U.S. oil prices continue to soar
If demand tends, some analysts say oil prices could rise further in the coming year.
Although Hurricane Ida’s impact on the petroleum sector was misdirected by the U.S. Energy Information Administration in an investigation report this week, the supply chain – the U.S.
Crude oil storage It was reduced by 1.5 million barrels For the week leading up to September 3, the EEEE reported weekly debts on oil reserves. At 423.9 million barrels, crude oil reserves are below the five-year average for this year.
Gasoline resources have temporarily declined by 7.2 million barrels compared to last week’s 1.3 million BPD. Among the middle digitators, the IIA estimates the stockpile of 3.1 million barrels for the week to September 3.
Completed motor fuel is available until September 3 of the week It rose to 9.608 million barrels per day (bpd), up from 9.578 million bpd last week.
This indirect demand for fuel was “healthy reading for Labor Day weekends” They said On Thursday.
In the United States, the four-week average, indirect demand for oil at 9.523 million bpd, and the average quarter-week demand at 8.942 million-bpd for 2020 for those weeks, according to the IAA data.
Demand for four-week jet fuel rose 65.3 percent to 1.622 million BPD compared to last year. Divided demand rose 11.2 percent to 4.126 million BPD.
In the weekly IAA data, US oil demand numbers show a healthy trend. In a four-week period, 9.52 million B / d of oil demand is about 98% of the 2019 levels, while the demand for 4.13 million B / D is 105%, ”Wanda said. They said Commenting on EIA numbers in a note early Friday.
Again, capitalist John Kilduff commented Reuters On the latest oil demand listed in the United States
“This demand for gasoline was sky high and the whole season was an example. We did not see the current fall after July 4. ”
Strong demand could be matched by low inventions to support fuel prices for the year, according to Energy Research Service HIFI Analyst. Looking for Alpha.
According to the EIA, total fluids fell 10.4 million barrels for the recent reporting week, with total fluids now below 2018 levels.
“In terms of demand, U.S. oil demand has continued to rise despite four weeks of hurricanes this week, according to HIP Research.
Analysts say that if demand remains strong, US overall liquidity, including the Strategic Petroleum Reserve (SPR), could fall below the 2010-2014 average.
According to HFI research, “Oil prices will continue to rise until the end of the year,” he said.
But not all analysts are optimistic about US demand for gasoline. Some say that a high price of $ 1 per pump and the end of the driving season will reduce the demand for motor gasoline in the coming weeks.
According to the AAA, the national average price of a gallon of gasoline since September 9 was $ 3.181.
“Gassabudi’s demand for gasoline data shows a current weakness, and the EIA’s proximity is a continuum of unrealistic strengths. There is skepticism about Ida’s resurgence, especially in the Northeast. Revealed on Twitter On Thursday, I commented on indirect interest information on IIS.
By Tsvetana Paraskova for Oilprice.com
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