The news is bearish and suppressed, and international oil prices closed down in shock on December 29

International crude oil futures prices fluctuated weakly on December 29 and closed lower
at the end of the day.

Light crude futures for February 2023 delivery fell $0.
56, or 0.
71%,
to close at $78.
40 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for February 2023 delivery settled at $82.
26 a barrel, down 1.
20%,
below $1.

On the news, there was more
bearish news in the oil market on the day.
On the one hand, data released by the US Energy Information Administration on the 29th showed that US commercial crude oil inventories last week were 419 million barrels, an increase of 700,000 barrels month-on-month, while the market had expected a month-on-month decline
.
Over the same period, U.
S.
gasoline inventories fell by 3.
1 million barrels month-on-month last week, distillate inventories increased by 300,000 barrels month-on-month, and propane and propylene inventories fell by 3 million barrels
month-on-month.
U.
S.
commercial oil inventories, which include commercial crude, refined products, propane and propylene, fell by 11.
2 million barrels
last week from the previous month.

The data also showed that U.
S.
refineries processed an average of 16.
1 million barrels per day last week, up 173,000 barrels month-on-month; the average operating rate of U.
S.
refineries last week was 92%, up from 90.
9% the previous week; Last week, U.
S.
net crude oil imports averaged 2.
787 million barrels, down 1.
328 million barrels
month-on-month.

It is worth noting that commercial crude oil inventories in the US inventory area last week were 25 million barrels, down 200,000 barrels month-on-month; The size of the US strategic crude oil reserve last week was 375 million barrels, down 3.
496 million barrels month-on-month, and the average crude oil production in the United States last week was 12 million barrels per day, unchanged
from the previous month.

On the other hand, Canadian TC Energy announced on the 29th that after completing repair, inspection and testing, the Cushing extension of the Archstone Oil Transmission Pipeline operated by it achieved a controlled restart on the same day, and the entire Archstone Oil Pipeline resumed operation
.