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Weekly EIA Oil Report – February 16th

Petrol
Miguel A. Rodriguez
Miguel A. Rodriguez
16 February 2023

Here are the latest details from the U.S. Energy Information Administration regarding diesel fuel, heating oil, gasoline and many more, for the week ending February 10rd 

On Wednesday, U.S. West Texas Intermediate (WTI) oil futures experienced little to no growth as the U.S. dollar strengthened, and investors expressed concerns over increasing interest rates, which they believe will result in a slowdown of the economy and a decrease in fuel demand. 

The U.S. crude oil refinery inputs averaged 15.0 million barrels per day, which was 383 thousand barrels per day more than the previous week’s average, with refineries working at 86.5% of their capacity.  

Gasoline production slightly decreased last week, averaging 9.1 million barrels/day. Distillate fuel production decreased, averaging 4.5 million barrels per day. U.S. crude oil imports averaged 6.2 million barrels per day last week, 826,000 barrels per day lower than the previous week, with imports averaging approx. 6.6 million barrels/day. 

Related: Oil analysis and price predictions 

Despite the decrease, the market was able to mitigate the negative effects of a significant increase in U.S. crude stocks as a result of a data adjustment. In addition, the International Energy Agency (IEA) anticipated an increase in global oil demand growth, which helped to limit the losses.  

Brent futures have experienced a 0.2% decline, amounting to 20 cents, to $85.38 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude has fallen by 0.6%, amounting to a 47-cent drop, bringing its value down to $78.59. 

Sources: eia.gov 

The information presented herein is prepared by capex.com/ae and does not intend to constitute Investment Advice. The information herein is provided as a general marketing communication for information purposes only.Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience, or current financial situation. 

Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance and forecasts are not reliable indicators of future results.

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.