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    Home > Chemicals Industry > Petrochemical News > API crude inventories increased for four consecutive weeks, and U.S. oil closed slightly lower to test the 80 mark again

    API crude inventories increased for four consecutive weeks, and U.S. oil closed slightly lower to test the 80 mark again

    • Last Update: 2023-03-23
    • Source: Internet
    • Author: User
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    On Tuesday (November 16), U.
    S.
    oil fell 0.
    37% to close at $80.
    58 / barrel; Brent oil rose 0.
    23 percent to close at $82.
    24 a barrel
    .
    In the week ended Nov.
    12, U.
    S.
    crude inventories rose by 655,000 barrels, refined oil inventories by 107,000 barrels, gasoline inventories by 2.
    792 million barrels, and Cushing crude inventories by 491,000 barrels
    , according to the American Petroleum Institute.
    Oil prices closed lower today on factors such as the possible release of crude oil reserves in the United States and concerns about fuel switching, and analysts expected API crude inventories to increase, in line with the results, although the increase was smaller than expected
    , according to the US API data.
    API Cushing crude oil inventories are falling again, getting closer and closer to the operating limit
    .

    After the Biden administration signaled that it was considering releasing crude oil from its strategic reserves, the acting administrator of the U.
    S.
    Energy Information Administration (EIA) said on Tuesday that the release of the U.
    S.
    Strategic Petroleum Reserves could only have a short-term impact
    on the oil market.
    The impact on the oil market is likely to last only a few months, with other dynamics in the market outweighing lower
    oil prices.
    An EIA analysis shows that releasing 15-48 million barrels of oil from oil reserves could drop oil prices by about $2 per barrel in a short period of time and gasoline prices by about 5-10 cents
    per gallon in a short period of time.

    Ed Moya, senior market analyst at Oanda Corp.
    , said crude oil prices remain very volatile as energy traders wait for the Biden administration to make a decision on whether to
    tap the Strategic Petroleum Reserve.
    Energy markets seem to believe that even if the United States uses the Strategic Petroleum Reserve, the benefits will be minimal
    .

    At the same time, supply concerns rose as delays in Russian pipeline deliveries led to a spike in natural gas prices and renewed fears
    that power plants were turning to oil as fuel.
    John Kilduff, founding partner of Again Capital LLC, said the peak demand season winter is just around the corner and the market remains on a bullish note
    .
    The market is tightly supplied, and prices remain prone to upside
    if they do not release strategic reserves.

    The International Energy Agency (IEA) said tensions in the global oil market, which pushed oil prices to seven-year highs, have begun to ease
    as production picks up in places like the United States.
    According to the IEA's monthly report, demand growth remains strong, but supply is catching up, and changes in oil inventories in October suggest "trends may be shifting.
    "
    If this prediction is correct, it will bring great comfort
    to consumers who have been hit hard by rising prices.
    By all measures, world oil markets remain tight, but a moderation in price increases may already be in sight
    .
    As oil prices rise, U.
    S.
    production is increasing
    .

    Global oil production increased by 1.
    4 million barrels per day last month, and will increase again
    in November and December as oil supplies suspended by Hurricane Ida in the Gulf of Mexico resume.
    U.
    S.
    shale oil drillers are also taking advantage of rising prices to boost production
    .
    The IEA said that as OPEC+ continues to resume exports suspended during the pandemic, these increased production will be put to market
    .

    A Rosneft executive believes global oil prices could rise to $120 by mid-next year as underinvestment and sanctions threaten OPEC+'s ability to
    meet demand.
    Today, OPEC+ countries cannot raise production to meet demand
    .
    As a result, there is a serious shortage
    of energy resources in the world today.
    Of course, this cannot but not affect the price
    .

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