Crude inventories in the United States of America rose by 5.3 million barrels

Crude inventories in the United States of America rose by 5.3 million barrels

By: Oliver Miller | Where To Trade | On:Thursday, November 17, 2016
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Crude inventories in the United States of America rose by 5.3 million barrels, shocking markets that had expectations for an increase of 1.5 million barrels. This made crude oil futures drop on Thursday.
According to the U.S. Energy Information Administrations's data, the inventories's climb was possible due to higher imports at 910,000 bpd. 
This made the European ICE Brent crude futures to fell 26 cents, to $46.73/barrel.
The Australian bank ANZ released a note that said " Stocks of crude oil jumped 5.27 million barrels, much more than expected". After the weekly EIA showed large rise in inventories, and made the crude oil to fall in a war of survival on the markets, this results came as a shock.
After a meeting with OPEC Secretary-General Mohammed Barkindo, the Venezuelan President Nicolas Maduro declared that OPEC countries are ready to reach an agreement on cutting the oil output. 
This decision was supported by Russia, and the Russian Energy Minister Alexander Novak declared that during this week's gas conference in Doha he will discuss with Saudi Arabia's Energy Minister Khalid al-Falih on this topic. 
The American Investment Bank declared that it maintains its 2017 Brent forecast at $58/barrel, despite the optimist perspective that OPEC has. The U.S. bank considers that the OPEC's cut is "difficult to achieve".

Oliver Miller

Oliver Miller

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