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  4. Oil Up, Investors Digest Fifth Week of U.S. Crude Stockpile Draws
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Oil Up, Investors Digest Fifth Week of U.S. Crude Stockpile Draws

By Gina Lee AiVIF.com – Oil was up Thursday morning in Asia, with continuously shrinking U.S. crude and fuel supplies contributing to the brightening fuel demand outlook. Brent...
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Oil Up, Investors Digest Fifth Week of U.S. Crude Stockpile Draws © Reuters.

By Gina Lee

AiVIF.com – Oil was up Thursday morning in Asia, with continuously shrinking U.S. crude and fuel supplies contributing to the brightening fuel demand outlook.

Brent oil futures inched up 0.05% to $75.23 by 1:17 AM ET (5:17 AM GMT) and WTI futures were steady at $73.08.

U.S. crude oil supply data from the U.S Energy Information Administration said stockpiles fell for a fifth week, the longest run since January 2021.

The data showed a draw of 7.641 million barrels for the week ended Jun. 18. The draw was bigger than the 3.942-million-barrel draw in forecasts prepared by AiVIF.com as well as the 7.355-million-barrel draw recorded during the previous week.

Gasoline inventories also recorded a bigger-than-expected draw of 2.93 million barrels

Crude oil supply from the American Petroleum Institute released the day before showed a draw of 7.199 million barrels for the week ending Jun. 18.

The continuous draws are indicative of a market that is tightening as the U.S., China and parts of Europe continue their economic recovery from COVID-19.

The global COVID-19 vaccine rollout has also played a part in this accelerated recovery, which in turn led to increased fuel consumption and a drain in stockpiles that had built up as COVID-19 brought lockdowns and halted travel in early 2020.

Investors now await an Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting. The cartel will discuss its production policy for August when it meets in the following week, with some member states reportedly looking to vote for an output increase.

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01-05-2024 10:45:17 (UTC+7)

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1.0658

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Summary

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Moving Avg:

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Sell (12)

Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

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USD/CAD

1.3780

+0.0003 (+0.03%)

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EUR/JPY

168.32

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EUR/CHF

0.9808

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Gold Futures

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4.5305

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Crude Oil WTI Futures

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Brent Oil Futures

85.62

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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