories Fell Across the Board

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks dived -7.48 mmb to 1421.68 mmb in the week ended September 18. Crude oil inventory dropped -1.64 mmb (consensus: +2.33 mmb) to 494.41 mmb. Stockpile decreased in 3 out...

Crude Oil Price Rebounded as Production Halted by Hurricane while Inventory Fell

Crude oil price rebounded as hurricane Sally damaged production facilities while US inventory resumed decline last week. The front-month WTI crude oil contract extended gain for second day, rising to a 1.5- week high og US$40.34/bbl before settling at 40.16. The Brent contract also climbed higher. US Bureau of...

Crude Oil Prices Fell as US Inventory Gained for the First in 7 Weeks, While OPEC+ Output Produced More than Quota

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks gained -3.42 mmb to 1124.86 mmb in the week ended September 4. Crude oil inventory gained +2.03 mmb (consensus: -1.34 mmb) to 500.43 mmb. Stockpile rose in 4 out...

WTI-Brent Crude Spread Widened Markedly on US Demand Concerns, Offsetting Inventory Draw

Crude oil prices plunged more than -2% on profit-taking. The front-month WTI contract settled at US$41.51/bbl, lowest since August 7. The front-month Brent contract fell to US$44.43/bbl, lowest since August 21, at close. WTI-Brent spread widened to US$ 2.92/bbl. The correction came in despite sharp draw in US inventory....

WTI-Brent Spread Narrowed on Hurricane and Inventory Draw

Crude oil prices firmed with WTI-Brent spread narrowing slightly on Wednesday. Hurricane Laura, now a catastrophic Category 4 hurricane, is expected to an “unsurvivable storm surge,” extreme winds and flash floods over Eastern Texas and Louisiana. This could likely cause damage in oil production facilities in Gulf Coast. Meanwhile,...

US Cushing Oil Stock Fell for First Time in Almost 2 Months. Oil Prices Dropped on Weaker Demand Prospect

Crude oil prices weakened despite decline in US inventory levels.  At the video conference held by the OPEC+ Joint Ministerial Monitoring Committee, oil producers warned that “the pace of recovery appeared to be slower than anticipated. Yet, they dismissed increasing output cut from the current deal. The report from...

US Oil and Petroleum Product Stockpile Fell Across the Board Last Week

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.11 mmb to 1452.57 mmb in the week ended August 12. Crude oil inventory declined -4.51 mmb (consensus: -2.88 mmb) to 514.08 mmb. Stockpile fell in 2 out...

US Crude Oil Inventory Sank for Second Consecutive Week, While Refined Product Stocks Increased

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -2.11 mmb to 1452.57 mmb in the week ended July 31. Crude oil inventory declined -7.37 mmb (consensus: -3 mmb) to 518.6 mmb. Stockpile fell in 3 out...

US Crude Oil Inventory Surprisingly Plunged, While Petroleum Stockpile Gained

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks soared +8.82 mmb to 1461.16 mmb in the week ended July 24. Crude oil inventory slumped -10.61 mmb (consensus: +0.36 mmb) to 525.97 mmb. Stockpile fell in 4 out...

Crude Oil Prices Firm in Sharp Fall in US Inventory and Better Demand Outlook. Upside Limited as OPEC+ to Raise Output

Crude oil prices climbed higher on more upbeat demand outlook and huge decline in US inventory. However, the upside would likely be limited as OPEC+ is prone to taper output cut, by 2M bpr, to 7.7M bpd from August. In the latest energy reports, all three major agencies revised...

Upside in Crude Oil Prices Limited: OPEC+ Cut Prone to Ease Next Month while US Inventory Gained on Imports

The rise in oil prices paused while hovering at recent highs. While there are signs that OPEC+ has cut output more than promised, the increase in US inventory has again raised concerns about oversupply. S&P's survey suggests that OPEC-10 as a whole reduced output aggressively in June. The aggregate...

US Crude Inventory Saw Biggest Decline since Early January

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks added +1.12 mmb to 1451.78 mmb in the week ended June 26. Crude oil inventory plunged -7.2 mmb (consensus: -0.71 mmb) to 533.53 mmb. The size of the fall...

Another Week Of US Stock-build Dampened Crude Oil Price

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +7.09 mmb to 1446.72 mmb in the week ended June 19. Crude oil inventory added +1.44 mmb (consensus: +0.3 mmb) to 540.72 mmb. Stockpile rose in 3 out...

US Crude Inventory Surprisingly Increased, while Petroleum Product Stocks Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose +7.09 mmb to 1446.72 mmb in the week ended June 12. Crude oil inventory added +1.22 mmb (consensus: -0.15 mmb) to 538.07 mmb. Stockpile fell in 2 out...

Downside Risks of Crude OIl Price Rising Despite Recent Optimism

Crude oil prices have remained firm, supported by positive news from both OPEC+ and better demand/supply outlook. The latest monthly report by the International Energy Agency (IEA) has depicted a more optimistic outlook on the oil market. The agency raised its global oil demand forecast to 91.7M bpd for...

Pick-up in US Oil Inventory and OPEC+’s Compliance Problem have Capped Crude’s Upside

The excitement brought by OPEC+'s agreement to extend the output cut deal for a month to July short-lived. Crude oil price only climbed modestly higher after the news. Gains were quickly evaporated. Concerning OPEC+, the market is mainly concerned about compliance by some participants. A survey by S&P estimated...

US Oil Inventory Surprisingly Dropped

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks rose 5.04 mmb to 1399.92 mmb in the week ended May 29. Crude oil inventory dropped -2.08 mmb (consensus: +3.04 mmb) to 532.35 mmb. Stockpile fell in 3 out...

US Crude Inventory and Imports Surprisingly Increased

Crude oil inventory in the US surprisingly increased last week. Meanwhile imports also jumped due to shipment from Saudi Arabia. Supply in the US was partly offset by further decline in domestic production. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum...

Crude Oil Price Supported by Decline in US Inventory. Cushing Stock Recorded Sharpest Fall on History

Crude oil prices continued to climbed higher. The front-month WTI contract has strengthened for six consecutive days. The latest catalyst is another week of surprising decline in US inventory. The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks...

Crude Oil Price Supported by Improved Fundamentals; Upside Limited

Expiring tomorrow (May 19), the front-month WTI crude contract continues to climb higher. At the time of writing this report, price is trading narrowly around US$30/bbl, up almost 50% from end of April. Recall that last month, the WTI futures for April delivery collapsed to the negative territory before...

Unexpected Decline in US Inventory Lent Support to Oil Price

The front-month WTI crude oil contract strengthened to the highest level in more than a month. The WTI-Brent spread also narrowed to the level not seen since March 31. The recovery in WTI crude price was helped by the unexpected decline in US oil inventory. The report from the...