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Oil Is Back In A Bear Market

Rig

Oil has now well and truly slumped into a bear market, producing one of the most impressive decline streaks in the past few years. This Friday marks the eleventh day in a row that oil has fallen, dropping more than 20 percent from the four-year high it attained just a couple of weeks ago.

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At the end of the trading week, WTI traded at around 59-60 USD per barrel, while Brent slipped below 70 USD per barrel to reach a six-month low. Against such a depressive trend, OPEC, which is set to meet on Sunday in Abu Dhabi, has signaled its willingness to implement production cuts, only weeks after key OPEC players started pumping more.

1. US crude stocks increase for seventh week in a row

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- US commercial crude stocks have increased for the seventh week in a row, this time by 5.8 MMbbl to reach 431.8 MMBbl.

- The current commercial stock level is still 26 MMbbl short of last year’s 457 million barrels.

- Hikes in PADD 2 and 3 were the main build factors, with buildups of 5 and 2 million barrels, respectively.

- In contrast to crude stocks, gasoline stocks have reversed course and increased by almost 2 million barrels after three weeks of declines.

- Standing at 228 MMbbl (almost 20 MMbbl higher than last year this time), the hike in gasoline stocks took place amid falling volumes of finished gasoline production, down by 650kbpd w-o-w.

2. Saudi Arabia Goes Flexible with…




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