Crude Oil Prices Finish Sharply Higher Amid Tightening Global Supplies
View original at nasdaq.comCrude Oil Prices Finish Sharply Higher Amid Tightening Global Supplies June WTI crude oil (CLM26) on Monday closed up +3.24 (+3.07%), and June RBOB gasoline (RBM26) closed up +0.0588 (+1.59%)…
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The territorial issue remains unresolved with Ukraine and there is no hope of achieving a long-term settlement to the war until Russia's demand for territory in Ukraine is accepted
60% confidenceCrude oil stored on tankers that have been stationary for at least 7 days rose 2.7% w/w to 105.11 million bbl in the week ended May 15
60% confidenceGasoline prices will stay above $3 until 2027
60% confidenceThe clock is ticking on Iran and it better get moving FAST on a peace deal, or there won't be anything left of them
60% confidenceThe US has proposed a temporary waiver on Iran oil sanctions until a final peace agreement is reached
60% confidenceCrude output in the Persian Gulf has been curtailed by about 14.5 million bpd; the current disruption has drawn down nearly 500 million bbl from global crude stockpiles, which could hit a billion bbl by June
60% confidenceGlobal observed oil inventories declined at about 4 million bpd in March and April; the market will remain severely undersupplied until October, even if the conflict ends next month
60% confidenceRussia is dragging out the war
60% confidenceActive US oil rigs in the week ended May 15 rose by 5 to 415, modestly above the 4.25-year low of 406 set in the week ended December 19; US rig count has fallen sharply from the 5.5-year high of 627 rigs reported in December 2022
60% confidenceUS crude oil inventories as of May 8 were -0.3% below the seasonal 5-year average; gasoline inventories were -4.3% below; distillate inventories were -9.4% below the 5-year seasonal average; US crude production rose 1.0% w/w to 13.710 million bpd
60% confidencePakistan has deployed 8,000 troops, a squadron of fighter jets, and an air defense system to Saudi Arabia as part of a mutual defense pact, a deployment described as a substantial, combat-capable force
60% confidenceOPEC aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September
60% confidenceDespite draft changes, US demands for ending the war were excessive and unrealistic
60% confidenceMore than 80 energy facilities had been damaged during the conflict; recovery could take as long as 2 years
60% confidence
Data points we hold from this source
| United States Government · parameter count | 13.710 million_bpd_crude_production |