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The decline in inventory data and output boosted crude oil to a four-month high
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Financial sector US stocks news March 14th, Beijing time, government data showed that US crude oil inventories fell unexpectedly last week, while gasoline inventories fell more than analysts expected, crude oil futures prices closed up on Wednesday, setting a record since November last year The highest closing price.
West Texas Light Crude Oil (WTI) futures for April delivery on the New York Mercantile Exchange rose $1.39 to close at $58.26 a barrel, or 2.4%, hitting a high of $58.44 an ounce. According to data provided by financial information provider FactSet, according to the monthly contract, this means that WTI futures set the highest closing price since mid-November last year.
At the same time, the Brent crude oil futures price for the London ICE European Futures Exchange in May also rose 88 cents to close at 67.55 US dollars per barrel, or 1.3%, the highest closing in about four months. price.
The US Energy Information Administration (EIA) announced in a report earlier Wednesday that US crude oil inventories fell by 3.9 million barrels in the week ended March 8. In contrast, according to a survey by S&P Global Platts, analysts had expected an average increase of 3.3 million barrels of crude oil inventories this week, while the American Petroleum Institute (API) reported on Tuesday that crude oil inventories fell during the week. 2.6 million barrels. In addition, the report also showed that US gasoline inventories decreased by 4.6 million barrels last week, and distillate (including diesel and heating oil) stocks increased by 400,000 barrels, compared to the Standard & Poor's global Platts survey showed analysts' average expectations. Gasoline inventories fell by 3.5 million barrels this week, and distillate stocks fell by 2.5 million barrels.
Matt Smith, head of commodities research at ClipperData, said: "The net import of crude oil has fallen, and the capacity utilization of the refinery has reached more than 16 million barrels per day, which is enough to cause crude oil inventories for three weeks. "The second drop." He added: "Gas inventories have fallen sharply, and have fallen by more than 12 million barrels per day in four weeks, a drop of 5%. At the same time, distillate stocks have risen slightly because of The implied demand for the week fell."
The Energy Information Administration report also showed that domestic crude oil production fell from the previously recorded record area, and last week's production decreased by 100,000 barrels per day to 12 million barrels per day.
Colin Cieszynski, chief market strategist at wealth management firm SIA WealthManagement, said that overall, WTI futures “have gained a variety of downwinds, such as the Energy Information Administration’s slowdown in US crude oil production. The latest expectations, as well as OPEC production cuts, reduced supply, sanctions imposed by the US authorities, and continued power outages in Venezuela."
The US Energy Information Administration announced on Tuesday the "Short-term Energy Outlook" report, which lowered its forecast for US crude oil production this year and next, while raising its forecast for US and global crude oil benchmark prices. But a report released by the International Energy Agency (IEA) on Monday showed that in the next five years, US crude oil production will grow ahead of other oil-producing countries around the world.
In other energy deals on the New York Mercantile Exchange, RBOB gasoline futures for April delivery rose 2.3% to close at $1.857 a gallon, hitting the highest closing price since October last year, according to the monthly contract; April Delivery heating oil futures prices rose 0.3% to close at $1.992 per gallon; natural gas futures for April delivery rose 1.3% to close at $2.82 per million British thermal units.
The US Energy Information Administration will release last week's natural gas inventory report on Thursday. According to a survey by Standard & Poor's Global Platts, analysts had expected an average decline in natural gas inventories this week.
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