2023-10-25 15:45:40
US commercial stocks of crude oil, like those of gasoline, increased last week contrary to expectations, according to figures released Wednesday by the US Energy Information Administration (EIA).
These crude reserves, which had fallen sharply last week, were partially replenished during the week ended October 20, swelling by 1.4 million barrels to 421.1 million.
Analysts were expecting a drop of 450,000 barrels for crude oil, according to a consensus established by the Bloomberg agency.
Gasoline stocks also increased, climbing slightly by 200,000 barrels while they were expected to fall by 1.2 million.
Oil prices, which fell slightly before the publication of the figures, widened their losses, the EIA figures contradicting the estimates, published the day before, by the federation of professionals in the sector, the American Petroleum Institute (API).
The API estimated Tuesday that weekly crude stocks fell by regarding 2.67 million barrels and gasoline stocks fell by 4.169 million barrels.
This disappointment over an increase in stocks pushed prices further downward.
Around 3:20 p.m. GMT, the price of a barrel of American West Texas Intermediate (WTI) for delivery in December fell -0.93% to $87.24.
As for a barrel of Brent from the North Sea, due in December, it lost -1.18% to 82.74 dollars.
For Andy Lipow of Lipow Oil Associates, the market was “disappointed to see that the refinery utilization rate fell to 85.6%.”
“Expectations are more that refineries will return to full operation following the maintenance period which should result in an increase in demand for crude oil,” explained the analyst.
Crude exports fell by 468,000 barrels/day, but this item “is generally very volatile,” noted Andly Lipow, who emphasizes that American crude exports remain “at a historic high.”
Gasoline demand fell minimally (-80,000 barrels/day) following a jump in demand for all distilled products the week before.
Gasoline reserves are now 7% above their level a year ago, according to Andy Lipow.
Demand for refined products stood at 20.10 million barrels/day, sustained but down slightly from the previous week (-1.7 mbd).
On average over four weeks, the figure most used by analysts, refined products delivered to the American market reached an average of 20.2 million barrels per day (-0.8%).
Crude production remained at the record level recorded the previous week, at 13.2 million barrels per day.
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