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- The data published last night by the US Energy Informational Administration (EIA) showed that inventories increased by 8.4 million barrels to 434.1 million in the week ending February 20.
- Crude stocks are at the highest since the 1930s.
- The build in crude stocks was above market expectation of around 4 million barrels. This explains why the spread of WTI & Brent has been increasing.
- The report also showed US crude oil imports averaged 7.3 million barrels per day last week, up by 174,000.
- Refinery inputs averaged over 15.2 million barrels/day, 199,000 less than the previous week's average. This is one of the reasons that could be contributing to the rise of Gasoline price across US.
- US oil production increased to 9.285 million barrels/day, but at a slower pace of 5000 barrels only. Recent cuts in number of rigs could finally be affecting the production.
- Stocks at Cushing, Oaklahoma, rose 2.4 million barrels to 48.68 million. This is the delivery point of WTI contracts.
- On a separate event Saudi Arabia's oil minister Ali al Naimi, commented that the demand may finally be growing, especially from Asia.
After the release of the data and comments from the oil minister the spread between WTI and Brent broken above $10 & currently trading at $11. WTI is trading at $50.67/barrel, down 0.6% for the day.
The trend in oil still remains bearish & the spread could rise further on rising stockpile.
