By Srinivas Chowdary Sunkara // petrobazaar // 13th Oct, 2018.
The U.S energy Information Administration (EIA) is a principal agency of the U.S Federal Statistical Systems, responsible for collection, analysis and disseminating energy information to promote sound policy making, efficient markets and public understanding of energy and its interaction with the economy and the environment.
The EIA released its Weekly Petroleum Status Report for the week ending October 5, 2018. As per the report, Commercial crude oil and motor gasoline stocks were climbed by 6 Mb and 1Mb respectively while distillates stocks were declined by 2.7Mb. The EIA data confirmed that stock levels were four times as high as those predicted by analysts but lower than that of API. Increased production numbers indicate that Americans are going to launch themselves as an undisputed major crude supplier in the coming days. Dip in inputs and utilisation percentage due to refinery seasonal maintenance resulted in building up of crude stocks. Imports are trimmed and exports are jumped as usual. Decent increase of crude stocks in Cushing is observed. All together Bearish weekly numbers rang the bearish rings in the crude markets to press the oil prices down. Good day
Disclaimer: Views and opinions expressed here are for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com