Crude oil gatherings on more strict stocks and stronger energy demand marks

October raw oil (October) (Clv25) was closed on Thursday +0.81 (+1.29 %), and closed gasoline RBOB October (RBV25) +0.0281 (+1.43 %).

Oil and raw gasoline prices rose on Thursday, as they deployed high raw for two weeks and gasoline at a height of 2.5 weeks. Raw and gasoline enjoys transportation from Wednesday, when rough inventory lists and weekly gasoline decreased more than expected. Also, the strength in global manufacturing activity supports energy demand and raw prices. The gains in raw were limited after the rise of the dollar index (DXY00) to the highest level in 1.5 weeks.

Signs of strength in global manufacturing activity are bullish to demand energy and raw prices. The UAG S&P Information Manager Index has increased unexpectedly +4.5 to its highest level in 33 years, which is better than a decrease to 49.7. Also, the Euro S&P Procurement Manager Index has risen unexpectedly +0.7 to the highest level in 3 years of 50.5, stronger than a decrease to 49.5.

Oil prices support doubts about negotiations to end the Russian and volcanic war after Russian Foreign Minister Lavrov said that Russia should have an opinion on the security arrangements of Ukraine, and that any unilateral guarantees will be “hopeless”.

Anxiety about OPEC’s high production is landfill for raw prices after OPEC+ on August 2 supported an increase of 547,000 barrels per hour in its raw production on September 1. OPEC+ enhances production to reflect a two -year production reduction, as production that extends to production has been deported late in production. -20,000 BPD to 28.31 million barrels per day.

A decrease in crude oil that was held all over the world on tank tankers is up to oil prices. Vortexa reported on Monday that crude oil stored on carriers was fixed for at least seven days, decreased by -12. W/W to 82.49 million barrels per week ending August 15.

The weekly EIA report showed on Wednesday that (1) American crude oil lists as of August 15 were 5.6 % less than the seasonal average for 5 years, (2) gasoline stocks were less than -0.7 % than the seasonal average for 5 years, and (3) distillation stocks by -13.0 % of the seasonal average for 5 years. US crude oil production increased in the week ending August 15 by +0.4 % w/s to 13.382 million barrels, less than the record number of 13.631 million barrels per day published in the week 12/6/2024.