U.S. commercial crude oil inventories unexpectedly rose International oil prices fell under pressure on June 15

Due to the unexpected month-on-month growth of U.
S.
commercial crude oil inventories last week and the Fed's sharp interest rate hike hitting the prospect of oil demand, international crude oil futures prices fluctuated lower
on the 15th.

Light crude futures for July delivery fell $3.
62, or 3.
04%,
to settle at $115.
31 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for August delivery fell $2.
66, or 2.
20%, to settle at $118.
51 a barrel
.

Data released by the US Energy Information Administration (EIA) on the 15th showed that the US commercial crude oil inventory last week was 418.
7 million barrels, an increase of 2 million barrels
from the previous month.
Over the same period, gasoline inventories fell by 700,000 barrels month-on-month, distillate inventories increased by 700,000 barrels month-on-month, and propane and propylene inventories increased by 1.
6 million barrels
month-on-month.
Including commercial crude, refined products, propane and propylene, U.
S.
commercial oil inventories rose by 4.
9 million barrels
last week from the previous month.

The data also showed that U.
S.
refineries processed 16.
3 million barrels per day last week, down 67,000 barrels month-on-month; the average operating rate of U.
S.
refineries last week was 93.
7%, down from 94.
2% the previous week; U.
S.
net crude imports averaged 3.
26 million barrels per day last week, down 662,000 barrels
month-on-month.

It is worth noting that commercial crude oil inventories in the Cushing region of the United States were 22.
6 million barrels last week, down 800,000 barrels month-on-month; The U.
S
.
Strategic Crude Oil Reserve was 511.
6 million barrels last week, down 7.
711 million barrels month-on-month, and U.
S.
crude oil production averaged 12 million barrels per day last week, up 100,000 barrels month-on-month and the highest since April 2020.

John Kilduff, founding partner of U.
S.
Reinvest Capital, said a slight increase in U.
S.
daily crude production last week could be a sign of
further production growth.

Survey data released by S&P Global late on the 13th showed that analysts believe that last week's U.
S.
commercial crude oil inventories fell by 1.
1 million barrels month-on-month, distillate inventories fell by 300,000 barrels month-on-month, and gasoline inventories increased by 100,000 barrels
month-on-month.
U.
S.
refinery runs are expected to increase 0.
8 percentage points month-on-month to 95 percent
last week.

Data released by the US Energy Information Administration late on the 14th showed that last week, US commercial crude oil inventories increased by 736,000 barrels month-on-month, gasoline inventories fell by 2.
159 million barrels month-on-month, and distillate inventories increased by 234,000 barrels
month-on-month.

Commerzbank commodities analyst Carsten Fritsch said that OPEC crude production remains significantly below the announced production quota, which will lead to a supply gap
of about 1.
5 million b/d in the oil market in the second half of the year.

On the same day, the Fed announced a sharp 75 basis point interest rate hike to combat inflation, and the market expected the outlook for economic growth and oil demand to deteriorate
.

In addition, the monthly oil market report released by the International Energy Agency on the 15th showed that rising oil prices and weaker economic prospects continued to lower expectations for oil demand growth
.
But a rebound in Chinese oil demand in 2023 will boost demand growth in non-OECD countries and offset a slowdown in OECD demand growth, with global oil demand increasing by 2.
2 million b/d to 101.
6 million b
/d in 2023.

The International Energy Agency also said that due to sanctions leading to the shutdown of more oil wells in Russia and capacity constraints in many oil producers, global oil supply may be difficult to meet demand growth in 2023, and OPEC+ total oil production may decline
.