Welcome to the Extreme Investor Network blog, where we provide unique insights and analysis on the stock market, trading, and all things related to investing. Today, we will be discussing the latest developments in the oil market based on the recent EIA report.
According to the report, U.S. crude oil imports have seen a decline by 81,000 bpd, with an average of 6.7 million bpd. Over the past four weeks, imports have averaged at 6.8 million bpd. Additionally, the Strategic Petroleum Reserve has increased from 367.8 million barrels to 368.8 million barrels as the U.S. continues to buy oil for strategic reserves.
Despite these changes, domestic oil production has remained unchanged at 13.1 million bpd. This could be attributed to the current oil price levels, which are not attractive enough to incentivize a boost in production.
In terms of market reaction, WTI oil settled near the $78.00 level as traders digested the bearish EIA report. However, it seems that the market has already priced in the rising crude inventories. Looking at the bigger picture, WTI oil has been trading in a range-bound manner since early May.
On the other hand, Brent oil is trading near the $82.00 level after an unsuccessful attempt to settle below $81.50. This could indicate that traders are gearing up for the upcoming driving season, which is expected to provide additional support to oil markets.
As always, it’s important to stay informed about the latest economic events. Be sure to check out our economic calendar for a comprehensive look at today’s events and how they could impact the financial markets.
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