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SunSirs: US Crude Oil Depot Inventory Drops to Record and Oil Price Rises

July 31 2020 10:11:09     SunSirs (Selena)

On July 29, the U.S. WTI crude oil futures market prices rose, with the settlement price of main contracts at $41.27/ barrel, up $0.23. Brent crude oil futures market prices rose, with the settlement price of main contracts at $43.09/ barrel, up $0.48. Oil prices rose mainly due to the largest drop in US crude oil inventories in the year, but the surge in global epidemic cases limited the rise in oil prices.

U.S. crude oil inventories fell sharply last week, the largest weekly decline since the end of December 2019, according to a report released by the U.S. Energy Information Agency (EIA) on Wednesday. Data showed that U.S. crude oil inventories fell 10.6 million barrels to 525.97 million barrels in the week ending July 24, and analysts had expected an increase of 357,000 barrels. The decline in inventories is said to be due to a drop in net US crude oil imports by 1 million barrels/ day to 1.9 million barrels/ day. This is mainly due to the direct impact of OPEC+ over scale production reduction. The favorable inventory brought a boost to the oil market, and the oil price rose slightly currently under the pressure of the epidemic situation.

 

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