Oil prices traded slightly up on Wednesday morning after a fall in the U.S crude inventories and tensions in the Middle East that could potentially impact the oil supply. Brent <LCOc1> traded at $58.24/bbl increased by 0.62% as of 9:30 AM UKT, while WTI <CLc1> stood at $52.04/bbl increased by 0.31%, at the same time.
Based on Thomson Reuters Oil Research US Weekly Crude Inventory Report, US crude oil stocks are calculated to have decreased by 6.8 mmbbl for the week ending October 13th. Overall US weekly crude oil imports fell w-o-w to 7.3 million bpd for the same week, while US weekly crude oil production is expected to had been flat at 9.5 million bpd for the same period.
For the week ending October 13th, we are expecting daily refinery input to increase w-o-w to 16.5 million bpd. Based on Thomson Reuters Crude Oil Flows, US seaborne crude oil exports are expected to be 1.28 million bpd.
The Oil Research Team
Supply Chain & Commodities Research