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Crude Oil Inventories Rise
Crude oil prices continued to trade with very little momentum this week. The latest data from the Energy Information Administration this week have added to fears over the health of the post-lockdown recovery.
The EIA reported that in the week ending July 17th, US crude inventories rose by a further 4.9 million barrels. This increase was in stark contrast to the -2.1 million figure the market was looking for. It takes the total inventory level back up to 536.6 million barrels.
At this level, inventories are around 19% above the five-year average for this time of year.
Gasoline Stocks Fall
Despite the rise in the headline crude inventories figure, gasoline stocks were seen continuing their recent downward trend, falling by 1.8 million barrels over the week. However, this decline marks a far shallower drop than we have seen in recent weeks. This suggests that demand for fuel is not increasing as much as first thought.
Gasoline products supplied, a proxy measure ...
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