- Matt Stanley, Freight Investor Services
Crude oil inventories in the United States fell sharply last week, official data showed on Wednesday. According to the Energy Information Administration's weekly report, US crude stocks dropped 6.2 million barrels to a total of 504.6 million in the week ended September 16, compared to the preceding week's decline of 0.6 million barrels, while market analysts anticipated a rise of 3.2 million barrels in the reported week. The data also showed gasoline inventories decreased 3.2 million barrels, exceeding analysts' expectations for a 567,000 barrel fall, whereas distillate stocks added 2.2 million barrels, compared to the 250,000 increase forecast. On Tuesday, the American Petroleum Institute reported a 7.5 million drop in US crude oil inventories for the same week, surpassing the 3.4 million barrel fall market forecast.
After the release, West Texas Intermediate (WTI) crude futures jumped $1.11, or 2.5%, trading at $45.16 per barrel, whereas Brent crude futures advanced $0.95, or 2.1%, trading at $46.83 per barrel on the New York Stock Exchange on Wednesday. However, analysts consider next week's meeting between OPEC and Russia to be the major driver for the market.
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