Crude inventories in the US rose by 1.44 million barrels in the week ended June 19th 2020, following an 1.215 million increase in the previous week and compared with analysts’ estimates of a 0.3 million advance, according to the EIA Petroleum Status Report.
Gasoline inventories fell by about 1,67 barrels, following a 1.667 million decline in the prior period and below/above analysts’ expectations of about 1,72 million barrels decline.
Earlier, OPEC + announced that there is no recommendation to extend record cuts to August (9.7 million barrels per day). However, this was expected by the market. On the other hand, supply returns in the US. In the coming weeks, increased drilling activity can restore production to as high as 500,000 barrels per day. However, it is worth paying attention to improving data on demand. Nevertheless, there is still a significant oversupply on the market, which will probably halt oil price increases.
WTI Crude Oil (OIL.WTI) fell after the release of today's EIA report and is heading towards $38.47 support level. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
