Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
API revealed decline of 4.8 million barrels in U.S. crude stockpiles last week
On Tuesday, The American Petroleum Institute (API) data showed that U.S. crude stockpiles dropped more than market expectations last week. At the same time, product inventories, including gasoline, showed an increase.
U.S. crude oil stockpiles declined by 4.8 million barrels for the week ending November 18, compared to the previous week's inventory decline of 5.8 million barrels.
Estimates from economists showed U.S. oil inventories were projected to decline by 2.2 million barrels.
According to sentiment on oil prices, investors are split into two groups. On the one hand, there are rising concerns about the decline in China oil demand amid renewed restrictions related to COVID-19. On the other hand, investors expect that the major producers will continue to reduce oil output.
The U.S. government's report on oil stockpiles will be released on Wednesday. U.S. oil inventories are projected to decline by about 1.1 million barrels last week.
Latest news
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1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.