• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 8 mins Reality catching up with EV forecasts
  • 18 hours A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 11 days US Oil Independence is a myth and will always be a myth
  • 7 days The Federal Reserve and Money...Aspects which are not widely known
  • 11 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 15 days Natural gas price to spike when USA is out of the market
  • 14 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 days *****5 STARS - "The Markets are Rigged" by The Corbett Report
Oil Unmoved After EIA Reports Small Crude Build

Oil Unmoved After EIA Reports Small Crude Build

Crude prices moved slightly higher…

Oil Prices Poised For A 3% Weekly Gain  

Oil prices were headed early on Friday for a weekly gain of around 3%, pushed higher by signs of a rebounding U.S. economy, tight crude and product markets, and hopes of recovering Chinese oil demand.

On Friday morning in Europe, both benchmarks were down by around 1% as of 7:45 a.m. London time, but both were set for a weekly gain of between 3% and 4%.

In the middle of this week, oil jumped by more than 3% on Wednesday as data showed that U.S. crude oil and petroleum exports increased to a record last week, signaling an uptick in demand. The U.S. exported a record 5.13 million barrels per day (bpd) last week and refined product exports also grew, pushing total petroleum exports rising by nearly 2 million bpd from the previous week to a record 11.43 million bpd.


“Record US crude oil exports over the last week appear to have provided further support to oil prices,” strategists at ING said on Thursday.

A weaker U.S. dollar also boosted oil prices on Wednesday and Thursday as a falling greenback makes dollar-priced commodities cheaper for buyers holding other currencies.


Also on Thursday, oil prices extended Wednesday’s gains after a better-than-expected reading of the U.S. economy in the third quarter. Real GDP grew by 2.6% annually in the third quarter of 2022, in contrast to a decrease of 0.6% in the second quarter, according to the advance estimate of the Bureau of Economic Analysis. 

In addition, “the market continues to worry about the availability and price of fuel products over the coming months when OPEC+ cuts production and the EU embargo on Russian crude and fuel imports start,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted in an analysis on Thursday.

Low stocks of diesel and heating oil in the northern hemisphere continue to raise concerns, Hansen said, noting that “As long the product market remains this tight the potential for lower crude oil prices seems low.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News