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Crude oil futures closed lower on Wednesday, as US data showed that the decline in weekly gasoline demand outweighed support from the first decline in commercial crude oil supplies in five weeks.
Commercial crude oil inventories unexpectedly fell sharply by 6.4 million barrels to 453.6 million barrels in the week ending April 19, and was about 3% below the five-year average for this time of year, according to the Energy Information Administration. mentionedBut implied US gasoline demand fell by 239,000 barrels/day to 8.42 million barrels/day, about 1.1 million barrels/day below levels seen last year, while gasoline inventories fell by about 600,000 barrels, with… Inventories are down 4% from the five-year seasonality. middle.
The large withdrawal of crude oil was the result of very high crude oil exports, but… It could be a one-time thingas preliminary tanker tracking data this week showed a decline in exports, says UBS analyst Giovanni Stanovo.
But the implied gasoline demand numbers are coupled with a lower-than-expected decline in gasoline supplies.Pour some cold water into the market…as concerns about ongoing shortages in the physical fuel market begin to ease.” Sevens Research Report said contributing editor Tyler Ritchie Market monitoring.
Front-month Nymex crude (CL1:COM) closed for June delivery -0.6% to $82.81 per barrel, and June Brent crude (CO1:COM) closed the earliest. -0.4% To $88.02 per barrel.
ETFs: (NYSEARCA:use), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI)
The US Oil Fund (USO), the largest oil ETF, announced its results The largest daily flow ever On Wednesday, crude oil prices lost some of the geopolitical premium that had built up on concerns about a broader war in the Middle East.
According to Bloomberg, the $376 million withdrawal surpassed the previous single-day record of $323 million set in 2009; After the withdrawal, USO has $1.3 billion in assets, making it the largest oil ETF.