US oil prices slid to their lowest level in more than a year, tumbling even deeper into bear market territory. Despite a smaller-than-anticipated build in crude inventories and a drop in gasoline inventories, it is really all about the virus here. US commercial crude inventories grew by ~500K bbls, compared to a forecasted build of more than 2 million\/bbls. Gasoline inventories decreased by 2.7MM\/ bbls while distillate inventories decreased by 2.1MM\/bbls. Goldman cut its oil demand forecast from 1.2MM\/bpd to 600Kbpd today and lowered its Brent target price to $60. We see oil prices improving through the year, assuming demand begins to normalize in the second half, it said.<\/p>\n\n\n\n
Despite a smaller than anticipated build in crude inventories and a drop in gasoline inventories, it is really all about the virus here. US commercial crude inventories grew by ~500K bbls, compared to a forecasted build of more than 2 million\/bbls. <\/p>\n","protected":false},"author":2,"featured_media":228,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n