Oil prices slipped further Wednesday morning, with Brent trading at $55.54/bbl as of 9:30AM UKT, down by 46 cents from the previous settle. At the same time WTI stood at $50.09/bbl, a loss of 33 cents from the previous settle. Both benchmarks had lost around 3% since the end of September.
According to the US Weekly Crude Inventory report published by Thomson Reuters Oil Research, US crude stocks are estimated to have decreased by 3.9 million barrels (mmbbl) to 467.1 mmbbl in the week ending September 29th. Crude imports into the US are assessed at 7.8 million bpd for last week, up by approximately 348,000 bpd w-o-w. Meanwhile, based on Thomson Reuters Global Trade Flows data, crude oil exports from the US are expected to have declined from the previous week’s record level, to around 835,000 bpd.
In addition, US weekly crude production is expected to have remained broadly flat, standing at 9.5 million bpd. Daily refinery input is expected to have risen by around 872,000 bpd compared to the previous week, to hit 17.0 million bpd for the week ending September 29th, as refineries continue to ramp up operations after hurricane disruptions
The Oil Research Team
Supply Chain & Commodities Research