23 Jul 2020

JBC in the Media - MarketWatch

Oil edges lower as worries remain over rising U.S. inventories and coronavirus cases

"The EIA data had a 'somewhat bearish tone' to it, wrote analysts at JBC Energy, a Vienna-based consulting firm.

'What we mean by that is that there was a build in the aggregate volume of stored crude and refined products of close to 3.5 million barrels and maybe more importantly a large jump in the implied crude supply metric,' they said. 'After having averaged below 10.5 million barrels a day for nine consecutive weeks, the 1.7 million barrel a day leap higher is a first warning sign that the narrative of only a very shallow rebound due to shut-in barrels returning to market still cannot be taken for granted,' they wrote."