Reported 8 months ago
Provided by Yuanta Futures, compiled by Huang Yanhong on June 24, 2024, at 4:10 PM. The U.S. Department of Energy reported on the 20th that as of the 14th, U.S. commercial crude oil inventories decreased by 2.5 million barrels to 450 million barrels, a 4% decrease from the five-year average for the same period. Gasoline inventories decreased by 2.3 million barrels to 231.2 million barrels, a 1% decrease from the five-year average, and distillate inventories dropped by 1.7 million barrels to 120 million barrels, an 8% decrease from the five-year average. Recent crude oil futures prices have rebounded, with WTI and Brent crude reaching recent highs due to increased geopolitical risks such as ongoing drone attacks on Russian oil infrastructure by Ukraine and escalating conflicts between Israeli and Iran-backed Hezbollah forces. The Israeli military has approved plans to invade Lebanon, raising concerns about wider war outbreaks that may disrupt crude oil flows from the Middle East, leading to significant price volatility. Investors can participate in the market through the Taiwan Futures Exchange's Brent Crude Futures (BRF) denominated in New Taiwan dollars, which offer trading hours covering overnight sessions to fully accommodate the trading needs of major international crude oil futures markets like Europe and the U.S.
Source: YAHOO