Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest trends in the stock market, trading, and Wall Street. Today, we are diving into the recent updates in the oil market.
According to recent data, crude oil imports have declined by 166,000 barrels per day, averaging 6.9 million barrels per day. Over the past four weeks, crude oil imports have averaged 6.8 million barrels per day. Additionally, the Strategic Petroleum Reserve has increased from 373.7 million barrels to 374.4 million barrels as the U.S. continues to buy oil for reserves.
Despite these developments, domestic oil production has remained unchanged at 13.3 million barrels per day. It is expected that production will not see significant growth in the near term due to the recent pullback in the oil markets.
Following the release of this data, WTI oil settled near the $77.50 level, with traders reacting to the bullish report. The decrease in crude and gasoline inventories has highlighted strong demand for energy. However, concerns about China’s economy are keeping the market cautious, and it remains to be seen if WTI oil will be able to gain upside momentum.
On the other hand, Brent oil is currently trading near the $81.50 level as traders react to the EIA data.
For a comprehensive look at all of today’s economic events and their potential impact on the market, make sure to check out our economic calendar. Stay tuned to Extreme Investor Network for more exclusive insights and updates on the stock market and trading. Happy investing!