Weekly Oil Data News

Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S. Energy Information Administration on Wednesday.The United States is the world's largest oil consumer and producer, though it is…

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop in more than two years on plentiful supplies. * Underpinned by firm U.S. $115.71 in June as investors focused on a well supplied market, although it has regained some footing since touching a 26-month trough last week. Monday's upbeat U.S. consumer spending data for August added to signs of strength in the world's top economy, aiding oil prices. "Although economic data from Europe and other regions have been sluggish, U.S. economic indicators, such as the upward revision of its gross domestic product data, have been firm," said Hiroki Kakuno, analyst at Japanese refiner Idemitsu Kosan.

report (ending 18 April) from the US. reported an even bigger gain of 13.1 mb. remain uncomfortably low. just three weeks earlier. inventories to normal". million barrels, i.e. years. Stocks of gasoline and distillates are also down for the time of year. closer to "normal". past 2 years, although only slightly so far this year. and more than 1 mbd of imports. and May until increased demand starts drawing down inventories. which in turn means less crude will be going into storage. towards winter, as distillate stocks remain very low for the time of year. year and 16.6% below the 5-year average. summer to rebuild inventories to more comfortable levels". before the war. considerably lower in the next couple of weeks than the record of last week.