US crude oil inventories decline significantly – Commerzbank

Source Fxstreet

US crude oil inventories declined by 3.3 million barrels last week, as reported by the US Department of Energy in the middle of the week, Commerzbank's commodity analyst Carsten Fritsch notes. 

Crude oil stocks are currently around 5% below the 5-year average

"This was the biggest drop in inventories so far this year. According to a Bloomberg survey, an increase in inventories had been expected. However, as the American Petroleum Institute had reported an even sharper decline in crude oil inventories the previous evening, the surprise was limited, meaning that oil prices did not benefit any further." 

"The higher net crude oil imports with only a slight increase in crude oil processing would have suggested a build-up in inventories. In addition, US petrol demand and US demand for distillates also recorded weekly declines. Nevertheless, there was also a decline in stocks of petrol and distillates." 

"One reason for this could have been the continued high net exports of oil products. Crude oil stocks are currently around 5% below the 5-year average, while distillate stocks are even 7% lower. In contrast, there is a corresponding upward deviation of 2.4% in petrol stocks."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Trump Withdrawal Intent Reshapes Liquidity, Bitcoin Breaks $68,000 MarkUS and Iran signal ceasefire talks; Bitcoin breaks $68,000, expected to continue rebounding in the short term.On April 1, Bitcoin ( BTC) prices continued to rebound, strengthening further
Author  TradingKey
5 hours ago
US and Iran signal ceasefire talks; Bitcoin breaks $68,000, expected to continue rebounding in the short term.On April 1, Bitcoin ( BTC) prices continued to rebound, strengthening further
placeholder
Today’s Market Recap: US and Iran Signal Willingness to End Conflict, Three Major US Stock Indexes Surge, Dollar Ends Five-Day Winning StreakAs the U.S. and Iran signaled a de-escalation of their conflict, market risk appetite recovered significantly, with the three major U.S. stock indices rebounding sharply to record their l
Author  TradingKey
14 hours ago
As the U.S. and Iran signaled a de-escalation of their conflict, market risk appetite recovered significantly, with the three major U.S. stock indices rebounding sharply to record their l
placeholder
Brent: Forecast lifted with $150 risk – Societe GeneraleSociete Generale’s commodities team has revised its Oil outlook, warning Brent could spike towards $150/bbl in a higher‑for‑longer scenario if the Strait of Hormuz is shut for two months.
Author  FXStreet
Mar 31, Tue
Societe Generale’s commodities team has revised its Oil outlook, warning Brent could spike towards $150/bbl in a higher‑for‑longer scenario if the Strait of Hormuz is shut for two months.
placeholder
Australian Dollar advances as RBA Minutes flag more tighteningAUD/USD halts its five-day losing streak, trading around 0.6860 during the Asian hours on Tuesday. The pair advances as the Australian Dollar (AUD) receives support after the Reserve Bank of Australia released its March Meeting Minutes.
Author  FXStreet
Mar 31, Tue
AUD/USD halts its five-day losing streak, trading around 0.6860 during the Asian hours on Tuesday. The pair advances as the Australian Dollar (AUD) receives support after the Reserve Bank of Australia released its March Meeting Minutes.
placeholder
USD/JPY Hits 160.00 Mark, Will Japanese Government Intervene? Will the Currency’s Rally Be Contained?As of March 30, the US Dollar against the Japanese Yen ( USDJPY) continues to fluctuate at high levels near the 160 mark, with the Yen having fallen to a nearly one-year low. Expectations
Author  TradingKey
Mar 30, Mon
As of March 30, the US Dollar against the Japanese Yen ( USDJPY) continues to fluctuate at high levels near the 160 mark, with the Yen having fallen to a nearly one-year low. Expectations
Related Instrument
goTop
quote