Oil futures moved lower on Wednesday, pressured by U.S. government data showing a fifth consecutive weekly climb in domestic commercial crude inventories.
Weekly declines in U.S. petroleum product stocks reflect this weakness in oil refinery runs, but even the draws to refined products were limited given the continued weakness in domestic demand, he said. The EIA report also revealed weekly supply declines of 2.8 million barrels for gasoline and 500,000 barrels for distillates. The S&P Global Commodity Insights analyst survey showed forecasts for inventory declines of 2.1 million barrels for gasoline and 500,000 barrels for distillates.
DTN’s first half of 2024 outlook forecasts that OPEC+ may be forced to continue to extend output cuts beyond the first quarter “in order to support prices, and we continue to believe that this will be the case,” said Vincent.
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