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Oil in the U.S. lowers 7-year maximum after another increase in its U.S. stock
Author:Mariusz Dasiewicz
The US oil price withdrew from the highest levels from 7 years after the industry report pointed to the fourth in turn the weekly increase in U.S. stock of raw materials," the brokers inform.
West Texas Intermediate oil supply for November at the NYMEX fuel exchange in New York City costs $82.46, less 0.60%.
Oil Brent in deliveries for December at ICE Futures Europe in London costs USD 84.67 per barrel, less 0.48%.
The American Paliw Institute (API) indicated in its latest report that oil stocks in the US increased by 3.29 million barrels last week.
This is the fourth week that American oil stocks have increased. Analysts expected to increase these stocks by 2 million barrels.
Oil stocks in Cushing, a U.S. oil storage site, fell by 2.5 million barrels, according to API data.
In turn, gas stocks decreased by 3.5 million barrels last week, while distilled fuels decreased by 3 million barrels.
On Wednesday, official oil stocks and products in the US will be reported as every week by the Department of Energy (DoE).
Oil it has reached its highest levels since 2014, as the energy crisis coincides over time with an increase in demand in many economies emerging from the Covid-19 pandemic.
Russia also signals that it is unlikely to offer more natural gas to countries in Europe, which would alleviate the current energy crisis in the markets, unless regulations for the transmission of gas by the Nord Stream 2 are approved.
On Monday, the bus operator, Nord Stream 2 AG, reported that the first strand of the Nord Stream 2 pipeline was filled with technical gas and the pressure in this part of the pipeline is sufficient to start the transmission of the raw material.
Meanwhile, the Chinese National Energy Administration organised a meeting with the directors of the national refineries to discuss the issue of oil imports to China – they provided anonymous sources.
Some of the Chinese private refineries, in a situation of rapidly rising oil prices in China, are themselves seeking to supply this raw material using the recently introduced import quotas.
Prices of diesel in China have been the highest in some parts of the country for 3 years.
According to Vortex data, imports of diesel into China, which can be used for heating, industry and car transport, increased in September to a 3-month maximum.
The consumption of diesel in China in Q4 could increase by 1.2% compared to a fall of 9.2% in Q3.
End of previous session oil In the US, it gained 0.3 percent.
Source: PAP
