Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
The API reported that oil inventories in the United States saw their biggest increase in nearly two years last week – just under 10 million barrels. Analysts are now awaiting the EIA’s report today, concerned that U.S. demand is well off the year’s projections.
Adding further downward pressure on oil prices, the Saudi Oil Minister said yesterday that OPEC members are in “produce-as-much-as-you-can-mode” to meet demand and replace any potential losses from Iran.
These bold statements are sending additional messages to the market that Saudi Arabia will do whatever it can to hold oil prices to a comfortable level for the global economy.
WTI lost $3.12 yesterday to close at $66.05 per barrel.
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