Oil news and market movers: Restocking
- Fuel distillate Inventories (gasoil and jet fuel) at the Asian distribution hub of Singapore rose to the highest level since July 2021, according to official data released Thursday, Bloomberg reports.
- Chinese refiners are heading to Venezuela for cheap Oil. Venezuela is offering the discount after the US reimposed sanctions on the South American country.
- Some more details on the Crude stockpile number from the Energy Information Administration (EIA):
- US Gulf Coast refineries are processing the most crude since 2019 ahead of the summer driving season.
- The 6.368 million barrel drawdown in US crude inventories was unexpected – consensus was for a 1.6 million barrel buildup – as refineries ramp up Oil processing following maintenance and exports pick up.
- US Exports ticked above 5 million barrels a day amid robust outflow to Europe.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.