U.S. crude oil inventories have exceeded expectations for three consecutive weeks of decline, easing the pressure in Cushing.
The latest EIA data (as of the week ending November 1) shows that U.S. crude oil inventories decreased by 5.8 million barrels on a month-on-month basis (expected - 2.2 million barrels), with the scale of decline in the past three weeks exceeding market expectations, and a cumulative reduction of 12.6 million barrels. The core Cushing region's inventories ended the previous four weeks of consecutive increases and decreased by 1.2 million barrels on a month-on-month basis (to 35 million barrels, 8% lower than the 5-year average), shifting from "accumulation pressure" to "tight balance". This data directly dispelled market concerns about "more than 2 million barrels per day of accumulation in the fourth quarter", and $61 became the strong bottom range supported by inventories.
Global major consumption areas' inventories have improved simultaneously, verifying the resilience of demand
European ARA region's crude oil inventories dropped to 43 million barrels (a 12% year-on-year decrease), China's commercial crude oil inventories decreased by 3.5 million barrels on a month-on-month basis (with the start of refinery replenishment demand), and Japan's crude oil inventories also decreased by 5% compared to the previous month. Global major consumption areas' inventories have simultaneously declined, confirming that terminal demand is not "unilaterally weak", but rather shows "overall resilience under regional differentiation", providing cross-regional supply and demand support for oil prices.
Crude Oil Trading Strategy for Today
buy：60.8-61
tp:61.8-62.5
sl:60.4
The latest EIA data (as of the week ending November 1) shows that U.S. crude oil inventories decreased by 5.8 million barrels on a month-on-month basis (expected - 2.2 million barrels), with the scale of decline in the past three weeks exceeding market expectations, and a cumulative reduction of 12.6 million barrels. The core Cushing region's inventories ended the previous four weeks of consecutive increases and decreased by 1.2 million barrels on a month-on-month basis (to 35 million barrels, 8% lower than the 5-year average), shifting from "accumulation pressure" to "tight balance". This data directly dispelled market concerns about "more than 2 million barrels per day of accumulation in the fourth quarter", and $61 became the strong bottom range supported by inventories.
Global major consumption areas' inventories have improved simultaneously, verifying the resilience of demand
European ARA region's crude oil inventories dropped to 43 million barrels (a 12% year-on-year decrease), China's commercial crude oil inventories decreased by 3.5 million barrels on a month-on-month basis (with the start of refinery replenishment demand), and Japan's crude oil inventories also decreased by 5% compared to the previous month. Global major consumption areas' inventories have simultaneously declined, confirming that terminal demand is not "unilaterally weak", but rather shows "overall resilience under regional differentiation", providing cross-regional supply and demand support for oil prices.
Crude Oil Trading Strategy for Today
buy：60.8-61
tp:61.8-62.5
sl:60.4
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.