Commodities Analysis by Investing.com (Calogero Selvaggio) covering: Chevron Corp, Exxon Mobil Corp, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil. Read Investing.com (Calogero Selvaggio)'s latest article on Investing.com
) might just be getting started, as they've yet to make their significant move. Looking at the chart, they've recently crossed the psychological barrier set by the highs of 2008, with the highs from 2011 acting as a support level.When we look at U.S. stocks of oil and other petroleum products, which are a highly visible part of the global market due to their weekly reporting, they've been on a decline, dropping by 34 million barrels since mid-July.
As of August 25, commercial crude oil inventories were just slightly above 1 million barrels, which is down by approximately 1 million barrels compared to June 30. This has led to an increase in U.S. crude oil futures prices, particularly for monthly maturities. Initially, this release contributed to pushing spot prices and spreads down. However, as the US moved to counter oil shortages caused by the Russian invasion of Ukraine, they began accumulating oil once again.
This trend coincided with additional production cuts by Saudi Arabia and Russia, which amounted to approximately 75 million barrels between July and August.
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