EIA data released on Thursday showed that US producers keep pressuring OPEC while enjoying high prices from the supply cuts. According to the US Energy Department commercial crude Oil reserves in the country fell by another 7.4 million barrels to 424.5 million in the week ending on December 29. Gasoline stockpiles, by contrast, increased by 4.8 million barrels, up to 233.2 million barrels and distillates – by 8.9 million barrels. to 138.8 million barrels.
The decline in Oil reserves was significantly higher than the forecasted API (5 million barrels) published ahead of the forecast and more than forecast of analysts of S&P Global Platts (5.7 million barrels). At the same time, the result was much higher than expected due to the growth of gasoline and distillate stocks – analysts forecasted 2 million barrels. and 1.3 million barrels while API -1.9 million barrels. and 4.3 million barrels. respectively.
At the same time, local production of Oil in the US a week earlier unexpectedly fell by 35 thousand barrels per day for the first time since October, this time practically recovered, having increased by 28 thousand barrels a day.
After publication of the report, the price for a barrel of Brent Oil briefly exceeded $68 (as we previously mentioned in our article, prices could be highly sensitive to the data) while the price for WTI jumped above $62 per barrel. But on Friday morning quotations went down. At the time of writing, the Brent was trading near the 67.73 mark (-0.5%), while the barrel of the WTI grade retraced to 61.72 (-0.4%).