US Crude Oil Inventories Forecast on 22 March 2017
Crude oil prices are getting support early Yesterday on speculation that the OPEC-led production cuts can be extended beyond the June closing date. OPEC sources are representing that several of the cartel’s members might be on-board for an addition of the program that would keep on reducing output in an effort to trim the too much supply that remains obstinately large.
The weaker US Dollar is also given that support for the dollar-denominated crude oil marketplace on assumption of increased foreign demand. Lastly, some traders are saying that yesterday’s API-American Petroleum Institute’s stockpiles report is predictable to show a mount back towards record highs following previous week’s surprise draw.
Oil prices advanced lower in unpredictable trading tied to the ending of the April futures contracts, before data expected to expose an increase in weekly US crude oil supplies. Traders also kept a watch out for clues on whether the OPEC-Organization of the Petroleum Exporting Countries will expand the production-cut agreement between its members & other key producers beyond June. OPEC sources have point out those members more and more favor an addition but want the support of non-OPEC oil producers, which have so far to deliver fully on accessible cuts.
WTI crude oil was not capable to hold on to early increase even with a falling US dollar provided that support to commodity prices in common. specified the high instability & huge surprises in both directions of the last 3 weeks, it appears several traders might be going to the sidelines before the news, whereas others could be expecting a big build after previous week’s shock decline.
On 21st March 2017, the API-American Petroleum Institute will publish its weekly crude oil inventory report. The API’s report will be pursued by the US EIA-Energy Information Administration weekly crude oil inventory report for the week finishing 17th March 2017. The report will be released on today @08.00 pm (GMT +5.30).