• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 1 hour One Last Warning For The U.S. Shale Patch
  • 8 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 5 hours Chile Tests Floating Solar Farm
  • 3 mins China's Expansion: Italy Leads Europe Into China’s Embrace
  • 15 hours Poll: Will Renewables Save the World?
  • 15 hours New Rebate For EVs in Canada
  • 7 hours Trump Tariffs On China Working
  • 9 hours Trump sells out his base to please Wallstreet and Oil industry
  • 6 hours Biomass, Ethanol No Longer Green
  • 24 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 1 day Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 9 hours Read: OPEC THREATENED TO KILL US SHALE
  • 13 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 18 hours The Political Debacle: Brexit delayed

Unpacking A Wild Week In Oil Markets

refinery

A plethora of factors contributed to crude moving up this week, with the EIA scaling back its US output estimate (cooling the bullish sentiment a bit), Saudi Aramco restating its firm commitment to keep the production curtailments as deep as the market conditions require, and most of all, the Venezuelan blackout blocked the exports capabilities of already sanctions-stricken PDVSA.

Tuesday’s trading environment was further buoyed by the American Petroleum Institute announcing a largely unexpected crude stock drop.

All in all, global benchmark Brent traded at around 67.3-67.5 USD per barrel on Wednesday afternoon, while WTI was drawing increasingly closer to 58 USD per barrel, having demonstrated an almost 2-percent growth on Wednesday. Should the current growth trend continue, both benchmarks would beat 4-month highs by the end of the week.

1. US Crude Inventories Bounce Back

- US commercial crude stocks rebounded robustly during the week ended March 01, increasing by 7.1 MMbbl to 452.9MMBbl.
- The inventory buildup was accompanied by a palpable decline in crude exports, by 0.6mbpd to 2.8mbpd, and an even more sizeable increase in crude imports to 7.0mbpd, up 1.1mbpd week-on-week.
- Refinery utilization seems to be edging higher for once, increasing 0.4 percent to 87.5 percent, with refinery input volumes higher by 0.1mbpd (at 16mbpd).
- Amid gasoline prices rising for the fifth consecutive week, gasoline stocks…




Oilprice - The No. 1 Source for Oil & Energy News