Media

Oil Price Update

Media

Oil Price Update

Crude oil prices up by 20% after a government data release on U.S. crude inventories avoided abysmal results that some had feared.

Crude oil prices up by 20% after a government data release on U.S. crude inventories avoided abysmal results that some had feared.
โดยทีมวิเคราะห์ตลาดต่างประเทศ บริษัท ปตท. จำกัด (มหาชน)
  • The U.S. House of Representatives Speaker Nancy Pelosi said that Congress will pass a $500 billion bill on Thursday, which will include an additional $321 billion for an existing small business lending programme that quickly saw its funds exhausted.
  • The U.S. EIA reported on Wednesday that stockpiles of crude oil, gasoline and distillate fuels in the U.S. all rose in the latest week, signalling that oil supply has not yet adjusted to the demand destruction caused by the coronavirus pandemic. In the week to April 17, commercial inventories of crude oil in the U.S. jumped by rose by 15 mil bbls to 518.6 mil bbls, which is rapidly approaching the all-time record of 535 mil bbls set in 2017.  The weekly build came in close to market expectations, providing relief to some in the market that were bracing for a dire build of 20 mil bbls or more.  Crude inventories at the Cushing, Oklahoma, delivery hub for WTI rose by 4.8 mil bbls last week to 59.7 mil bbls. The main U.S. storage hub only has enough capacity for 76 mil bbls, and much of what is left unfilled has already been leased, according to traders.
  • Energy major Royal Dutch Shell has warned oil producers using pipelines in the Permian basin that its customers may need to cut their volumes next month by 10%-50% as U.S. storage fills up, Bloomberg reported citing 2 industry sources.
  • Saudi Arabia is making contingency plans to re-route tens of millions of barrels of crude oil that are currently on tankers sailing to the U.S., in the event that U.S. President Donald Trump decides to block imports of oil from the kingdom, Reuters reported on Wednesday citing shipping and trade sources. Some 40 million barrels of Saudi oil are due to arrive in the U.S. during the coming weeks and are already on tankers headed there.