Energy: API reports show a great increase in oil inventory – ING

The oil market is operating with marginal falls this morning, since the API numbers published during the night were largely bearish for the oil market. The Institute reported that US crude oil inventories increased by 9.04m barrels during the last week, compared to market expectations of an increase of 2.5m barrels. If it is confirmed by the Energy Information Administration (EIA), this would be the greatest increase in inventories in a year. On the other hand, the API reported large reductions in product inventories, with gasoline and distilled stocks falling into 2.5m barrels and 0.6m barrels respectively. The report most often from the Energy Information Administration (EIA) will be published later today, experts in ING commodities, Ewa Manthey and Warren Patterson.

OPEC will publish its monthly oil market report on Wednesday

“Yesterday, the EIA published its latest short -term energy panorama, in which it predicts that the production of US crude oil So much, by 2026, the EIA expects a stronger offer of just over 100K B/D year -on -year, which would lead to production to an average of 13.73mb/d. that we have seen in recent weeks.

“Recent reports suggest that the operations of oil refineries in Russia fell in early February, since drones by Ukraine reduced performance. It is suggested that the refineries processed around 5.1Mb/d of crude during the First five days of February, which is 300k b/d below the level seen during most of January. Operations remained detained in Ryneft’s installation. “

“On the energy calendar of the week, in addition to the usual inventories of the US, the OPEC will publish its monthly report of the oil market tonight. Meanwhile, the IEA will also publish its monthly report of the oil market tomorrow. The Wider markets will also be focused on US CPI data and the final comments of the semiannual testimony of monetary policy scheduled for the week. “