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On Wednesday (December 29), oil futures rose $0.
29 to settle at $79.
23 per barrel
.
Earlier data released by the U.
S.
Energy Information Administration (EIA) showed that crude oil inventories fell by 3.
576 million barrels, refined oil inventories fell by 1.
726 million barrels, and gasoline inventories decreased by 1.
459 million barrels in the week ended December 24, after which oil prices extended their gains and briefly exceeded the $80 mark
.
Rob Thummel, portfolio manager at Tortoise, said consumer behaviour related to oil demand had not been affected in any way by concerns about omicron, with falling gasoline, refined and crude inventories interpreted by the market as "bullish oil signals.
"
John Kilduff, a partner at Again Capital LLC, said that the decline in inventories across the board was supportive, and domestic production continued to increase, which was positive
.
Commercial crude excluding strategic reserves imported 6.
759 million b/d last week, up 565,000 b/d from the previous week and the highest
since the week of Oct.
1, 2021, according to the EIA report.
U.
S.
crude exports rose by 50,000 b/d to 2.
929 million b/d
last week.
The four-week average supply of U.
S.
crude products was 21.
425 million b/d, up 12.
4%
from a year earlier.
U.
S.
Strategic Petroleum Reserve (SPR) inventories fell last week to their lowest level since November 2002, and Midwest refined oil inventories fell last week to their lowest level
since December 2020.
Ole Hansen, head of commodity strategy at Saxo Bank, said crude oil prices had risen to near a one-month high following the release of the API crude oil report
.
The market is currently betting that the Omicron variant will not disrupt strong global demand
.
The EIA report also confirmed a significant decline in crude oil inventories, despite the seventh consecutive week of rising in Cushing
.
With the introduction of vaccines and global consumption recovering from the pandemic, crude oil prices are heading
for their biggest annual increase in more than 10 years.
Earlier in the session, both contracts hit one-month highs
after U.
S.
government data showed oil inventories fell.
U.
S.
oil has basically completely recovered the ground
lost since omicron triggered a new round of epidemics in late November.
Damien Courvalin, head of energy research at Goldman Sachs, said crude oil prices would move higher from current levels to spur a supply response
.
U.
S.
shale oil production is up, but supply is lagging behind demand growth, "which needs to change in 2022.
"
Statistics released on Wednesday (December 29) showed that the average number of new coronavirus cases in the United States in a single day reached a record 258312 in the past seven days
.
Despite the increase in infections, Omicron's milder illness has so far not affected American travel
.
Investor concerns about the variant are easing, and they expect the likelihood of further containment restrictions falling
.
Ecuador, Libya and Nigeria declared force majeure on some oil production this month, supported by maintenance issues and field closures
.