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Oil Prices Spike As Traders Anticipate Bullish Inventory Data

collected by :Jack Alex

As total exports rise, imports to the U.S. continue to push higher.
Two-hundred and nineteen years to the day after the washing machine was patented, oil prices are continuing to spin around support at the $48 level.
Should the President sign an executive order to reverse the CPP today, the biggest beneficiary will be coal.
1) Yesterday we took a look at total Iraqi oil exports, and how they are continuing to show strength – indicating a lack of compliance with the OPEC production cut.
Without the CPP, the energy department projects that coal-fired generation will rise by 2020, while natural gas-fired generation will drop.

As it stated in

4 Factors Driving Oil Prices This Summer

Summer Driving Season: This summer driving season might provide some cushion for oil prices.
Inventory, Rig counts – An significant inventory build on the 7th of March sent oil prices tumbling, ending a period of relative stability for oil markets.
Given the remarkable adaptability of shale producers to low prices, these trends are likely to continue, adding yet more downward pressure to oil prices.
The most recent inventory report saw a 5-million-barrel build, adding yet more downward pressure to oil prices.
And as the summer driving season approaches and oil companies return to their projects here are four key factors to watch closely.

4 Factors Driving Oil Prices This Summer

As it stated in

Oil Prices Spike On Lower Than Expected Inventory Build

Oil Prices Spike On Lower Than Expected Inventory Build

Refineries processed an average of 16.2 million barrels daily, compared with 15.8 million bpd in the previous week, producing 10 million barrels of gasoline, up from 9.8 million barrels in the week to March 17.
The EIA also said that total commercial inventories stood at 534 million barrels, close to the seasonal upper limit.
Yesterday, the American Petroleum Institute estimated inventories had added 1.91 million barrels in the reporting period, largely in line with analyst expectations of a 2-million-barrel build.
Inventories of the fuel went down by a hefty 3.7 million barrels, giving some cause for optimism.
In the previous week, these stood at 533.1 million barrels.

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