US Crude Oil Inventories Hit Record Last Week

16 February, 2017, 01:21 | Author: Elaine Woods

Over the past four weeks, imports averaged 8.5 million barrels per day, which represents about a 10% increase from the same period a year ago.

The International Energy Agency (IEA) previously estimated the compliance level to be 90%. There are a couple of things to consider.

Last week's 13.8 million barrel addition to US storage was the second largest in history. Bearish traders are encouraged by signs of renewed rise in oil production in the US.

The world oil glut that has been driving down oil prices is easing. The third quarter is also the time of year when producers in the North Sea reduce production in order to perform maintenance.

Resistance on crude oil is seen near the February highs at 54.22.

"The inventory trend in the USA raises doubts about whether the OPEC production cuts have actually resulted already in a tighter supply situation on the oil market", said Commerzbank analysts in a report. Rebalancing the crude oil market is an iffy business and definitely not a place for amateurs. From a barrel of crude trading over $100 in 2013 to below $30 in 2016, the move to push global oil prices upwards is in play by OPEC.

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West Texas Intermediate (WTI) crude futures were down 12 cents at $53.74 a barrel.

But undermining these efforts has been rising production in the United States, where increased drilling activity especially by shale oil producers has lifted overall output to 8.98 million bpd, up 6.5 percent since mid-2016 and to its highest level since April past year. That pushed inventories of the fuel to a record at 259 million barrels. Refineries operated at 85.4% of the operable capacity last week.

"Crude futures have rallied sharply to their highest levels in 18 months, and money mangers' bets on prices have reached new highs, providing an additional boost to ongoing gains in prices", added Barkindo. He was voted into office a year ago.

Eugene Graner, from Heartland Investor Services, gives us the lowdown on why despite the fact oil has been stuck in that lower $50 range, everyone is expecting $60 oil.Will it go lower first, or will it go up?

The Bloomberg Dollar Spot Index rose as much as 0.4 percent. As of last night's close, Chevron shares have added almost 32% over the past 12 months and also trade down almost 16% since August 2014. Energy Select Sector SPDR ETF (XLE - Free Report) is down 0.46%, United States Brent Oil Fund (BNO - Free Report) is down 0.13%, and United States Oil Fund ETF (USO - Free Report) is down 0.09%.

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