Faulty pipeline in US caused oil price growth

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Faulty pipeline in US caused oil price growth
October 31
09:00 2019

Oil is growing after it became known that the pipeline TC Energy leading to Cushing had stopped operations. The oil leak in North Dakota caused the problem. The capacity of the pipeline is almost 60 thousand b / d.

At around 8 a.m. (Moscow time), December contracts for Brent crude oil (traded on the London Stock Exchange) rose 20 cents to $ 60.8 per barrel. At the last session Brent lost almost a dollar, closing at around 60.6 US dollars.

At NYMEX, American WTI crude oil has grown to $ 55.2, adding 13 cents. At previous session, the quotes lost half a dollar; the session closed at a price of $ 55.05.

According to the US Ministry of Energy, last week oil reserves increased 5.7 million barrels. According to S&P analysts, stocks should have grown 2.5 million.

Reserves in Cushing have grown 1.6 million barrels. API experts thought that inventory would increase 1.2 million.

According to the official data from the Ministry, over the past week, gasoline reserves have fallen more than 3 million barrels. Now they are at a minimum level over the past 2 years. Distillate stocks have lost a million barrels. Analysts forecast a fall in gasoline inventories by 2.5 million barrels, distillates by 2.4 million.

The amount of oil produced has remained unchanged from last week – 12.6 million bpd.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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