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Oil prices have risen sharply



The Energy Information Administration reported that oil inventories for the week ended December 25 were 6.1 million barrels, and crude oil prices rose further today.

A day ago, the American Petroleum Institute also pushed up crude oil prices, and crude oil inventories are estimated to have fallen by 4.785 million barrels in the same week.

Last week, EIA estimated that stocks will drop slightly to 600,000 barrels. Nevertheless, due to the vaccine update, traders are related to the expected improvement in demand next year, which will help prices continue to rise.

There is even news that the vaccination schedule in the United States is much slower than expected. As of December 23, more than 1

million people have been vaccinated, and the planned number of vaccination in December was 20 million, which did not affect The oil rebound. This may be because Congress finally agreed on a pandemic stimulus bill last week, which many people expect will increase consumer spending and oil demand.

Now, the EIA report may exacerbate this rebound. The agency also reported that gasoline inventories for the last full week of December were 1.2 million barrels, compared with 1.1 million barrels a week ago. The average gasoline production last week was 9.2 million barrels per day, compared with 8.8 million barrels a week ago.

Among distillate fuels, the EIA reported that inventories increased by 3.1 million barrels in the week ending December 25, with an average production of 4.6 million barrels. In contrast, the previous week’s inventory was reduced by 2.3 million barrels and the average production was 4.6 million barrels per day.

Last week, the refinery processed 14.3 million barrels of crude oil per day, compared with 14 million barrels per day a week ago, and its production capacity was 79.4% compared to 78% the previous week.

The report shows that despite the recent large inventory draws, there is still some way to go before oil and fuel demand improves strongly. There is also worrying news from the OPEC+ camp this week: Deputy Prime Minister Alexander Novak said that since prices are currently in the optimal range, Russia will ask for further progress at the January meeting to extend the cartel. Increase production.

Designed by Irina Slav for Oilprice.com

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