Oil prices were bounced, but uncertainty is preserved
oil prices on Wednesday jumped against the backdrop of a sharp drop in stocks in the United States. The support was also supported by the head of the US Federal Reserve, which confirmed the probability of a more restrained step to increase the key rate at the next meeting. According to Fedwatch Tool, the probability of increasing the rate by 50 B.P. In December, it is estimated at a market of 75%.
at the same time the discussion around the ceiling of prices continues, and OPEC+ keeps silence on the eve of the next meeting on December 4. Brent futures were bounced, but moods remain careful. From a technical point of view, the continuation of the movement in the area $ 88-89 looks logical, but the bidders will sensitively monitor the information background.
Oil reserves in the United States: everything goes export
exports of oil and petroleum products last week once again broke records and amounted to 11.8 million b/s, of which almost 5 million used oil. Minus import, pure fuel exports reached 3.8 million b/s. – Maximum in 30 years. More than half of the US fuel exports goes to Mexico, Canada, China, Japan, South Korea, Great Britain and the Netherlands.
amid record export, commercial oil reserves in the United States fell by 12.6 million barrels. In conditions of reduction in supplies from SPR, which last week amounted to only 1.4 million barrels, reserves of enterprises have been reduced for several weeks in a row. At the same time, production remains stable at 12.1 million b/s.
The activity of oil refineries continues to grow. Last week, processing increased by another 243 thousand b/s, the loading of the refineries was 95.2%. As a result, supplies of gasoline and distillates They grew by 2.8 million and 3.6 million barrels. respectively. The total supply of petroleum products, an indirect demand indicator, slightly decreased to 19.7 million b/s. Statistics are positive for prices and indicates a supply shortage. Meanwhile, the second week in a row the demand weakens, and fuel reserves are growing. So in the United States, peak for supply shortages can already be passed. Brent futures this morning decreases by 0.3% and is trading at $ 86.7 per barrel.
