Yesterday’s weekly US stock report halted the slide on the oil market, Commerzbank’s commodity analyst Barbara Lambrecht notes.
US crude shares drop, hole to 5-year common widens
“US crude oil inventories fell surprisingly sharply, and the hole to the five-year common widened once more to six%. Nevertheless, essentially the most notable improvement was the numerous enhance in US gasoline demand to virtually 9.5 million barrels per day, a superb 800,000 barrels greater than within the earlier week.”
“The truth that demand rose so sharply even earlier than the beginning of the summer time driving season, which started final weekend with Memorial Day, can be attributable to the tactic of recording, which relies on how a lot gasoline is delivered from US refineries to petrol stations.”
“Petrol station operators had been clearly very optimistic. In spite of everything, the US Vehicle Affiliation (AAA) had additionally predicted a brand new journey document for the Memorial Day weekend.”
