Oil prices held steady Wednesday morning, trading near four-week highs, supported by earlier comments from Saudi Arabia that the country was determined to tackle a supply glut. Brent contract was trading at $58.32/bbl as of 9:25AM UKT, broadly unchanged from the previous settle. At the same time WTI stood at $52.30/bbl, down by 17 cents from the previous settle.
According to the US Weekly Crude Inventory report published by Thomson Reuters Oil Research, US crude stocks are estimated to have declined by 1.3 million barrels (mmbbl) to 455.2 mmbbl in the week ending October 20th. Crude imports into the US were assessed at 8.6 million bpd for last week, up by 1.2 million bpd from the prior week. Meanwhile, based on data collated from Thomson Reuters Global Trade Flows, crude oil exports from the US are expected to have declined by 0.6 million bpd, to 1.2 million bpd.
In addition, US weekly crude production is expected to have increased last week, following shutdowns ahead of Hurricane Nate, to stand at 8.6 million bpd. Daily refinery input was assessed up by around 784,000 w-o-w standing at 16.2 million bpd.
The Oil Research Team
Supply Chain & Commodities Research