crude oil price stable after US gasoline inventories soared

Crude oil-drilling rigs

+/- crude oil price stable After the US Energy Information Administration (EIA) reported the amount of US gasoline inventories. For the week ending Jun. 4, it jumped 7 million barrels to 241 million barrels, higher than analysts’ forecast for a gain of 698,000 barrels, as demand weakened after the long holiday. Meanwhile, US crude inventories fell by 5.2 million barrels last week. because the refinery increased production capacity

+ Market continues to be supported from the economic recovery in the second half of the year This will result in an upward trend in oil demand growth. The US Energy Information Administration (EIA) forecasts US fuel consumption growth this year. which is the world’s largest oil user at 1.49 million barrels per day. This was up from an earlier forecast of 1.39 million barrels per day.

+/- Markets are still keeping a close eye on the progress of US-Iran nuclear deal talks, which could lead to Iran’s return to crude oil exports. while the United States It said it would continue sanctions on Iran.

gasoline price

rose more than Dubai crude oil prices after the supply of gasoline in the region tightened from the reduction of production capacity of refineries in China and India As a result, the export of gasoline decreased. The market was also driven by Pakistani demand soaring.

diesel price

rose more than Dubai crude oil prices after rising diesel demand from Indonesia However, the demand for oil in the region Especially in Southeast Asia remains weak. affected by the spread of COVID-19

Source: Thai Oil

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