Baxia Markets
September 24, 2021

Crude Oil Rises On US Stock Draw

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Despite recent economic wobbles in the United States, total gasoline demand has recovered to pre-pandemic levels. Over the last four weeks, product has been delivered at a rate of approximately 21 million barrels per day, which is close to the high of 2019. Last week, US oil stocks declined by 3.5 million barrels to 414 million barrels, the lowest level since October 2018, according to the US Energy Information Administration.




The EIA said that oil facilities in the Gulf of Mexico have resumed production, with weekly output jumping 500,000 BPD to 10.6 million BPD in the most recent week. All four of BP's offshore facilities in the region were brought back online and produced as of Sept. 12 after Hurricane Ida, according to the company. Supporting prices has also been challenging due to OPEC countries' efforts to increase output. Oil has benefited from rising prices in other markets, such as natural gas, as a result of energy market shortages in Europe and Asia.


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