The US Energy Information Administration released its weekly Crude Oil Inventories report in which it was observed that the country’s commercial reserve has increased by 2.4 million barrels during last week, whereas the initial expectation was for a decrease by 0.3 million.
“U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending September 20, 2019, which was 193,000 barrels per day less than the previous week’s average[…] U.S. crude oil imports averaged 6.4 million barrels per day last week, down by 672,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 13.1% less than the same four-week period last year.” [source]
Owing to the surge in the overall quantity of the US commercial reserves, the price of the crude oil extended its losses from the previous day, as the increased supply relaxed investors who were initially worried that the temporarily distorted production in Saudi Arabia could impede the US reserves.
The WTI Crude is currently trading at 56.17 and the price is nearing the lower-band of a long-term channel. The price also managed to break below the pivotal 38.2 per cent of the Fibonacci retracement level, at 57.24, which is yet another confirmation that the market has eased up after the turbulent week before.
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