Oil hits 3-year high ahead of EIA weekly report

Economies.com
2021-06-16 12:46PM UTC

Oil prices continued to rise as the US market opened on Wednesday, extending gains for the fifth straight day, as the US crude hit a 3-year high and Brent hit a 2-year high, following a large drop in the US crude inventories according to preliminary data, and ahead of the EIA's official report.

 

US crude rose 0.5% to the highest since October 2018 at $72.80 a barrel, after opening at $72.44, and hit a high at $72.19, and Brent crude rose 0.7% to the highest since April 2019 at $74.72 a barrel, after opening at $74.24, and hit a low at $74.08.

 

The US crude gained 1.8% yesterday, and Brent crude rose 1.6% in the third straight daily gain, thanks to a strong global demand outlook during the second half of 2021 and growing odds for a market supply deficit.

 

The American Petroleum Institute reported today in preliminary data that the US crude inventories fell 8.5 million barrels during the week ending June 11, while analysts forecast a drop by 4.2 million barrels.

 

The total US commercial inventories fell to 472.8 million barrels, which is the lowest level since the week ending March 27, 2020, in a positive sign of the US domestic demand.

 

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to drop by 2.1 million barrels.

 

While the US output rose by 200K barrels per day last week, with the total at 11.0 million barrels per day.

Commodities News

Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...
Gold News

Commodities

Gold climbs as dollar stabilizes ahead of important data
2024-03-27 21:29PM UTC
Gold prices rose on Wednesday as markets await important US data this week while the dollar trades ...
Oil News

Commodities

US crude stocks rise unexpectedly
2024-03-27 15:39PM UTC
The Energy Information Administration reported a buildup of 3.2 million barrels in US crude stocks ...

Commodities Technical Analysis

Brent oil Analysis

Commodities

Brent oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Brent Oil Price Analysis Brent oil price fluctuates within tight track since morning, settling ...
Oil Analysis

Commodities

Crude oil price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Crude Oil Price Analysis Crude oil price settles around 82.00$ level since morning, and ...
Gold Analysis

Commodities

Gold price forecast update 28-03-2024
2024-03-28 10:19AM UTC
Gold Price Analysis Gold price shows new positive trades to touch 2200.00$ barrier, waiting for ...