By Srinivas Chowdary Sunkara // petrobazaar // 8-3-18
Oil prices under pressure from seasonal trend of low demand
Crude oil prices on Wednesday fell steeply above 2 percentage and rebounded after EIA release of weekly stats. Fears of global trade war escalation increased after U.S president economic advisor quit his job and insecurity affected the financial markets and spilled over to the oil markets. Seasonal trend of stocks builds keep pressuring oil prices. Prices are recovered on Thursday after previous session's big fall on reporting a lesser than expected building of crude stocks in U.S
Crude price update
On Wednesday, Both the crude futures opened in bearish mood and continued falling down. U.S crude futures, WTI for April delivery lost $1.45 or 2.32 percentage at $61.15 a barrel on Nymex while Brent futures to be delivered in May dropped by $1.45 with 2.2 percentage drop at $64.34 per barrel on London based ICE futures Europe exchange. On Thursday, Both the futures are trading in a positive territory at the time of reporting.
Summary of EIA weekly report
During the last week ending with 2nd march, Crude oil inventories rose by 2.4Mb with 0.6 percentage increase from previous week as against estimated 2.6Mb. Motor gasoline and distillate stocks were down by 0.8Mb and 0.6Mb respectively. U.S production ramped up by 86Kbpd at 10.369Mb. Both imports and exports inched up during the week. Crude stocks at Cushing and Alaska continued to fall.
A better picture painted on EIA report pushed oil prices into a positive mode. Rising production numbers looming over oil markets. I dont see any major changes in oil prices as oil is struggling to be stable.
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