Commercial crude inventories fell for the 5th consecutive week in the United States. But stocks of gasoline and distilled products swelled more than expected, raising doubts about demand

Oil markets pause on Wednesday, after the “rally” that brought prices to the highest level since January 2020, before the coronavirus crisis. The announcement of a further drop in weekly crude inventories in the United States, for the fifth week in a row, was not enough to support

After a hesitant start to the trading session, American light crude WTI lost 0.75% to $52.81 per barrel in the evening (February Nymex futures contract), while North Sea Brent with a March maturity fell by 1% to $56. These profits coincide with a rebound in the dollar, which is raising the price of basic materials for international buyers. In addition, the announcement of a record 4,000 coronavirus deaths in 24 hours in the United States may have sown doubts about the pace of economic recovery expected in 2021

Crude oil reserves in the United States have therefore fallen for the fifth week in a row, according to the report of the American Energy Information Agency (EIA) released on Wednesday. During the week ending January 8, 2021, commercial crude oil stocks (excluding strategic reserves) thus fell by 3.2 million barrels (mb), slightly more than expected by the market consensus (-3 mb). At 482.2 mb, these stocks remain, however, about 8% above their five-year average

While crude oil stocks continue to decline, American gasoline reserves increased by 4.4 mb compared to +2.7 mb expected, and stocks of distilled products (which include diesel and heating oil) also increased, by 4.8 mb, much more than the +2.6 mb forecast by the market.

Despite Wednesday's pause, the WTI crude price is still up 9.3% since the start of the year and Brent is up 8.3%. Black gold has been supported by the prospect of a new fiscal stimulus package in the United States, which should promote economic recovery this year, and as a result, oil demand. The decision by Ocep+ in early January not to lift its production restrictions too quickly also contributed to the rise in prices in recent weeks