Showing posts from November 27, 2022

Oil Price: EIA data boosts the prices for two consecutive days - before falling back!

The price of crude oil that had been falling for three successive weeks, received a substantial boost this week from none other than the EIA, the US Energy Information Administration. The EIA reported a massive crude draw on Wednesday in its weekly report: there was a draw of 12.58 million barrels during the week ending November 25; it's almost 6 times larger than the estimated figure for the same period. Up until the latest data was released, the correlation between the price of crude oil and the US crude stocks was, more or less, chaotic; it was very difficult to gauge the connection, if any, even with the state-of-the art AI, when the matter in question almost bordered on irrelevance.  The fall of crude stocks this week, however, is so significant that the investors appeared to have managed to breathe a sigh of relief - finally, judging by their response to the news, of course.  As of 16:30 GMT on Friday, the prices of WTI, Brent and LNG were at $81.47, $86.91 and $6.62 respecti

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