Gasoline, Distillate, & Crude Market Spotlight on Inventory release day
As of today, July 24, 2024, the price of West Texas Intermediate (WTI) crude oil is experiencing a moderate increase. The current spot price is approximately $81.25 per barrel, down slightly by 0.22% from the previous day but up by 5.44% from the same time last year. This slight decline comes after a bullish report from the U.S. Energy Information Administration (EIA), which showed a significant decrease in U.S. crude oil inventories by 3.74 million barrels for the week ending July 19, 2024. Additionally, gasoline inventories saw a substantial drop of 5.572 million barrels, the largest since March (Barchart.com) (YCharts).
The market has also been influenced by Russia’s announcement of additional production cuts starting in October to offset overproduction earlier in the year. This commitment to reduce output has provided some support to oil prices (Barchart.com).
The latest inventory report from the U.S. Energy Information Administration (EIA) for the week ending July 19, 2024, shows significant changes in crude oil, gasoline, and distillate (diesel) inventories:
- Crude Oil: U.S. crude oil inventories decreased by 3.74 million barrels, which is a larger drop than the expected 3.5 million barrels. This reduction in crude stocks has been a supportive factor for oil prices.
- Gasoline: Gasoline inventories fell by 5.572 million barrels, marking the largest weekly drop since March. This decline has been driven by strong demand during the peak summer driving season.
- Distillates (Diesel): Diesel inventories saw a decrease as well, although the specific figures were not highlighted in the summary. Typically, inventory levels for diesel fuel, which includes heating oil, fluctuate based on seasonal demand and production adjustments.
sources like Barchart, YCharts, and the EIA’s official reports (Barchart.com) (YCharts) (Energy Information Administration).
