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Big stockpile drawing bolster prices



The American Petroleum Institute (API) reported a large X-ray of 7.55 million. Barrels for the week ending June 20, but still come across analysts' expectations for a much larger $ 2,891 million. Barrel distribution in inventories.

Last week, API reported a drag of 812,000 barrels. One day later, the EIA considered that US inventories had been reduced by 3.1 million barrels.

The network build is still 26.69 million barrels in the 26-week reporting period so far this year using API data.

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Oil prices rose earlier on Tuesday, as the general expectation was about reducing crude oil inventories in connection with the release of data. Another headwind for higher prices is the continued tension in the Middle East.

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2:32 EST traded WTI with $ 0.13 (+ 0.22%) at $ 58.03 – about $ 4.00 over last week's levels. Brent traded at $ 0.24 (+ 0.37%) at $ 64.42-about $ 2.00 more than last week's figures.

API One this week reported a 3.17 million barrel of gasoline stock during the week ending June 20. Analysts rated a built-in gasoline inventory of 217,000 barrels a week.

Distillate inventories increased by 160,000 barrels a week, while inventories by Cushing declined by 1.26 million barrels.

The US crude oil production as estimated by the Energy Management Agency showed that production for the week ending June 14 fell again this week to 12.2 million bpd, a 200,000 dip from constantly high at 12.4 million barrels a day.

US Energy Information Administration report on crude oil inventories to be published on Wednesday at. 10:30. EST.

At 4:40 EST, WTI traded at $ 57.87 and Brent traded at $ 64.30.

By Julianne Geiger for Oilprice.com

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