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Oil Inventories Soar Yet Again Despite Demand Rebound
Posted on 5/12/20 at 4:30 pm
Posted on 5/12/20 at 4:30 pm
quote:
The American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build, of 7.58 million barrels for the week ending May 8 even as several U.S. states begin the slow process of reopening certain segments of their battered economies.
Today’s inventory build was expected to be just 4.147 million barrels--less than half of the weekly inventory builds we’ve seen over the past few weeks, according to API data. The figures were, however, nearly double those expectations.
In the previous week, the API estimated a large build in crude oil inventories of 8.440 million barrels, while the EIA’s estimates were for a significantly smaller build of 4.6 million barrels for that week.
quote:
At 4:43 pm EDT, WTI was trading at $25.85 while Brent was trading at $29.95.
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Posted on 5/12/20 at 4:32 pm to BigBrod81
What's the closing date for June contracts? Like the 22nd or something?
That'll be the day to watch the price.
That'll be the day to watch the price.
Posted on 5/12/20 at 4:41 pm to BigBrod81
There are still man cash strapped players and operators in the US. Especially upstream. Any surge in oil prices and they will try and take advantage of it in the short term.
Posted on 5/12/20 at 5:00 pm to BigBrod81
Does this mean I can or cannot buy a tank for $1.39 or not? All I need to know.
Posted on 5/12/20 at 5:08 pm to redstick13
Depending on where the barrels are the physical prices are going to be different. Canadian crude historically trades at big discount. LLS usually at a premium last few years. Guessing the more distant crudes and sour Blends like south Texas will still fetch a big discount while some of the more local crudes to the refineries will get closer to spot. Shut ins likely to continue in many distant places. Bakken looks like an awful place to be selling crude.
Posted on 5/12/20 at 5:17 pm to burdman
Interesting thing happening now is traders are selling out of their June contracts now rather than waiting until the end of the month. Pretty uncommon practice but I expect very low prices coming to the end of the month
Posted on 5/12/20 at 5:21 pm to BigBrod81
Not sure why this is a big surprise. All of that oil sitting offshore in tankers has to go somewhere.
Yes people are getting out and driving some, but it's not like air travel and cruise ships are ramping up again.
Yes people are getting out and driving some, but it's not like air travel and cruise ships are ramping up again.
Posted on 5/12/20 at 6:22 pm to BigBrod81
What demand rebound ?
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