The price of oil rose Wednesday in spite of the new level reached by the us reserves of crude oil, according to a report by the american Agency for information on Energy (EIA).
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a barrel of Brent North sea for delivery in August finished at 41,73 dollars in London, an increase of 1.3%, or 55 cents compared with the close of Tuesday. In New York, the barrel american WTI for the month of July gained 1.7%, or 66 cents, to 39,60 dollars, the highest in three months. Crude inventories climbed by 5.7 million barrels (MB) to 538,1 MB to 5 June, their highest level ever, surprising analysts who had been pencilling in a drop in median of 1.85 MB. The previous record of the us reserves of crude oil dated back to the end of march 2017, in 535,5 MB. The reserves of gasoline and distilled products (fuel oil and heating gas oil) are also mounted.
“data from the EIA are not very good, but they are not as bad as the predictions of the API last night,” notes Bart Melek of TD Securities. The American Petroleum Institute, a federation which brings together professionals in the oil industry, had in fact estimated on Tuesday that crude inventories in the United States had climbed to more than 8 million barrels. In addition, the terminal Cushing (Oklahoma, south), where is stored the oil used as the reference to the listing to New York, the reserves of crude oil declined 2.3 MB 49.4 MB, according to figures from the EIA.
u.s. production continues to fall
us production has, for its part, continued to decline settling at 11.1 mbd, its lowest level since September 2018. It had reached its historical high in mid-march to 13.1 mbd. But the fall in consumption related to the pandemic Covid-19 and the measures taken to contain it has led u.s. producers to slow their drilling activity.
prices have also continued to take advantage of the agreement reached on Saturday between the members of the Organization of petroleum exporting countries (Opec) and its allies to extend in July the reduction in production history to which they compel themselves, since the 1st of may.
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