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Halting The Oil Price Collapse

Tanker

Crude has continued its downward slide, edging lower for the sixth consecutive week amid solidifying concerns about a potentially oversupplied market. On Tuesday prices plunged by 5 dollars, the worst day for crude trading in the past three years. Prices have, however, partially rebounded since, ending the 12 day falling streak.

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OPEC played a significant role in reversing the price dynamics, stating that it might return to production cuts if need be. Moreover, ongoing reports of Russia and Saudi Arabia cooperating on oil pricing issues supported crude prices. On Friday, Brent traded in the $67-68 per barrel interval, whilst WTI moved towards $58 per barrel.

1. US Crude Stocks Continue to Rise Amid Falling Product Stocks

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- US Commercial crude stocks increased for the eighth week in a row, adding in a hefty 10.3 MMBbl w-o-w hike, reaching 442.1 MMBbl.

- Even though crude imports rose by 270 kbpd w-o-w, the extent of the crude buildup most likely disguises a discrepancy between real and reported crude export volumes.

- Regardless of this discrepancny, the US oil sector will have to fight its way through the current period of crude oversupply.

- US refinery runs have remained largely stagnant at 16.4 MMbpd, ahead of this week’s restart of the 410kbpd Whiting refinery in Indiana.

- Gasoline inventories dropped by 1.4 MMbbl w-o-w, largely due to imports decreasing by…

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