Around 3:05 p.m. GMT, the barrel of Brent from the North Sea for delivery in August gained 1.21%, to 122.04 dollars, while the American West Texas Intermediate (WTI), with maturity in July, appreciated by 1.05%, to $120.67.
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Commercial stocks of crude oil in the United States recorded a surprise increase last week, a sham movement, put into perspective by the sharp contraction in strategic reserves.
During the week ended June 3, black gold inventories increased by 2.1 million barrels in net, while analysts expected a decrease of 2.5 million, according to figures published Wednesday by the American Agency Energy Information System (EIA).
At the same time, strategic reserves fell by 7.3 million barrels to their lowest level in 35 years. According to Matt Smith, Kepler analyst, this is a record drop in one week.
Since last year, the government of Joe Biden has decided to use strategic reserves to relieve oil prices, without much success so far.
In one year, strategic reserves have melted by 100 million barrels.
The increase in commercial inventories is also explained by the unexpected drop in crude oil exports (-37% compared to the average of the previous four weeks), while imports remained stable.
Although the figure for commercial stocks was significantly out of step with forecasts, the price of black gold remained on the rise after the publication.
Around 3:05 p.m. GMT, the barrel of Brent from the North Sea for delivery in August gained 1.21%, to 122.04 dollars, while the American West Texas Intermediate (WTI), with maturity in July, appreciated by 1.05%, to $120.67.
Despite this increase in commercial stocks, most indicators point to an accelerating demand in the United States, with the start of the summer season and major travel.
US demand thus emerged up 2.3% compared to the average of the previous four weeks.
Gasoline, in particular, crossed the symbolic threshold of 9 million barrels per day (+2.2% compared to the previous four weeks). Expected to rise, gasoline reserves in the United States also fell (-800,000 barrels) during the past week.
The refining capacity utilization rate jumped to 94.2% from 92.6% the previous week.
As in the previous week, US crude production remained unchanged at 11.9 million barrels, although the market, under high tension, calls for additional volumes.
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