U.S. oil stockpiles experienced a fifth consecutive contraction during the week ending July 26. A drop of 3.4 million barrels was confirmed.

According to analysts, and according to a consensus collected by the Bloomberg agency, the figure is well above the 1.10 million expected.

The country is going through a drop in oil reserves that is not in line with “the slowdown in activity recorded in US refineries, which last week only operated at 90.1 % of their capacities compared to 91.6% the previous week.

For their part, gasoline reserves also fell, by 3.7 million barrels, exceeding the decrease of 1.29 million expected by analysts.”

However, oil production remained at 13.3 mbd. Regarding demand, the volume of refined products fell to 20.7 mbd compared to 21 million the previous week.

For its part, “demand rose a little in year-on-year measurement to 20.48 mbd compared to the 20.19 mbd registered a year ago (+1.4 %).”

M.Pino

Source: bancaynegocios

(Reference image source: Maria Lupan in Unsplash)

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