Mon, October 03, 2022

Oil Inventory Report: Oil Boosts Buoyed By US Stocks Fall

Oil Inventory Report- Oil Boosts Buoyed By US Stocks Fall - Wibest Broker

On Wednesday’s oil inventory report, oil prices reached their highest level in almost a month. The surged was due to a disruption at a major refinery on the U.S. East Coast. Aside from that, industry data displayed U.S. crude stockpiles declined higher than expected.

The international benchmark for oil Front-month Brent crude futures rose $1.03 a barrel at $66.08. And they hit their highest earlier since May 31 at $66.25 a barrel.

In addition to that, the U.S. West Texas Intermediate (WTI) crude futures were trading at $58.96 per barrel. It increased $1.13 from their previous settlement. Earlier, WTI struck its most substantial level since May 30 at $59. 13 per barrel.

Moreover, in the oil inventory report, an enormous fire caused occurred by substantial damage to the complex located in the most active and most densely populated corridor in the U.S. After that, Philadelphia Energy Solutions (PES) must attempt to close its oil refinery in the city permanently.

Also, it announced a force majeure on gasoline supplies after the fire. Then, U.S. gasoline futures were up to its highest level since end-May.

Petromatrix consultancy’s Olivier Jakob stated, “Oil is up in reaction to the API data combined with the refinery disruption on the U.S. East Coast.”

And Jakob also added, “Gasoline is up and leading the complex and helping to keep momentum up on crude.”

According to Jakob, refinery margins start to develop worldwide. And if it will not operate, it needs to compensate with higher runs elsewhere.

Crude Stockpiles

Meanwhile, on the other side of the oil inventory report, the U.S. crude stockpiles dropped by 7.5 million barrels in the week, which ended June 21 to 474.5 million. But analyst expectations for a fall is only about 2.5 million barrels. Also, API/S Crude Stocks at U.S. delivery hub Cushing declined by 1.3 million barrels.

Price of Gold

Elsewhere, the gold prices fell more than 1% on Wednesday. And it stepped away from its six-year peak hit on the last session. At the same time, the U.S. Federal Reserve officials minimized any expectations of aggressive rate cuts.

Aside from that, the spot gold slipped 1.1% and is trading at $1,406.91 per ounce. Also, it is going to its first down in seven sessions. Then, gold prices touched its highest level since May 14, 2013, at $1,438.63 in the past session.

Furthermore, the U.S. gold futures were down 0.6% to $1,410.60 an ounce.

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