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Why Oil Prices Are Plunging Despite Falling Inventories ...Middle East
Oil prices have lately lost their forward momentum, with both Brent and WTI crude plunging this week. A rather puzzling trend is being observed in the oil markets: there’s a big disconnect between inventory data and oil prices. Crude oil inventories have fallen below the five-year average for the first time this year. Last week, implied gasoline demand rose by 992 thousand barrels per day (kb/d) w/w to a 15-month high of 9.511mb/d, taking the month-to-date y/y increase. Despite this positive inventory data, WTI prices have declined…
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