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Oil Spikes On Major Inventory Draw



  Refinery

One day after the American Petroleum Institute pushed oil prices higher by estimating a stock drawing of as much as 7.55 million barrels last week, the Energy Information Administration reported a 1

2.8 million barrels of crude oil inventory, further pushing up prices. This is the most important stock drop for at least one year.

Yesterday, the API report, affected Brent crude its highest price level for nearly four weeks, when the oil market again danced to the tensions in the Middle East, while the hostility between Washington and Tehran increased further after President Trump announced sanctions against senior Iranian officials, including the country's highest leader Ali Khamenei.

The API's report on stocks also had a role to play in the increase, but this role has turned out to be a minor one every week as emotions are turned in hours when the EIA comes out with the official inventories. This week, however, it gave a significant boost to prices, as analysts had expected a much smaller move of about 2.5 million barrels.

Today, the Authority also released a 1 million barrel gasoline depot for the week of June 21, compared to a 1.7 million barrel draw for the week before. Production stood at DKK 10.5 million. Bpd, while a week earlier averaged 10.4 million. Bpd.

In distillate fuels, the Authority reported a stockpile of 2.4 million. Barrels last week, which compared to a minor move of 600,000 barrels a week earlier. Distillate fuel production averaged 5.3 million. Bpd last week, which compared with 5.4 million. Bpd a week earlier.

Brent crude traded at US $ 65.22 per. West Texas Intermediate Barrel at US $ 59.17 per barrel Barrel, both higher than yesterday near the API estimate and the deteriorating US-Iranian situation. The next big event – unforeseen – will be OPEC's meeting on production next week. It would divert a little attention from the Middle East policy, but will undoubtedly also significantly increase price volatility.

By Irina Slav for Oilprice.com

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