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CRUDE OIL OPENS HIGHER IN ASIA AMID LOWER INVENTORIES AND FED RATE HIKE

Written on: July 28, 2022

Crude oil opened higher in Asia overnight June 28 after Wednesday’s EIA data showed crude stockpiles declined by 4.5mmbbls. This took the strategic petroleum reserve down to 422mmbbls. A previous day report from API showed crude stocks fell by 4mmbbls. Meanwhile, propane data from EIA showed 61.8mmbbls on hand in the U.S., up from 59.2mmbbls the week prior. Reports a year ago had propane at 64.5mmbbls.

With propane inventories slightly lower than a year ago and exports higher, consumer demand is a key factor energy experts will be continuing to watch.

Blue Peak Resources