Oil prices are moderately declining during trading on Wednesday after the American Petroleum Institute (API) reported an increase in US oil inventories last week. In the week ended September 18, US oil inventories rose by 691,000 barrels. According to API, stocks of gasoline fell by 7.7 million barrels, distillates – by 2.1 million barrels. Oil reserves at the Cushing terminal increased by 298 thousand barrels.
At the same time, analysts surveyed by S&P Global Platts expect US Department of Energy data to show a 4 million barrels drop in oil inventories last week. According to their estimates, stocks of gasoline decreased by 1.9 million barrels, distillates – increased by 1.2 million barrels.
President of Strategic Energy & Economic Research Michael Lynch believes that the US Department of Energy data may show a decrease in oil reserves due to weather conditions in the Gulf of Mexico, writes MarketWatch. Hurricane Laura hit the US coast in late August and Hurricane Sally hit the US coast last week. Tropical storm Beta reached the Texas coast on Monday evening.
As of Tuesday, about 7.1% of oil production in the Gulf of Mexico had been shut down, according to estimates by the US Bureau of Safety and Environment.
The US Department of Energy's weekly report on the country's oil, gasoline and distillate stocks will be released on Wednesday at 5:30 pm Moscow time.
The cost of November futures for Brent oil on the London ICE Futures exchange by 08:08 Moscow time is $ 41.4 per barrel, which is $ 0.32 (0.77%) below the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $ 0.28 (0.7%) to $ 41.72 per barrel.
The price of futures for WTI crude oil for November in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by $ 0.38 (0.95%) – to $ 39.42 per barrel. The October contract expired the day before, following the results of previous trading, rose by $ 0.29 (0.7%) to $ 39.6 per barrel, the November futures added $ 0.26 (0.7%) in price and reached $ 39.8 per barrel.