Oil prices ticked up on Thursday morning, following Saudi Energy Minister Khalid al-Falih comment on Wednesday that OPEC would do better to leave the oil market slightly short of supplies rather than ending too early a deal on cutting output. Brent crude was trading at $64.57/bbl mark, up by 0.33%. While, WTI had risen to $61.03/bbl, up by 0.71% as of 09.15 AM GMT.
Crude oil stocks increased for the third consecutive week by 1.84 million bbl last week, according to EIA data. The size of the increase in crude oil inventories was lower from what analysts expected. Refinery input slowed by 635,000 bpd w-o-w and utilisation decreased by 2.70% currently standing at 89.8% of the total refining capacity.
Gasoline stocks also experienced a jump last week, by 3.59 to 249.07 million bbl. While, distillates and residual fuel inventories decreased by 0.46 and 2.65 million bbl w-o-w.
Most importantly, production of crude oil marginally increased to 10.27 million bpd, reaching the highest level of the last 10 years. US Crude Oil imports remained flat at 7.89 million bpd. While, crude oil exports increased by 35,000 bpd, for the week ending February 9th.
The Oil Research Team, EMEA
Supply Chain & Commodities Research