This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Inventories Fall Again
Crude oil prices came back under offer this week. This was despite the latest weekly update from the EIA showing a further drawdown in us crude stores.
The Energy Information Administration report showed that in the week ending September 18th, headline US crude inventories fell by 1.6 million barrels. This takes the total position to 494.4 million barrels, just 13% above the five-year average for this time of year.
The data shows that gasoline inventories fell by 4 million barrels last week, marking one of the largest weekly declines in months.
The reduction has taken total gasoline inventories down to just 1% above their five-year average for this time of year. Distillate stockpiles were also lower by 3.4 million barrels, falling back to 21% above their five-year average for this time of year.
The data also showed that US crude oil imports rose by 160k barrels per day last week. This took them up to 5.2 million barrels per day on average.
Looking back across the...
To keep reading this article, please navigate to: Orbex Forex Trading Blog.