Institutions: Crude oil prices may continue to trend strongly in the short term

U.
S.
crude oil production remained unchanged at 12.
1 million b/d in the week ended Sept.
9; Commercial crude inventories were 429.
634 million barrels, up 2.
442 million barrels from the previous value; strategic crude inventories fell 8.
414 million barrels to 434.
057 million barrels, the lowest level since October 1984; gasoline inventories fell 1.
767 million barrels to 213.
041 million barrels, the lowest level since November 2021; Cushing-area inventories were 24.
648 million barrels, down 135,000 barrels
from the previous value.

Comments: According to EIA data, despite the increase in US commercial crude oil inventories, the total US crude oil inventories, including strategic reserves, have plummeted
.
Gasoline inventories also fell unexpectedly, with more
data.
At the same time, the International Energy Agency is worried that Europe's winter gas-to-oil conversion will increase oil demand
.
The United States plans to end the release of strategic oil reserves next month, the market is concerned about the US storage plan and remarks, in the context of the short-term hopelessness of the Iranian nuclear agreement, crude oil prices may continue to be strong in
the short term.