Shortly after the US stock market opened, WTI crude oil briefly stood at $93 per barrel, marking the first time since November 7th last year. Brent crude oil's intraday increase expanded to 2.00%. This morning, WTI crude oil futures hit $94 per barrel upwards, rising 3.99% on the day.
On the news, the weekly inventory report released by the US Energy Information Administration (EIA) on Wednesday showed that the decline in EIA crude oil inventory in the United States last week unexpectedly exceeded expectations, and crude oil inventory in the main delivery area of Cushing continued to decrease significantly.
According to Zerohidge, a financial blog, crude oil inventories in the Cushing region are about to hit the bottom. For operational reasons, the Cushing area always needs to store some oil, just like the SPR strategic oil storage in the United States. US crude oil production is still at a cyclical high, close to the level before the COVID-19 epidemic, but the number of drilling rigs continues to decline.
Crazy! The Crude Oil Is Raging!
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