U.S. crude oil futures closed at a five-month high on Wednesday. U.S. gasoline inventories have decreased significantly Strong demand for fuel is expected ahead of the summer driving season.
Crude oil prices rise again this week The move comes amid fears of a wider Middle East conflict after Iran vowed to retaliate for an Israeli attack in Syria that killed top commanders.
OPEC+ said it would Keep output cuts in place The production period will run until the end of June, as expected, and some participating countries with overproduction said they would submit compensation plans by the end of this month.
Last month’s Nymex Crude Oil (CL1:COM) May delivery ended +0.3% $85.43/barrel, June Brent Crude Oil (CO1:COM) ended last month +0.5% It rose to $89.35 per barrel, the fourth consecutive day of gains, and the highest liquidation values for both benchmarks since October 27.
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The U.S. reported that domestic crude oil inventories rose by 3.2 million barrels, but gasoline showed a larger-than-expected drawdown of 4.3 million barrels, with analyst Jim Ritterbusch saying, “It looks bullish, albeit seasonal. “The decline has accelerated at a summer-like pace.” demand likely represents major quarter-end distributor inventories. ”
probably more important According to Mizuho’s Robert Yawger, the supply, or demand, of finished automobile gasoline is estimated by EIA to increase by 521,000 barrels per day to 9,236,000 barrels per day, reaching a record high of 1,004 barrels per day in July 2021. It is said that it is not far from 3,000 barrels per day.
“The strong gasoline numbers in today’s EIA report suggest that strong fundamentals around gasoline demand could lead to higher barrels in the coming weeks, rather than the best kind of rally due to geopolitical headlines,” Yawger said. “It’s increasing sexuality,” he said.
Separately, the US Department of Energy stated: No oil supply contract Rising oil prices led to the closure of the Bayou Choctaw Strategic Petroleum Reserve in Louisiana in August and September.
The DoE said it aims to purchase crude oil for SPR at prices below $79/bbl, which is lower than the average ~$95/bbl received in the 2022 emergency SPR sale. be.
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