Oil futures have returned to lows, losing all previously-earned positions, on mixed data on US petroleum inventories.

US Department of Energy reported that crude oil inventories unexpectedly fell, despite the decrease in activity in the sphere of oil, but gasoline stocks increased markedly. According to the report, during the week ending September 17-23, oil reserves fell by 1.9 mln barrels to 502.7 million barrels. The experts predicted an increase of 3.0 million barrels. Oil reserves in the terminal Cushing (Oklahoma) fell by 631,000 barrels to 62.1 million barrels. Gasoline inventories rose by 2 million barrels to 227.2 million barrels. Analysts had expected stocks to remain unchanged. Distillate stocks fell by 1.9 million barrels to 163.1 million barrels. Analysts had forecast an increase of 100,000 barrels. The utilization of refining capacity decreased by 1.9% to 90.1%. Analysts had expected a decline of 0.9%. Meanwhile, oil production in the US dropped to 8.497 million barrels per day versus 8.512 million barrels per day from the previous week.

Overall, today's data contrasted somewhat with the report of the American Petroleum Institute (API), which was published yesterday. Recall that API said that crude oil inventories last week fell by 750 thousand barrels, after a decrease of 7.5 million the previous week. Gasoline inventories fell by 3.7 million barrels, while distillate stocks fell by 300 thousand barrels. Stocks in oil storage in Cushing fell by 800 thousand barrels.

Investors are also waiting for the results of the OPEC meeting, which takes place in Algeria. In recent years, the likelihood of coordinated action by the cartel fell, but the representatives of the OPEC reported that the results of this meeting can lay the groundwork for an agreement at the November meeting of OPEC. However, analysts note that the differences between Saudi Arabia and Iran represent a serious obstacle to any agreement, even if the oil production will be frozen at current levels, it will not eliminate the excess supply.

The cost of the November futures for US light crude oil WTI (Light Sweet Crude Oil) fell to 44.74 dollars per barrel on the New York Mercantile Exchange.

November futures price for North Sea petroleum mix of mark Brent fell to 46.20 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold prices dropped significantly, reaching the weekly lows, helped by the appreciation of the US dollar and the statements of the Federal Reserve's Yellen.

The dollar index (the dollar v bsasket of six major US trading partners) is trading with an increase of 0.30%. Recall, the strengthening of the US currency negatively affects the gold, making it more expensive for holders of foreign currencies.

Yellen, in his speech to Congress, said that the Fed is seriously considering the possibility of simplifying the rules on the control of capital for small banks. She also added that the US banking system is well capitalized, credit growth accelerated, and the number of bad loans is reduced. However, Yellen did not comment on the outlook for the economy or the Fed's monetary policy. According to the futures market, the likelihood of a Fed hike is 57.4% in December against 47.6% the previous day.

Experts point out that in the short term investors are likely to scrutinize incoming economic data in the search of the state of the US economy. The market will also continue to consider the risk of US elections, as well as how it may affect the policy on inflation and the Fed.

Gold reserves of the largest investment fund SPDR Gold Trust fell yesterday 0.22 percent, reaching the level of 949.14 tons.

The cost of the October futures for gold on the COMEX fell to $ 1318.4 per ounce.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.9 million barrels from the previous week. At 502.7 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories increased by 2.0 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 1.9 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.5 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories remained unchanged from last week.

• Iran says it wants a freeze exemption "for some months" to reach the pre-sanctions output of close to 4mbpd

• Agreement between OPEC and certain non-OPEC members will prepare the ground to overcome problems

• Unfortunately, since Nov 2014 we have suffered great losses as a result of wrong policies of certain members

This morning, the New York futures for Brent rose by + 0.13% to $ 44.76 and crude oil futures for WTI rose 0.21% to $ 46.62 per barrel. Thus, the black gold is trading in the green zone on the background of output data in the United States and the reduction of oil reserves, but the lack of agreement between OPEC producers constraints prices. Also, OPEC members will hold informal talks today. On the sidelines of the three-day International Energy Forum to be held in Algiers, OPEC countries will also meet with oil producers outside the organization.

Yesterday, the black gold has fallen in price after Saudi Arabia dispelled expectations of compromise between cartel members and countries outside of OPEC, although an agreement not to increase oil production for price support is still possible this year.

(raw materials / closing price /% change)

Oil 44.93 +0.58%

Gold 1,330.70 +0.02%