Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil reserves in the US unexpectedly declined


March, 29 2023
watermark Economic news

According to the Energy Information Administration of the US Department of Energy, commercial oil reserves in the US (excluding the strategic reserve) for the week ended March 24 decreased by 7.5 million barrels to 473.7 million barrels. Analysts, on the contrary, expected an increase in inventories by 0.1 million barrels.


At the same time, the strategic reserve of oil in the United States has not changed: the indicator remains at the level of 371.6 million barrels since January. Before that, it had been declining weekly since September 2021. As a result, now this reserve is still at a minimum since December 1983.


Oil reserves at the country's largest terminal in Cushing decreased to 35.2 million barrels from 36.8 million barrels during the reporting period.


At the same time, gasoline reserves decreased by 2.9 million barrels to 226.7 million. Analysts had expected a decline of 1.6 million barrels. Distillate stocks increased by 0.3 million barrels to 116.7 million barrels. Experts predicted a decrease of 1.5 million.


Oil production decreased by 100 thousand barrels per day, to 12.2 million barrels per day. For the whole of last year, production is estimated at an average of 11.88 million barrels per day.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.