• A build in crude oil inventory vs. expected

Market news

19 July 2022

A build in crude oil inventory vs. expected

Ahead of official government data on Wednesday, the privately surveyed oil stock data has been released:

Crude +1.860M vs. +1.4M barrels expected. 

Gasoline +1.290M vs. +0.1M bbls expected.

Distillate -2.153M vs +1.2M expected. 

Cushing +0.523M.

Meanwhile, WTI crude for August delivery closed up US$1.62 to US$104.22 per barrel a day prior to the contract's expiry. September Brent crude, the global benchmark, was last seen up US$1.12 to US$107.39, while Western Canada Select was up US$1.75 to US$80.47 per barrel.

The bid in oil comes even with supplies from Libya returning to tankers. The country's National Oil Company lifted a force majeure declared when political protests forced the closure of oil fields and infrastructure.

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