Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Commodities

Crude oil bullish amidst declining U.S stockpile

Ajibola Akamo by Ajibola Akamo
June 24, 2021
in Commodities, Markets
World’s largest oil producer loses four million barrels per day

Landscape image of a oil well pumpjack wiith an early morning golden sunrise and American USA red White and Blue Flag background.

Share on FacebookShare on TwitterShare on Linkedin

Oil started the Asian trading session today bullish on the back of continuously shrinking U.S. crude oil and fuel supplies which indicates a strong fuel demand outlook.

U.S. crude oil supply data from the U.S Energy Information Administration (EIA) revealed that stockpiles fell for the fifth week, the longest run since January 2021. The data showed a draw of 7.641 million barrels for the week ended June 18, 2021. The decline was bigger than the 3.942 million barrels forecasted by Investing.com and bigger than the 7.355 million barrels decline recorded during the previous week.

Gasoline inventories also recorded a bigger than expected decline of 2.93 million barrels when it was forecasted to decline by 0.833 million barrels by investing.com. Crude oil supply from the American Petroleum Institute released the day before showed a decline of 7.199 million barrels for the week while forecast expected a decline of 3.625 million barrels.

RelatedPosts

Crude oil prices at $100 per barrel amid declining United States oil stockpiles

European Union intensifies pressure on FG to replace Russian gas with Nigerian supplies

The continuous draws are indicative of a tightening market as the U.S., China and parts of Europe continue their economic recovery from the COVID-19 pandemic. The global COVID-19 vaccine rollout has also played a major part in the accelerated recovery of these economies which in turn led to increased fuel consumption and a drain in stockpiles that had built up as COVID-19 brought lockdowns and halted travel in early 2020.

What to expect

As the U.S stockpiles are declining, the higher the oil demand will be. This will ultimately push the price of oil northward. Investors are however advised to invest with caution as a new strain of COVID-19 is threatening the efforts already made on vaccination.

News continues after this ad


Investors should turn attention to the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. The organization will discuss its production policy for August when it meets next week, with some member states reportedly looking to vote for an output increase.

U.S oil futures is up 0.51%, currently trading at $73.43 a barrel while Brent oil futures is up 0.45%, currently trading at $75.53 a barrel as of the time of writing this report.

Related

Tags: crude oilUS Stockpiles

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Sujimoto launches her new luxury condominium with Oikos premium doors
    • Lagos announces partial closure of Third Mainland Bridge
    • Five jobs in Nigeria’s fashion industry that are not design-related

    Follow us on social media:

    Recent News

    Sujimoto launches her new luxury condominium with Oikos premium doors

    Sujimoto launches her new luxury condominium with Oikos premium doors

    August 13, 2022
    Third Mainland Bridge is intact and safe for commuters - FG

    Lagos announces partial closure of Third Mainland Bridge

    August 13, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com