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Oil prices renewed 2-year high after API industry report release

This illustration shows WTI oil price chart at intervals of 1 minute.

Oil continued to rally after the publication of an industry report from the American Petroleum Institute (API), which reported a new decline in US commercial crude oil inventories. This reinforced optimism about a recovery in demand. As a result, WTI crude oil for July delivery at 07:55 Moscow time rose in price by 0.54% to $ 70.43 per barrel, and August Brent futures rose by 1.5% to $ 72.57 per barrel.

According to API report, week before June 4th (in barrels):

  • crude oil reserves: -2.11 million;
  • reserves at Cushing: +0.42 million;
  • gasoline reserves: +2.4 million;
  • distillate reserves: +3.8 mln.
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On average over 5 years for the current time of year, stocks are in decline amid the US auto season and the Middle East air conditioning season.

The API report is based on information that businesses provide on a voluntary basis. It traditionally precedes the publication of the official weekly statistics by the US Department of Energy, which is published on Wednesday, June 9, at 17:30 Moscow time.

According to the forecast of 9 experts interviewed by Bloomberg, the figures from the Ministry of Energy will show that in the United States for the reporting period (in barrels):

  • crude oil reserves: -2.9 million;
  • gasoline reserves +0.8 million;
  • distillate reserves: +1.45 mln.
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