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Analytics, News, and Forecasts for CFD Markets: raw news — 30-06-2021.
The
U.S. Energy Information Administration (EIA) revealed on Wednesday that crude
inventories declined by 6.718 million barrels in the week ended June 25,
following a tumble of 7.614 million barrels in the previous week. Economists
had forecast a draw of 4.686 million barrels.
At
the same time, gasoline stocks increased by 1.522 million barrels, while
analysts had expected a fall of 0.886 million barrels. Distillate stocks declined
by 0.869 million barrels, while analysts had forecast a build of 0.486 million
barrels.
Meanwhile,
oil production in the U.S. remained unchanged at 11.100 million barrels a day.
U.S.
crude oil imports averaged 6.4 million barrels per day last week, decreased by
0.5 million barrels per day from the previous week.
FXStreet reports that ahead of the highly-anticipated OPEC and its allies (OPEC+) meeting on July 1, analysts at Goldman Sachs Commodities Research said more oil production is needed from the alliance to balance the market by 2022.
"...we expect OPEC+ to remain tactical in its output hikes with downside risks to global supply elsewhere pointing to a more robust outlook for crude and the upstream sector than petroleum products and the downstream sector.”
“See a base case of 0.5 mbpd supply increase from OPEC+ producers for consecutive months when the group meets on July 1 to discuss the threat of the Delta COVID variant, the potential return of Iran production and still slow shale response.”
| Raw materials | Closed | Change, % |
|---|---|---|
| Brent | 75.04 | 0.68 |
| Silver | 25.746 | -1.24 |
| Gold | 1760.788 | -0.99 |
| Palladium | 2677.52 | -0.21 |
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