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What’s next? – OIL 22.03.18

Mar 22 2018, 02:10 PM (+06) | Fortfs.com

Oil prices were higher in Asian trading hours on Thursday, with participants digesting unexpected inventory moves and looking ahead to the weekly rig count in the US.

 

The US West Texas Intermediate crude contracts were up 0.09 percent to $65.23 per barrel as of 04:50 GMT. Meanwhile, Brent futures rose 0.03 percent to $69.49 a barrel.

 

Crude benchmarks settled higher on Wednesday, near six-week highs, as US inventories dropped unexpectedly in the previous week.

 

The US Energy Information Administration said that crude supplies for the week ended March 16 fell by 2.6 million barrels against a forecast gain of 2.6 million barrels.

 

Earlier this week, the American Petroleum Institute said crude inventories were likely to decline by 2.7 million barrels, a figure that turns out to be pretty close to official numbers.

 

The total inventories for crude in the United States stood at 428.3 million barrels last week. US crude oil production remained above 10 million barrels per day, close to Saudi Arabia and Russia, the world leading crude producers.

 

While investors are feeling a bit more released these last few days over the oil supply matter, concerns that US production will derail OPEC-led efforts continues to weight on sentiment.

 

This week’s EIA report also showed that gasoline stockpiles notched down by 1.7 million barrels, compared to an estimated decline of around 2.0 million barrels.

 

Ahead this week, Baker Hughes’ weekly oil rig count is up on Friday.

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