WTI Dips After Crude Inventories Build To Highest In 3 Months
Oil price are trading higher this morning after treading water for two days (lower than pre-election) following API’s report of a (unexpected) small crude inventory draw and despite a strong dollar.
However, the IEA on Thursday warned that the oil market faces a surplus of more than 1 million barrels a day next year, which could swell further if OPEC+ decides to press ahead with supply hikes.
“World oil supply is rising at a healthy clip. Following the early November US elections, we continue to expect the United States to lead non-OPEC+ supply growth of 1.5 mb/d in both 2024 and 2025, along with higher output from Canada, Guyana and Argentina,” the report noted.
” … Total growth from the five American producers will more than cover expected demand growth in 2024 and 2025 … Our current balances suggest that even if the OPEC+ cuts remain in place, global supply exceeds demand by more than 1 mb/d next year.”
In its Short-Term Energy Outlook released Wednesday the Energy Information Administration also predicted supply will exceed demand beginning in the second quarter of next year.
API
-
Crude -800k
-
Cushing -1.9mm
-
Gasoline +300k
-
Distillates +1.1mm
DOE
-
Crude +2.09mm
-
Cushing -688k
-
Gasoline -4.41mm
-
Distillates -1.39mm
US Crude stocks unexpectedly rose last week according to the official DOE data (as opposed to the small draw reported by API). Product inventories tumbled though (as did stocks at the Cushing hub)…
Source: Bloomberg
Total US crude stocks are back at their highest since early August…
Source: Bloomberg
The Biden admin added 567k barrels to the SPR last week…
Source: Bloomberg
US Crude production dipped from record highs…
Source: Bloomberg
WTI was trading around $69 ahead of the official print.
“The coming weeks will be critical in shaping the near-term outlook for the oil market,” said Ole Hvalbye, an analyst at SEB AB. “The continued strength of the US dollar is exerting downward pressure on commodities overall, while ongoing concerns about demand growth are weighing on the outlook for crude.”
Tyler Durden Thu, 11/14/2024 – 11:08
Source: https://freedombunker.com/2024/11/14/wti-dips-after-crude-inventories-build-to-highest-in-3-months/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Online: | |
| Visits: | 1,657,007,033 |
| Stories: | 8,294,631 |
Whistler Blowers, Insiders
