The US Energy Information Agency (EIA) released its weekly oil status report on April 17, 2024. The report shows that crude oil inventories have increased by 2.7 million barrels compared to last week, while analysts generally expect an increase of 1.6 million barrels. At current levels, crude oil inventories are about 1% lower than the five-year average level of the same period in previous years.

The total inventory of gasoline decreased by 1.2 million barrels, while the inventory of distilled fuel decreased by 2.8 million barrels. The average daily import of crude oil is 6.5 million barrels, which is basically the same as last week. Over the past four weeks, crude oil imports have averaged 6.6 million barrels per day.

Despite the rise in oil prices, the United States continues to purchase oil reserves, increasing its strategic oil reserves from 364.2 million barrels to 364.9 million barrels.

The domestic crude oil production in the United States remains unchanged at 13.1 million barrels per day. Interestingly, despite favorable market conditions, US oil producers have yet to increase production.

WTI crude oil prices have fallen to around $84, and traders are concerned about the increase in crude oil inventories. The Brent crude oil price is below the level of $89.50 per barrel against the backdrop of a general decline in the oil market.

Today, traders will also pay attention to the situation in the Middle East. Israeli Prime Minister Netanyahu recently stated that the country will decide on its own how to defend itself, which has raised concerns about further escalation. However, traders believe that despite the escalating tensions between Israel and Iran, oil supply will not be affected.