Oil Data in US, Comes in Under Expectations - 31st March

Admiral Global

Oil Data in US, Comes in Under Expectations – 31st March

Last week a poll of Reuters analysts indicated that US Crude stocks could have been 3.2mn barrels higher than expected, this saw Crude and Brent slip to below $40.00.

Yesterday the Energy Information Administration and American Petroleum institute confirmed stocks for March. The EIA said there were 2.3Mn barrels more in March, slightly less than the API’s 2.6Mn barrels and significantly lower than the 3.2Mn initially reported by Reuters.

US Crude started the week just under $39.50 and had dropped further in the first 2 days of trading, the news yesterday afternoon saw the commodity gain 0.04c to end the day at $38.32 and Brent looked set to break back over the $40 mark in today’s trading.

US Crude could start to slip again, pump prices are close to their 52wk low and imports are still seeing the same levels as last month.

The recent low price of oil has had a huge impact on the markets globally as investors move away from the energy commodity, many seeing opportunities in the equity markets, particularly in the US.

ICE Futures Europe

Brent Crude Futures - $40.00 +0.4%

Brent Crude Spot - $39.29 -0.1%

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Categories: Economy, Commodities, Energy

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