Crude oil prices have risen today after the Energy Information Administration reported a fall in crude inventory of 3.1 million barrels for the week to December 11th.
The report was released a day after the American Petroleum Institute calculated that inventories were based on crude oil and fuels, pressuring prices as they had begun to improve again.
Analysts had expected the EIA to report a drop of 3.5 million barrels in crude inventories for the week to December 11, after a huge build of more than 15 million barrels was estimated. previous week.
In gasoline, the authority reported an inventory of 1 million barrels for last week, which compared to a sharp increase of 4.2 million barrels the previous week, after another increase of 3.5 million barrels per day the previous week. Last week, gasoline production averaged 8.5 million bpd, up from 8.3 million bpd the previous week.
In medium distillates, the EIA estimated an increase in inventory of 200,000 barrels for the week to December 11, compared to a construction of 5.2 million barrels for the previous week and a another, 3.2 million barrels, for the previous week. Distilled fuel production averaged 4.6 million bpd last week, compared to 4.7 million bpd last week.
The API inventory report surprised market participants, causing prices to fall, which was also fueled by renewed demand for demand, as several European countries re-established or tightened their movement restrictions. —Despite the next vacation— to slow the spread of the coronavirus.
It seems that the initial enthusiasm for recovering from the demand for oil driven by mass vaccinations has begun to wear off as the challenges come to the surface in terms of availability and distribution. These challenges mean it will take more than a few weeks to vaccinate enough people to be able to talk about normalization, as medical experts warned at the height of the vaccine a month ago.
By Irina Slav for Oilprice.com
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