SMM News: crude oil futures were mixed on Wednesday. Us crude oil futures fell due to rising crude oil stocks and record production in the United States, but Brent crude closed slightly higher, subject to supply constraints. Support is provided by comments that production cuts, led by the Organization of Petroleum Exporting countries (OPEC), will be postponed. Venezuela's deepening political crisis threatens its crude oil exports, which have already fallen as a result of US sanctions, and the US government has suspended all exemptions from sanctions against Iran from May 2, also supporting oil prices. ), NYMEX June crude oil futures fell 31 cents, or 0.5 percent, to settle at $63.60 a barrel, above the intraday low of $62.77. Brent crude oil futures closed up 0. 12 dollars, or 0.2 percent, at $72.18 a barrel, after falling as low as $71. 30 a barrel. Us crude oil inventories rose to their highest level since September 2017 last week as net crude imports reached their highest level since January and refinery capacity utilisation fell to less than 90 per cent, according to data released on Wednesday by (EIA), the US energy information agency. At the same time, gasoline stocks also increased, but distillate stocks decreased. Us commercial crude oil stocks rose 9.934 million barrels to 470.567 million barrels in the week ended April 26, according to data, after analysts had expected an increase of 1.5 million barrels. Crude oil production in the United States, the world's largest crude oil producer, rose 100000 barrels a day to a record high of 12.3 million barrels a day last week. "recent trends show a gradual increase in crude oil stocks," said Kyle Cooper, an analyst at ION Energy. The market in the United States is already in sufficient supply. " Matthew Smith, head of commodity research at ClipperData, said, "the decline in refinery activity and increased imports have led to another significant increase in crude oil stocks. A large part of the inventory increase was in the Gulf Coast of the United States, where refinery production fell and waterway imports increased. " However, Brent crude reversed the decline after Oman Energy Minister Mohammed bin Hamad al-Rumhy said the goal of the June meeting of the Organization of Petroleum Exporting countries (OPEC) would be to extend the production reduction agreement reached last year. The market is also following developments in Venezuela, where thousands of marchers gathered in response to opposition leader Guayido's call for May 1 to take action against President Maduro. Iranian Oil Minister Sni said Wednesday that the use of oil as a weapon by any country could lead to the collapse of the Organization of Petroleum Exporting countries (OPEC), an oil-producing group, according to Iran's oil ministry news agency Shana. OPEC crude oil supplies fell to a four-year low in April, driven by reduced production from Iran, Venezuela and Saudi Arabia, according to a survey released earlier. The decline in crude oil production has boosted oil prices this year, especially after the Trump administration announced that it would no longer grant immunity to Iranian crude oil buyers from May, and Saudi Arabia reiterated that it would continue to cut production after June. Warren Patterson, head of commodity strategy at ING, said US crude oil imports from OPEC fell to their lowest level in more than three decades. Monthly EIA data show that US imports averaged about 1.6 million barrels a day in February, the lowest since February 1986, when imports from OPEC were the lowest. "the decline in imports reflects the impact of US sanctions on Venezuelan crude oil imports and the decline in OPEC production, particularly by Saudi Arabia, which has reduced exports to the United States." Us gasoline stocks rose 917000 barrels to 226.743 million barrels, according to EIA data, with analysts expecting a drop of 1 million barrels. Stocks of distillates, including diesel and heating oil, fell 1.307 million barrels to 125.722 million barrels last week, with analysts expecting a drop of 193000 barrels. In other oil products, June RBOB gasoline futures fell 26 cents to settle at $2.0642 a gallon. June heating oil futures rose 1.63 cents to settle at $2.0942 a gallon.
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