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Oil Prices Decline As U.S. Stocks Rise And China Anxiety Rises

Haiden Holmes

Dec 30, 2022 11:24

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On Thursday, U.S. crude oil prices closed down as a result of an unexpected increase in U.S. weekly crude inventories and continued concerns about the demand outlook in the wake of intensifying cases in China.


On the New York Mercantile Exchange, oil futures settled at $78.40 per barrel, down $0.56, while Brent futures settled at $84.66 per barrel, down $0.53.


Contrary to expectations of a decrease of 1.5 million barrels, U.S. oil inventories grew by 718,000 barrels for the week ending December 23, as reported by the Energy Information Administration (EIA).


Inventories of gasoline unexpectedly declined by 3.1 million barrels, the highest decrease since September, above forecasts for a rise of 520,000 barrels, while distillate supplies grew by 282,000 barrels, below estimates for a decrease of 2.05 million barrels.


The EIA's mixed petroleum data comes at a time when numerous nations are poised to impose new travel restrictions on Chinese tourists, dimming some of the euphoria that had followed the month-long removal of COVID restrictions. Multiple nations, including the United States, Italy, and Japan, imposed testing requirements on Chinese tourists.


It is anticipated that the efforts of the Biden administration to replenish the Strategic Petroleum Reserve by acquiring crude oil in the first quarter of 2016 will increase demand.


According to Craig Erlam, a senior market analyst at OANDA, efforts to replenish strategic petroleum stocks "should be positive for the market and should have provided some support."


Goldman Sachs decreased its price forecast for Brent crude in 2023 to $90/bbl from $110/bbl before, citing the recent decline in commodity prices, but highlighted that it remained bullish on oil prices in the medium term.


Goldman Sachs commented, "For oil prices, we remain bullish on oil prices in the immediate future due to the prospect of rising China demand, decreased supply growth from US shale due to discipline/tight service markets, and OPEC+ quota reduction."

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