Crude oil prices rose today after the Energy Intelligence Administration reported a 6.6 million barrel crude oil inventory extraction for the week to February 5th. The inventories of petrol and medium distillates were mixed again.
The report came a day after the American Petroleum Institute depressed oil traders, reporting a considerable inventory of gasoline, shattering hopes of a speedy recovery in fuel demand.
Analysts expected the EIA to report an increase in crude oil stocks to 1.34 million barrels.
A week earlier, the authority had estimated an extraction of crude oil inventory of 1 million barrels.
In terms of petrol, the EIA reported an increase in stocks of 4.3 million barrels for the reporting period, compared to a strong increase of 4.5 million barrels reported in the previous week.
Gasoline production averaged 8.7 million bpd last week, up from 8.4 million bpd a week earlier.
In medium distillates, the EIA reported an inventory extraction of 1.7 million barrels for the week to February 5, with an average production of 4.7 million bpd.
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This compares with no stock changes a week earlier, leaving them about 8% higher than the five-year seasonal average. Production in the last week of January averaged 4.6 million bpd.
EIA earlier this week revised up its price projections for both Brent crude and West Texas Intermediate, saying it is now expected to average $ 53.20 a barrel and $ 50 a barrel this year. $ 21 a barrel. Benchmarks will continue to rise, albeit modestly in 2022, according to the authority.
Both Brent and WTI are already trading more than the forecast for the year, driven above by Covid-19 vaccinations and a stricter supply, with some analysts and hedge fund managers expecting prices to rise much further before the end. this year, the mentioned number ranging from $ 70-80 to over $ 100, the latter being seen as possible next year.
Brent was trading at $ 61.10 a barrel at the time of writing, and West Texas Intermediate changed hands at $ 58.24 a barrel.
By Irina Slav for Oilprice.com
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