New York (awp / dpa) – Commercial crude oil reserves in the United States fell again much more than expected last week, according to figures released on Wednesday by the United States Energy Information Agency (EIA ).
During the week ended December 17, crude inventories fell 4.7 million barrels to 423.6 million barrels, as analysts forecast a more moderate decline of 2.5 million barrels. barrels over the period.
Commercial crude reserves are 8% below their average level of the past five years over the same period.
This surprise figure allowed crude oil prices to accelerate their progression, while black gold edged up in the green at the start of the session.
Around 4:05 p.m. GMT, a barrel of North Sea Brent for February delivery, the most traded in London, gained 0.63% to $ 74.45.
A barrel of West Texas Intermediate (WTI), also due in February, took 0.82% to 71.71 dollars.
“The sharp drop in crude inventories was offset by the large increase in gasoline reserves, along with the significant drop in demand,” commented Matt Smith, head of petroleum analysis for the specialist data provider. Kpler raw materials.
Gasoline stocks have increased by 5.5 million barrels over seven days, eight times the total forecast by analysts (650,000 barrels). The figure contrasts with the decline of 700,000 barrels observed during the previous week, which analysts had blamed on a drop in demand.
After reaching the highest weekly level in the indicator’s history, demand for petroleum products fell sharply, to 20.4 million barrels per day (mb / d), against 23.1 the week former.
All refined products recorded a decline, except for heating oil.
Strategic crude reserves continued the decline that began several weeks ago, and are 2.5 million barrels lower than the previous week’s level, at 596.4 million barrels. This decline is part of the measures of President Joe Biden, who wanted to draw on these reserves to relieve fuel prices.
During the week ended December 17, US crude production fell slightly, to 11.6 mb / d, from 11.7 in the previous period.
afp / rp