Today’s Energy Minute brought to you by Commissioner Ryan Sitton of the Texas Railroad Commission:
U.S. crude oil inventories grew again last week as the API reported yesterday that 5.7 million barrels were added to stockpiles. If confirmed by the EIA today, then this would mean the sixth straight week of growth.
In other news, the United States is preparing a new round of tariffs on Chinese imports if talks between the two countries’ Presidents falter.
These sanctions could threaten to curtail demand according to the International Energy Agency (IEA).
Since the U.S., Russia and Saudi Arabia are all at record production levels – 33 million barrels per day in total – markets are concerned that we’re approaching an oversupply scenario.
WTI lost $0.69 yesterday to close at $66.35 per barrel.
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