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Crude oil supply glut is once again back in focus as API data shows storage increased this after three consecutive decline.
- Both the crude benchmarks are suffering from continued supply glut in the spot market that just doesn't ebb in spite of lower crude oil prices.
- American Petroleum Institute's (API) estimate showed this week there was net inflow into the storage. Last week according to API report there was an outflow of 5 million barrels of crude, which was largest since January. However this week, net 1.27 million barrels of crude were added to the storage.
While large crude stockpile in US, 1 trillion barrels including the strategic reserve keeps WTI in check, Brent is suffering from high production from OPEC.
OPEC members are set to meet on June 5 in Austria to discuss strategy and market status. No cut is expected from the group, since no-OPEC members such as Russia pumping crude at record levels (approx. 10.5 million barrels/day).
Moreover rebound in dollar is adding up to the pressure on the benchmarks.
Traders are now focused on Crude stock pile data from Energy Information Administration (EIA) to confirm the report from API. Data to be released at 15:00 GMT.
WTI is currently trading at $57.7/barrel and Brent at $62.3/barrel.
