US Oil inventories do not reflect oversupply – Commerzbank
|Oil prices recovered slightly this week, primarily due to relief that the eight OPEC+ producer countries will 'only' increase their production by a further 137,000 barrels per day in November.
US gasoline inventories and distillate stocks remain lower than usual
"In addition, the hard figures still do not show any clear oversupply: US crude Oil stocks rose by 3.7 million barrels in the week ending October 3 compared to the previous week, which was more than expected. However, they remain lower than usual, at 4.7% below the five-year average."
"In addition, the US gasoline inventories and distillate stocks have fallen and remain lower than usual, even though the distillate inventory situation in the US had improved significantly in previous weeks."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.