US Crude Oil Inventories Drop - Hurricane Laura to blame

 Usually, the drop in US crude oil inventories ia a health sign of demand going up, if other main factors support the trend.

The sharp drop in crude oil stocks last week, however, is attributed to the hurricane forced to reduce the production in offshore oil facillities, according to EIA, Energy Information Administration.

On Wedneday, the EIA declared that the US crude inventories dropped by 9.4 million barrels during the period in question. It cites the production loss of 1.1 million barrels during he same period.

On a positive note, the loss of inventories partly played a role in making the crude oil price relatively stable.




Comments

Popular posts from this blog

Oil price closer to $70 a barrel: it's more realistic, sustainable and better than pursuing unrealistic goals

Oil Price and Lingering Suez Factor

What caused the downward trend in crude oil price?

Crude Oil: latest news