Crude oil inventories in the weekly EIA report saw the third weekly increase in a row despite the market expecting a decline. Although of late the oil market has been very concerned about the growing supplies of gasoline and distillate inventories, and on this front the EIA reported much bigger than expected drawdowns in both gasoline and distillate inventories. But the issue is that the margins for refiners may have collapsed so much that they have simply stopped producing and now we could be about to start seeing much bigger increases in crude oil inventories again as the refined oil product market has become completely saturated. OPEC also released its monthly report overnight, showing a further month-on-month increase from the group in July. And most concerning for the supply-demand balance of the oil market, Saudi Arabia produced a record output of 10.67 million barrels a day in July.
- Andre markeder
- IG tjenester