Commodity Insight Report August 30, 2023: Way2Wealth

Way2Wealth's report on Commodity Insight

Crude Oil: On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by another 600,000 barrels in the week ending August 21, with the SPR inventory still sitting at a near 40-year low of 349.5 million barrels. At the current replenishment rate, the SPR should return to 2021 levels in a little under a decade. The American Petroleum Institute (API) has reported a massive 11.486-million-barrel draw in U.S. crude inventories, compared with the previous week's 2.418- million-barrel draw as the markets weigh China's economic activity against U.S. crude inventories. Oil prices were rising on Tuesday ahead of API data.

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