2023-09-27 15:32:02
New York (awp/afp) – American crude oil stocks contracted last week by more significant amounts than expected, according to figures published Wednesday by the American Energy Information Administration (EIA). ), giving an extra boost to the courses.
During the week ending September 22, commercial reserves fell by 2.2 million barrels, according to the EIA report, significantly more than the 900,000 barrels anticipated by analysts.
This decrease comes despite the slowdown in refinery activity, whose utilization rate fell to 89.5%, the lowest in six months.
Another element theoretically likely to increase stocks rather than reduce them, the sharp increase in crude imports (+11% over one week), which have not been so high at this time of the year for five years.
“All these figures should give an increase” in stocks, not a decrease, was surprised Robert Yawger, of Mizuho, for whom this publication is “an enigma”, especially since, during the period considered, American exports of crude have slowed down.
“But speculative operators don’t care about all that,” he added. “They are only interested in the main number (the decline in stocks) and they will strengthen their long positions.”
Already trending significantly upwards, prices accelerated further after the publication of the weekly EIA report.
Around 3:15 p.m. GMT, a barrel of Brent from the North Sea for delivery in November rose 2.53% to $96.34. A barrel of American West Texas Intermediate (WTI) of the same maturity was even stronger, gaining 3.30%, to $93.38.
During the week, refined products delivered to the American market were down, but at a level which remains high for the season, particularly for gasoline.
As for American production, it remained stable at 12.9 million barrels per day.
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