Commerzbank: Oil prices still appear immune to negative news
Quotes from Commerzbank Despite a strongly appreciating US dollar and rapidly rising US crude oil stocks, Brent rises to $61 per barrel. WTI has even climbed to $52 per barrel. US crude oil stocks continued their unprece…
Despite a strongly appreciating US dollar and rapidly rising US crude oil stocks, Brent rises to $61 per barrel.
WTI has even climbed to $52 per barrel. US crude oil stocks continued their unprecedented rise last week, the US Department of Energy yesterday afternoon reporting an inventory build of 10.3 million barrels. This was more than twice as much as expected, as well as the eighth consecutive weekly increase.
During this time, US crude oil stocks have surged by almost 62 million barrels to reach a record 444.4 million barrels. Last week's inventory build took place primarily on the Gulf Coast (+5.4 million barrels), in the Midwest (+3.3 million barrels) and on the West Coast (+2.1 million barrels), higher imports, further growing oil production and lower crude oil processing all playing their part.
According to the US Energy Information Administration, US crude oil warehouses were 60% full in the week to 20 February as compared with 48% at the same time last.
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