SunSirs--China Commodity Data Group

Sign In

Join Now

Contact Us

Home > WTI crude oil WTI crude oil News > News Detail
WTI crude oil WTI crude oil News
SunSirs: Energy, Sharp Rise of US Crude Oil Inventory leads to Sharp Drop of International Oil Price
February 07 2020 11:05:23SunSirs(Selena)

According to today's oil price report on February 4, the American Petroleum Institute (API) on Tuesday estimated that crude oil inventories rose 4.18 million barrels in the week ending January 31, exceeding expectations, while analysts expected 2.8 million barrels.

According to API data, crude oil inventories unexpectedly surged 4.27 million barrels last week. However, the EIA estimates an increase of 3.5 million barrels.

Oil prices fell in the afternoon, with WTI benchmark prices down $0.23 (0.46%) to $49.88 at 3:39 p.m. EDT on Tuesday, down more than $3 from last week. Brent also lost $0.22 (0.40%) a barrel to $54.23 on Tuesday, down more than $4 a barrel from last week's price. Overall, benchmark prices have fallen by more than $10 since the beginning of the year.

This week API also reported an increase of 1.96 million barrels of gasoline for the week ended January 31, another increase after last week's surge of 3.27 million barrels, while analysts forecast an increase of 2.057 million barrels. This week's distillate stocks were down 1.78 million barrels, compared with an increase of 141,000 barrels last week, while Cushing's stocks were up 960,000 barrels.

US crude oil production, estimated by the EIA, remained at 13 million barrels for the third week in a row as of January 24, a record high in the US. At 4:39 p.m. EDT, both benchmark prices fell further, with WTI trading at $49.63 and Brent crude trading at $54.00.

 

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com

Exchange Rate:

8 Industries
Energy
Chemical
Rubber & Plastics
Textile
Non-ferrous Metals
Steel
Building Materials
Agricultural & Sideline Products