Oil prices reported losses on Wednesday morning. Brent <LCOc1> was trading at $62.58/bbl as of 9:15 AM UKT, down by 0.45% from the previous settle. Meanwhile, WTI <CLc1> had decreased by 0.56% from the settle, standing at $57.30/bbl at the same time.
According to the US Weekly Crude Inventory report published by Thomson Reuters Oil Research, US crude stocks are estimated to have sharply decreased by 7.3 million barrels (mmbbl) to 449.4 mmbbl in the week ending December 1st. Crude imports into the US are assessed at
7. 34 million bpd remaining relatively flat compared to the previous week, down by 15,096 bpd w-o-w. Meanwhile, based on Thomson Reuters Global Trade Flows data, crude oil exports from the US are expected to have decreased from the previous week’s to around 1.1 million bpd down by 303,051 bpd compared to the week before.
In addition, US weekly crude production is expected to have declined by 87,463 bpd, standing at 9. 95 million bpd. Daily refinery input is expected to have declined by around 136,029 bpd compared to the previous week, to hit 16.86 million bpd for the week ending December 1st.
The Oil Research Team
Supply Chain & Commodities Research