Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Down as Investors Digest Latest Supply Forecasts, U.S. Crude Oil Supply Draw

CommoditiesApr 15, 2021 12:37AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Oil was down Thursday morning in Asia, but remained near one-month highs as investors assessed the International Energy Agency (IEA)'s latest forecasts for oil demand and a draw in U.S. crude oil supplies.

Brent oil futures inched down 0.02% to $66.57 by 12:31 AM ET (4:31 AM GMT) after gaining 4.6% during the previous session and closing at its highest level since Mar. 17. WTI futures inched down 0.10% to $63.09 after climbing 4.9% during the previous session.

U.S. crude oil supply data from the U.S. Energy Information Administration (EIA) showed a draw of 5.889 million barrels in the week to Apr. 9. Forecasts prepared by Investing.com had predicted a 2.889-million-barrel draw, while a 3.522-million-barrel draw was recorded during the previous week.

The EIA data also said that gasoline supplied to the market during the past week increased to 8.9 million barrels per day (bpd), its highest level since August 2020.

Supply data from the American Petroleum Institute a day before recorded a draw of 3.608 million barrels.

East Coast crude stocks also hit a record low and investors remained optimistic over supply.

"We see robust stock draws even after factoring in bearish risks as refinery runs are set to rise sharply in the coming months," Citi Research analysts said in a note.

However, IEA's monthly report predicted that global oil demand and supply are set to be rebalanced in the second half of 2021, clawing back the demand lost in 2020 thanks to COVID-19. Should the prediction prove accurate, producers may then need to pump a further 2 million barrels per day (bpd) to meet the demand.

The Organization of the Petroleum Exporting Countries and allies (OPEC+) also raised its forecast for global oil demand in 2021 earlier in the week. The cartel expects demand to rise by 70,000 bpd from March’s forecast and global demand to rise by 5.95 million bpd in 2021.

Oil Down as Investors Digest Latest Supply Forecasts, U.S. Crude Oil Supply Draw
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
jamal jamal
jamal jamal Apr 15, 2021 1:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hope you all added on the DJIA dip last night, new record highs coming up AGAIN. Market always goes up. Never down. Always add on those negative news dips and reap the rewards. Yet again, I'm correct, yet people will down vote me.  Go look at all my calls, perfect.
Mohamed El Saiid
Mohamed El Saiid Apr 15, 2021 12:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
161846186739138.jpg
There is a strong uptrend in crude oil so wti will continue growing.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email