Will the API’s Crude Oil Inventories Help Crude Oil Prices?
Crude oil prices
August US crude oil (UCO) (USO) (XLE) futures contracts rose 0.1% and were trading at $44.46 per barrel in electronic trade at 1:35 AM EST on July 10, 2017. Prices have recovered from a ten-month low. However, US crude oil prices have fallen 21.7% year-to-date.
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API’s crude oil inventories
The API (American Petroleum Institute) will release its weekly crude oil inventory report on July 11, 2017. The EIA (U.S. Energy Information Administration) will release its weekly crude oil inventory report on July 12, 2017, at 10:30 AM EST.
A Bloomberg survey estimates that US crude oil inventories would have fallen by 2.85 MMbbls (million barrels) on June 30–July 7, 2017. For more on US crude oil inventories, read Massive Fall in US Crude Oil Inventories Supports Oil Prices.
Genscape estimates that Cushing crude oil inventories would have fallen by 2.1 MMbbls on June 30–July 7, 2017. For more, read Cushing Inventories: Lowest Level since November 2016.
A market survey estimates that US gasoline and distillate inventories would have risen by 1.45 MMbbls, respectively, on June 30–July 7, 2017.
US crude oil inventories have fallen by ~26 MMbbls in the last ten weeks. A larger-than-expected fall in nationwide and Cushing crude oil inventories could support oil prices this week. However, a rise in US gasoline and distillate inventories could weigh on oil and gasoline prices.
In the next part, we’ll look at how Nigeria and Libya impact crude oil prices.