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Showing posts from April 24, 2022

Oil price: no sign of falling below $100

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  Despite the crude build in the US, consistently confirmed by two reports in the past two days, the price of crude oil shows no sign of losing momentum in its upward trend. Both API, American Petroleum Institute, and the EIA, US Energy Information Administration, released data that shows a crude build during the past week.  The API estimated a crude build of 2.167 million barrels; on Tuesday, however, the actual build turned out to be 4.78 million barrels - a significant statistic.   The figures from the EIA, meanwhile, depicts the same picture, but not as large as that of the API. The crude build of this magnitude did surprise the analysts; because, data for last week, based on the data from the previous week, there was a considerable crude draw. Although some analysts anticipate what they call, a demand destruction, due to high oil and gas prices, they could not account for the crude draw that we witnessed last week. In China, the world's second largest consumer, meanwhile, ther