A great decline in oil stocks supports oil and compensates previous losses

The US Petroleum Institute (API) announced the decline of crude oil this week by 3.0 million barrels,
after analysts’ expectations were declining by about 1.558 million barrels

Since the beginning of 2021 US crude stocks lost about 80 million barrels, and about 23 million barrels since the beginning of 2020

Last week

API announced a decline in crude oil stocks worth 4.28 million barrels after analysts expected an increase of 25.000 barrels

API announced a decline in gasoline inventories this week at 1.357 million barrels for the week ending March 25
after the previous week decline of 626 thousand barrels

Distillation inventories witnessed a decline in stock at 215 thousand barrels a week,
as well as a decline by 826.000 barrels last week

Cushing also witnessed a drop of 1.061 million barrels this week

Cushing inventories have risen to 25.2 million barrels from March 18

according to Energy Information Management data – down from 59.2 million barrels at the beginning of 2021

and a decrease of 37.3 million barrels at the end of 2021

topic

Change in oil prices this week

Weekly oil production rates

Latest Decisions of Movable Companies for Oil Market

Oil Sector’s updates

Change in oil prices this week

Oil prices declined on Tuesday as Ukraine and Russia seemed to make some progress in peace talks

At the same time, China-free Covid-19 strategy has led to more closures that are likely to reduce demand for Asian giants

The Western Texas crude threatens to retreat below $100 according to news, although oil markets are still narrow

In the middle of the day, a West Texas broker was traded down 1.31% for $104.60 a barrel – down about $7 a barrel a week

Brent crude was trading down 1.65% during the day at $110.60 a barrel on the day – down $5 a barrel a week

At the end of the day, the Western Texas broker was trading for $105.00 (-0.91%), with Brent crude trading for $111.30 (-1.08%)

Weekly oil production rates

Despite what American consumers feel worried about crude oil prices as well as the continued narrowing of global crude oil markets,
US crude oil production has not yet rocked from 11.6 million barrels a day – is still 1.5 million barrels a day before the epidemic as of March 18

Latest Decisions of Movable Companies for Oil Market

-It was reported that The French government has been making talks to Total Energiz (New York Stock Exchange under Cude:NYSE:TTE)

to build a floating liquefied natural gas station at the northern port of Luhawer

which is due to become the fifth LNG station in the country

– A new research conducted by the Australian GCI is claiming that the net plans of BP (listed on the New York Stock Exchange under the NYSE:BP)

for 2030, will not achieve a decline in absolute emissions of the company where refined products and crude oil are exempted

If these allegations are correct, BP is likely to face more violent reactions from environmental protection advocates

Oil Sector’s updates

OPEC warns of politicisation supplies

In a restrictive response to the International Energy Agency, Saudi Arabia and the UAE warned of politicization of oil supplies issues,
on the grounds that pressure on any member outside the coalition will only increase prices and hit customers strongly

Independent Chinese are exposed to double blow

Under the pressure of the growing government intervention, China’s closure operations due to Coronavirus, including but not limited to the closure of Shanghai,
refining teapots to sell their shipments in April, while selling for state-owned refining companies because of restrictions on Destination

Battle of pushing ruble gas looms

The Seven Countries rejected Russian President Vladimir Putin to push “non-friendly countries” for Russian gas in Ruble,
paving the way for a long battle apparently as Putin gave the end of March to change the terms of pricing

Chevron reduces Kazakhstani production because of ports issues

The American Oil Company (NYSE:CVX) has reduced production rates in Tengiz, the largest oil field in Kazakhstan,
after only one point of three at the operable CPC Station and the other 2 reforms will take temporarily 3-4 weeks

The United States imposes customs fees on solar imports in Southeast Asia

US trade officials said they would investigate solar energy imports from Malaysia, Thailand, Vietnam and Cambodia,
where Chinese producers turned production into these countries to avoid pushing US fees

Iran hits a warning sign for Kurdish gas plans

According to media reports, Iran attacked the Kurdistan region of Iraq earlier this month
for warning Kurdish officials who started talks with Israeli and American energy officials to ship Kurdish natural gas to Turkey through a new gas pipeline

Bolsonaro replaced the Executive Officer of Petrobras

Brazilian President Jubei Bolsonaro decided to dismiss Juakim Silva E Colla,
Chief Executive Officer of the State (New York Stock Exchange under the Code:NYSE:PBR)

on the background of high prices of transport fuel in the country, using the help of Edryano

India wants Russian coke

With India turned to be the largest buyer for instant Russian crude shipments,
Delhi now wants to double its imports from Russian coke in an exit on pre-2022 developments.

India’s steel producers were previously dependent on Australian supplies

Spain and Portugal get an exemption from the maximum price

The European Commission for Spain and Portugal has allowed a maximum energy price in an exit from the European Union classic non-interventionist policy,
it limited the wholesale price to €180 a megawatt/hour, apparently due to the two countries’ high share of renewables to generate energy

Orsted sells a 50% stake in the largest sea wind farm in the world

The Danish (CPH:Orsted) agreed to sell half of the 1.3-gjwattan marine wind project in the United Kingdom to a French consortium
with AXA insurance and banking Credit Agricole (25% each)

The Gasoil storage fee is low

In an attempt to stimulate oil companies to increase Gasoil stocks
storage companies in the ARA region have reduced storage fees to a historic low of about 1.5 and 2.0 euros/a cubic meter,
and with this, Europe still suffers from seasonal tightness and lack of supply

artical name A great decline in oil stocks supports oil

A great decline in oil stocks supports oil

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