The US Energy Information Administration weekly stockpile report unveiled on Wednesday showed that domestic crude supplies declined by 1.846 million barrels during the week ended September 22, after recording hefty rises in each of the prior three weeks. The fall in stocks was contrary to a consensus forecast for addition of 1.300 million barrels in a survey of analysts by S&P Global Platts.
Gasoline inventories gained 1.107 million barrels during the period after three consecutive weeks of drawdowns, while distillate stocks fell by a reported 800,000 barrels. US Crude futures for November delivery have been stuck within a narrow trading range for the past few sessions with $52.50 per barrel representing the immediate upside resistance. A daily close above that zone could see fresh buyers enter the market, pushing momentum higher.
Crude Holds on to Gains
Daily Analysis - 28/09/2017