US weekly EIA crude oil inventories +13833k, but the price is stuck at $20 for now

US weekly EIA crude oil inventories +13833k vs +3300k expected

  • Prior was +1623K
  • Gasoline +7524K vs +1200K exp
  • Distillates -2194K vs +1000K exp
  • Refinery utilization -5.0%  vs -1.0% exp
  • Production 13.0 mbpd vs 13.0 mbpd prior
API yesterday:
  • Oil +10485K
  • Cushing +2926K
  • Gasoline +6058K
  • Distillates -4458K

crude oil april 01.2020

The price of crude oil is firmly held at aprox $20 and it looks like bad news like this one today can’t affect the price any more. Is that the sign of possible recovery? I would’t bet on that, not while demand is on such a low levels caused by Corona virus lockdown all over the World. For now, oil still remains in the hands of the bears. On the other hand, $20 could be an important psychological level for buyers.

 

 


Vantage FX and Mario Urlic

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