In the United States, oil stocks are falling and demand is exploding

In the United States, oil stocks are falling and demand is exploding
In the United States, oil stocks are falling and demand is exploding

U.S. crude oil reserves fell by 2.5 million barrels last week, driven by growing demand, according to data from the U.S. National Energy Information Administration on Thursday. energy (EIA). Will this trend continue?

Tl;dr

  • U.S. crude oil inventories fell by 2.5 million barrels.
  • Exports increased by 38%, while imports decreased by 15%.
  • Demand rose 9.6%, hitting a nearly three-month high.
  • Crude production remained stable at 13.2 million barrels per day.

A pronounced contraction in crude oil stocks

Last week was marked by a contraction significative of 2.5 million barrels of commercial crude oil inventories in the United States, according to data made public by the United States Energy Information Administration (EIA).

A significant acceleration in exports

This trend is attributed to a rapid increase in exports, which climbed 38% week over week. At the same time, imports suffered a sharp slowdown of 15%, leading to a sharp reduction in reserves.

Rising demand, stable production

The EIA observed a real surge in demand, which increased by 9.6% in one week, an impressive growth that has not been matched for almost three months. However, crude oil production did not follow suit and remained stable at 13.2 million barrels per day.

Market impact

All refined product categories except propane saw an increase in shipments. This increase was particularly felt in the American market, where demand for gasoline, up 3.8%, is at its highest since the end of June 2023.

However, the market reacted timidly to this news. A barrel of American West Texas Intermediate (WTI) only gained 0.88%, to $81.85, after gaining up to 1%.

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