Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest updates in the world of trading and the stock market. In this week’s report, we take a closer look at the recent developments in the oil market and how they could impact your investment decisions.
According to the latest data, crude oil imports in the U.S. averaged 6.4 million barrels per day, showing a slight decline from the previous week. This figure was also slightly lower than the four-week average of 6.5 million barrels per day. Additionally, the Strategic Petroleum Reserve saw an increase from 363.8 million to 364.2 million as the U.S. continued to buy oil for strategic reserves.
Despite high oil prices, domestic oil production remained unchanged at 13.1 million barrels per day. It appears that WTI oil must settle above the $90.00 level in order to see a boost in domestic oil production. WTI oil settled in the $85.00 – $85.50 range as traders reacted to the latest EIA report. Crude inventories exceeded analyst expectations, which is bearish for oil markets. However, the lack of growth in domestic oil production despite rising oil prices is seen as a bullish factor for oil.
On the other hand, Brent oil moved closer to the $90.00 level as traders focused on the rising crude inventories. While oil is trading with a geopolitical premium, there have not been any serious risks to oil supply routes materializing yet.
Stay tuned for more updates on the stock market and trading world by checking out our economic calendar for all of today’s economic events. Be sure to visit Extreme Investor Network for exclusive insights and analysis to help you make informed investment decisions.
