{"id":3214,"date":"2021-01-28T05:00:00","date_gmt":"2021-01-28T05:00:00","guid":{"rendered":"https:\/\/spragueoperati.wpenginepowered.com\/the-eia-reported-that-u-s-crude-oil-inventories-showed-an-unexpected-massive-draw-in-inventories\/"},"modified":"2021-01-28T05:00:00","modified_gmt":"2021-01-28T05:00:00","slug":"the-eia-reported-that-u-s-crude-oil-inventories-showed-an-unexpected-massive-draw-in-inventories","status":"publish","type":"post","link":"https:\/\/www.spragueenergy.com\/fr\/the-eia-reported-that-u-s-crude-oil-inventories-showed-an-unexpected-massive-draw-in-inventories\/","title":{"rendered":"The EIA reported that U.S. crude oil inventories showed an unexpected massive draw in inventories"},"content":{"rendered":"

Recap<\/u>:<\/strong> Oil prices were trading steady on the opening on hopes that the U.S. government would reach an agreement on a stimulus package and an improvement in the number of COVID-19 cases in China. Prices turned to the downside as the U.S. dollar strengthened and demand for riskier assets declined. However, downside pressure succumbed as the EIA released its report showing that U.S. crude oil inventories showed an unexpected massive draw in inventories. March WTI rose 24 cents, or 0.5%, to settle at 52.85 a barrel, while March Brent ended lower on the day, down 10 cents, or 0.2%. February RBOB fell 0.2%, to $1.5771 a gallon, while February heating oil added 0.7%, to $1.6089 a gallon.<\/p>\n

T<\/u>echnical Analysis<\/u>: <\/strong>In the near-term, oil prices rebounded on the huge draw in U.S. crude oil inventory supplies, but the larger than expected build in gasoline stockpiles, along with a stronger U.S. dollar kept a cap on prices. At this point in time, we would look for continued sideways trading as traders are speculating on what the FOMC will say. Should they disappoint, oil prices are likely to falter to the upside. If we can get WTI above the $54 level, we could see a push toward $55, but this would take an awful lot of courage from traders as the coronavirus is still spreading across the globe. Near term support is set at $51.45 and below that at $50.<\/p>\n

Fundamental News:<\/u> <\/strong>President Joe Biden signed executive orders to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies. He directed the Interior Department to pause new federal oil and gas leases on public lands or offshore waters “to the extent possible” and review the program’s climate impacts and taxpayer benefits. The pause will not restrict energy activities on lands that the government holds in trust for Native American tribes.  President Biden authorized a review during the pause of all existing leases and permitting practices related to fossil fuel development on public lands and waters. He also set a goal to conserve 30% of federal land and waters to protect wildlife by 2030 and seek to double renewable energy production from offshore wind, also by 2030. He also directed federal agencies to eliminate fossil fuel subsidies.<\/p>\n

President Joe Biden’s nominee for Energy Secretary, Jennifer Granholm, told the Senate during her confirmation hearing that the moratorium on future drilling leases on federal lands will not take jobs away from existing leases.  She stated that coal, oil and gas will remain part of the U.S. energy mix even as the country seeks net-zero carbon emissions by 2050.<\/p>\n

Russian President Vladimir Putin on Wednesday praised Saudi Arabia, Russia and the United States for what he said was their role in stabilizing energy markets. He made his comments at a virtual meeting of the World Economic Forum.<\/p>\n

The head of the Russian sovereign wealth fund, Kirill Dmitriev, said Saudi Arabia’s “brilliant move” to unilaterally reduce its output by an additional 1 million bpd has been a great contribution to the stabilization of the global oil market.  He also reiterated Russia’s commitment to the OPEC+ agreement and praised Saudi Arabia’s leadership “in doing great things to producers and consumers.” <\/p>\n

Goldman Sachs said it sees a clear path to continued oil market rebalancing throughout the spring, with the vaccine rollout accelerating across the west.  It said oil demand indicators are increasing since the start of the year and support from colder than expected weather in Asia is a strong signal of an oil market deficit.<\/p>\n

\nEarly<\/u> Market Call – as of 8:25 AM EDT<\/u><\/strong><\/p>\n

WTI – Mar $52.76, down 10 cents<\/p>\n

RBOB – Feb $1.5743, down 28 points<\/p>\n

HO – Feb $1.6085, down 4 points<\/p>\n

View the Sprague Refined Products Market Watch Report in a downloadable pdf format by clicking below.<\/p>\n

Click to view more online:
\nHeating Oil Supplier<\/a><\/strong>
\nDiesel Supplier<\/a><\/strong>
\nView market updates<\/a><\/strong>
\nView our refined products glossary<\/a><\/strong>
\nGo to SpraguePORT online<\/a><\/strong><\/p>","protected":false},"excerpt":{"rendered":"

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