When Petroleum News went to press at 6:30 CDT on July 28, WTI was up $2.17 at $99.43 and Brent was up $1.90 at $108.52. US equity markets rose on the day, lifting beleaguered tech stocks sharply, while commodity stocks including oils also rose. The weaker dollar supported crude prices, making the dollar price of oil more affordable for foreign buyers.
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The US Federal Reserve raised its benchmark overnight rate on July 27 by three-quarters of a percentage point to curb inflation.ĭespite the monetary tightening, the dollar was relieved that the Fed did not add a full point, while issuing dovish comments that future hikes were not a given and that it would wait for new data to guide its future actions.
With WTI trading at a deep discount to Brent, exports hit a record high as foreign buyers seized U.S. On July 23, 2021, the SPR stood at 621.3 barrels. Jet fuel product supplied for the four weeks ending July 22 was up 9.9% compared to the same four-week period last year.Ĭommercial oil inventories fell despite a 5.6 million-barrel draw in the Strategic Petroleum Reserve that depleted the nation’s emergency reserve of 480.1 million barrels on July 15 to 474.5 million barrels. The demand for motor gasoline returned strongly Inventories fell 3.3 million barrels during the week, falling 4% below the five-year average for the time of year. US Energy At 422.1 million barrels, inventories were 6% below the five-year average for the time of year. Gains on July 27 were bolstered by a 4.5 million-barrel drop in US commercial crude oil inventories for the week ending July 22, according to data released by the Information Administration.
The price gains were a resumption of a rally that began earlier in the week, interrupted by a down day on July 26 that saw the ANS drop 73 cents to close at $105.07, while WTI lost $1.72 to close at $94.98 and Brent fell 75 cents to close at $94.98. Alaska North Slope crude advanced $2.54 on Wednesday, July 27 to close at $107.60 a barrel, while West Texas Intermediate gained $2.28 to close at $97.26 and Brent rose $2.22 to close at $106.62.
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