On July 17, 2024, EIA released its Weekly Petroleum Status Report. The report indicated that crude inventories declined by 4.9 million barrels from the previous week, compared to analyst consensus of +0.8 million barrels. At current levels, crude inventories are about 5% below the five-year average for this time of the year.
Total motor gasoline inventories increased by 3.3 million barrels from the previous week, compared to analyst consensus of -1.7 million barrels. Distillate fuel inventories increased by 3.5 million barrels.
U.S. crude oil imports increased by 277,000 bpd, averaging 7.0 million bpd. Over the past four weeks, crude oil imports averaged 6.7 million bpd.
Strategic Petroleum Reserve increased from 373.1 million barrels to 373.7 million barrels as U.S. continued to buy oil for reserves.
Domestic oil production remained unchanged at 13.3 million bpd, which is not surprising as oil prices have settled at comfortable levels.
Brent Oil Price Forecast
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See all Brent Oil forecastsWTI oil is trading near the $82.00 level as traders react to the EIA report. Falling crude inventories may provide some support to the market, although some traders may focus on rising gasoline inventories.
Brent oil moved away from session highs after the release of the report. From the technical point of view, Brent oil is trying to settle back above the $84.50 – $85.00 level.
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