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Crude oil futures have shaken off an early decline and have stabilized, rising since Wednesday. US government data It showed that domestic crude oil inventories decreased over the week.
Inventories fell by 1.4 million barrels due to increased refinery usage, following last week's high production of 7.3 million barrels.upon On the downside, inventories at the Cushing, Oklahoma, distribution hub rose by 1.9 million barrels.
“Crude oil inventories have decreased slightly due to increased refining activity and exports, but Help untangle some of last week's big build'' said Kpler analyst Matt Smith, according to Reuters.
On the other hand, the geopolitical risk premium isThere is plenty of room for downside. „If Israel and Hamas reach a ceasefire agreement within the next few days,“ Mizuho analyst Robert Yawger said.
Last month's Nymex crude oil (CL1:COM) June deliveries have ended. +0.8% Previous month July Brent crude oil (CO1:COM) finished +0.5% to $83.58 per barrel.
ETF: (Knee search:USO),(BNO),(UCO),(S.C.O.),(USL),(DBO),(dripping),(gouache),(NRGU),(Liar),(Uga)
Meanwhile, U.S. gasoline and diesel demand is at its highest level. Weakest seasonal level since pandemicThe four-week average gasoline demand for the week ending May 3 was 8.63 million barrels per day (bpd), the lowest for early May since 2020, according to new data from the Energy Information Administration.
The four-week average demand for distillate fuels, including diesel and kerosene, was 3.6 million barrels per day, also the lowest seasonal level since the pandemic.
„The gas situation will be on everyone's radar, but it was definitely a disappointment,“ Yawger said, according to Reuters. „If that's an indication of how the economy is performing, it's bad across the board.“
Lower demand is hitting refining margins, with the U.S. 3-2-1 spread trading below $26.50 a barrel for the first time since February on Wednesday, Reuters reported.
Last week, gasoline inventories increased by 915,000 barrels to 228 million barrels, and distillate fuel oil inventories rose by 560,000 barrels to 116.4 million barrels, both seasonal highs in three years. It became.