13 May 2020 – Your weekly bunker update from InterContinental Bunkering.
Brent crude dropped 40 cents, or 1.3%, to $29.58 a barrel by 0658 GMT, having risen 1.2% on Tuesday. WTI crude futures fell 10 cents, or 0.4%, to $25.68 a barrel, after rising 6.8% in the previous session.
The U.S. trimmed its 2020 oil production forecast by 70,000 barrels a day. Production will average 11.69 million barrels a day through December, down from a previous forecast of 11.76 million barrels, the Energy Information Administration said on Tuesday.
Separately, the American Petroleum Institute reported supplies at Cushing, Oklahoma, fell by 2.26 million barrels last week, according to people familiar. If the EIA confirms the data on Wednesday, it will be the first draw since the week ending February 28.
A fall predicted in US stock levels, but it seems that the market it taking this with a truck load of salt as we are falling on the European open. It would be quite some turn around to go from the double-digit builds to a draw, but we will have to wait and see what the EIA actually reports.
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Prices quoted in US$ per mT and are purely indicative and only to be used as guidance. Prices in cursive are of a previous date. Other ports are available upon request. For last price updates and/or updates on product availability & earliest delivery dates, do not hesitate to contact us as markets are volatile. www.icbunkering.com