The price of Brent crude has stabilised at around USD 75 per barrel, at least for the time being, Commerzbank’s commodity analyst Barbara Lambrecht notes.
US inventory report comes out without much impact on prices
“Market participants remain fundamentally torn between supply risks due to the tense situation in the Middle East and demand concerns. This week’s weekly inventory report from the US Department of Energy did not provide much clarity either. US crude oil inventories rose by 5.5 million barrels week-on-week, more than expected.”
“However, this was also due to a rebound in crude imports (after a weak hurricane-related week), so it should not be over-interpreted, especially as the increase was accompanied by a significant rise in refinery runs. The latter rose earlier than usual after the maintenance period and may also have led to a rise in gasoline stocks, which is unusual for this time of year.”
“That the latter is not a cause for concern is also shown by the continued robust demand for gasoline in the US. All in all, despite the rise in stocks, this was a report without much impact on prices.”
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