Today, another crude oil inventories report has been released by the USA:
Crude oil inventories: -2,077 million barrels (forecast: 3,038 million barrels, previously: 7,928 million barrels)
Report by Seevol Cushing Storage: -1,765 million barrels (previously: -4,261 million barrels)
Cushing oil inventories: -1,739 million barrels (forecast: -1,76 million barrels, previously: -3,395 million barrels)
Fuel Oil Inventories: 0,923 million barrels (previously: 0,107 million barrels)
Gasoline Production: 0,608 million barrels (previously: 0,005 million barrels)
Gasoline Inventories: 2,796 million barrels (forecast: 1.000 million barrels, previously: -0.724 million barrels)
Previous Crude Oil Inventories
After the outbreak of the COVID-19 pandemic, the crude oil inventories quickly reached a considerable oversupply. This eventually made those levels peak at 19,248 million barrels on APril 15th, 2020. However, the situation started improving shortly after that. over the next two weeks, the inventories shrank to 15,022 million barrels and then down to 8,991 million barrels by the ned of April. On May 6th, it dropped below 5 million barrels. In a week, we saw a WTi oil deficit around -0,745 million barrels. However, a week ago, the oversupply came into existence again, this time at 7,928 million barrels.
WTI Price
After WTI oil started losing value in early 2020, the second half of April brought a tendency change - the price started recovering rapidly. It's been doing it every since. At this point, the price has already recovered all the way up to 38 dollars per barrel. Anyway, NordFX experts say that those who are currently holding long positions should be really careful.
