U.S. Crude oil stockpiles have hit another new record and the International Copper Study Group is now predicting that the market will be balanced this year.
Crude Stockpiles Increase
U.S. crude oil stockpiles rose last week to a record high for a fourth straight week even as distillate and gasoline inventories fell significantly more than expected, data from the Energy Information Administration showed on Wednesday.
Crude inventories rose 3.9 million barrels in the week to March 4, inline with analysts’ expectations, hitting an all-time high of 521.9 million barrels.
Crude stocks at the Cushing, Okla., delivery hub rose by 690,000 barrels, hitting another record high, EIA said.
ICGS: Copper Market Will Be Balanced This Year
The global refined copper market is expected to remain “essentially balanced” in 2016 compared with a previous forecast in October for a 175,000 tonne surplus, the International Copper Study Group (ICSG) said on Thursday.
“Downward revisions have been made for both production and usage in view of global weaker economic outlook, and project delays and price related production cuts,” the Lisbon-based group said.