{"id":9134,"date":"2024-05-03T14:51:21","date_gmt":"2024-05-03T18:51:21","guid":{"rendered":"https:\/\/www.fundamentalanalytics.com\/?p=9134"},"modified":"2024-05-06T14:52:11","modified_gmt":"2024-05-06T18:52:11","slug":"wti-crude-oil-futures-slip-amid-surging-us-inventories-and-demand-concerns","status":"publish","type":"post","link":"https:\/\/www.fundamentalanalytics.com\/es\/wti-crude-oil-futures-slip-amid-surging-us-inventories-and-demand-concerns\/","title":{"rendered":"WTI Crude Oil Futures Slip Amid Surging US Inventories and Demand Concerns"},"content":{"rendered":"\n\n\n
\n

Andreas Anastasiadis<\/p>\n

May 3, 2024<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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WTI crude oil futures are trading close to $79 a barrel, falling -9.1% from $86.9 a barrel on April 5th<\/sup>. Oil is\u00a0edging lower, to the lowest level in seven weeks, due to a surprise buildup in crude inventories in the\u00a0US and easing geopolitical tensions in the Middle East. US crude inventories for the week ending April 26th rose by 7.256 million barrels to 460.9 million barrels, compared to a 6.368 million barrel draw\u00a0in\u00a0the previous week. The market consensus estimated that\u00a0stocks\u00a0would decrease by 2.3 million barrels, according to the US Energy Information Administration (EIA) on Wednesday. This figure was the highest since June 2023, adding to concerns about weakening\u00a0oil\u00a0demand.<\/p>\n

Breaking down the numbers,\u00a0we see that total commercial oil demand, calculated as production plus imports minus exports, taking into consideration the corresponding weekly draw or buildup for the first four months,\u00a0grew by 112 million barrels, or +6.7%, compared to 2023 (Figure 1). Nevertheless, the same comparison with 2022 data reveals that demand increased slowly by only 15 million barrels, or +0.9%, despite the fact that inflation has been lower this year. Meanwhile, the Fed is expected to keep its benchmark federal funds rate steady at around 5.3%, its highest level in more than two decades amid stubbornly high inflation.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Figure 1: Crude oil demand indicator<\/p>\n

From the speculators’ view, WTI crude oil traders narrowed their net long position for the third consecutive week, at 276,783 contracts long (Figure 2).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Figure 2: Money managed funds net position, WTI crude oil front-month contract<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

Andreas Anastasiadis May 3, 2024 WTI crude oil futures are trading close to $79 a barrel, falling -9.1% from $86.9 a barrel on April 5th. Oil is\u00a0edging lower, to the lowest level in seven weeks, due to a surprise buildup in crude inventories in the\u00a0US and easing geopolitical tensions in the Middle East. US crude […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9134","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/comments?post=9134"}],"version-history":[{"count":1,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9134\/revisions"}],"predecessor-version":[{"id":9135,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/posts\/9134\/revisions\/9135"}],"wp:attachment":[{"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/media?parent=9134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/categories?post=9134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fundamentalanalytics.com\/es\/wp-json\/wp\/v2\/tags?post=9134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}