The price of oil was almost unchanged after rising by about 1% yesterday, while investors analyzed the report on oil reserves in the United States.
The American Petroleum Institute reported that crude oil inventories increased by 8.52 million barrels in the week that ended February 9. Distillate inventories decreased by 4.016 million barrels. Gasoline stockpiles plummeted by 7.23 million barrels, most likely reflecting the shutdown of BP Plc's Whiting, Indiana, oil refinery, the biggest in the U.S. Midwest. During the corresponding week, reserves in Cushing, Oklahoma, allegedly increased by 512,000. Later today (at 15:30 GMT), official data from the Energy Information Administration will be published. Consensus estimates suggest that oil reserves increased by 3.3 million barrels last week.
Yesterday, a senior OPEC official said global oil demand would grow strongly, while the group's monthly forecast showed limited compliance with the latest round of supply cuts. OPEC expects global oil demand to grow by 2.25 million barrels per day in 2024 and by 1.85 million barrels per day in 2025. Both forecasts have not changed compared to last month. Meanwhile, the International Energy Agency flagged comfortable markets this year, with expected supply growth more than satisfying worldwide consumption.
“To some extent, the economic exclusivity of the United States against the background of high consumption confirms OPEC's view of high demand, which supports oil prices. And this is despite the more optimistic view of the IEA on the balance of supply and demand,” said experts at Mizuho Bank Ltd.