Breaking news

Stockpile Hike Leads to Plunging Oil Prices


Crude oil prices have been depressed for much of the last three years because the supply of oil in the market is simply more than the demand.

U.S. West Texas Intermediate (WTI) crude futures were at.51 per barrel, up 11 cents from their previous close, but down 7.3 percent from May 25.

At 513.2 million barrels, USA crude oil inventories are in the upper half of the average range for this time of year, the EIA said Wednesday.

USA light crude prices CLc1 were at $47.69 per barrel, down 50 cents.

The crude oil prices recovered on Thursday following heavy losses the day before on news U.S. stockpiles rose unexpectedly.

Analysts expect a 3.447 million barrels drop in crude supplies at the end of last week, along with a build of 697,000 barrels for distillates and a 271,000 barrels build for gasoline.

Читайте также: AMD releases 'Radeon Pro 500' Series graphics for iMac

"Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising USA oil production", ANZ bank said.

The EIA data also showed an increase in imports and a drop in exports.

"We believe that USA inventories will continue falling this summer, allowing OPEC to point to lower stocks as a positive measure of success", Sandy Fielden, director of oil and products research at Morningstar said in a note. Yet, what was more disturbing perhaps, to the market, was a drop in implied demand for US petroleum products across the board, raising concerns about the momentum of the USA economy. Traders believe that the reduction in production of oil by OPEC member countries is one of the reasons why prices are going up. In essence, OPEC will continue to reduce output by 1.2 million barrels per day until March 2018.

The United States Oil ETF (NYSEMKT: USO) traded down about 4.4%, at $9.53 in a 52-week range of $9.23 to $12.45. Oil fell by more than 4% last week, the largest weekly decline since early May, after investors were disappointed that the Organization of the Petroleum Exporting Countries didn't deepen its production cuts at their meeting on May. 25.

Crude production last week edged lower, with total output down 24,000 barrels a day to 9.318 million barrels, the EIA data yesterday showed.However, in a monthly report issued Tuesday, the EIA said it expects U.S. crude production in 2018 to average ten million barrels a day, exceeding the previous annual record of 9.6 million barrels a day in 1970.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related Articles

  • Plans To Privatize Air Traffic Control System In Works

    Plans To Privatize Air Traffic Control System In Works

    Airlines in the USA have campaigned to separate the FAA. and ATC for two decades, but the proposal still has to pass muster with Democrats.

    Kylian Mbappe Names The Toughest Opponent He's Faced

    Arsenal manager Arsene Wenger has told Monaco's Kylian Mbappe that he should only move to a club where he is guaranteed to play. There's certainly Neymar, maybe Griezmann, and Mbappé. "Mbappe is 18 so that will last a bit longer".
    Kellyanne Conway Spars With 'Today' Hosts Over America's 'Obsession' With Trump's Tweets

    Kellyanne Conway Spars With 'Today' Hosts Over America's 'Obsession' With Trump's Tweets

    Jadwat concluded with what amounted to, more or less, the mirror image of the concern Conway expressed about Trump's tweets. In an interview, Jadwat said the president's tweets "seem to undermine the picture the government's been trying to paint".
  • Patriots close to extension with WR Edelman

    Patriots close to extension with WR Edelman

    Since 2013, in the regular season he has averaged 6.47 catches per game, 70 receiving yards per game and totaled 20 touchdowns. Patriots quarterback Tom Brady is a leader on the field and, when it comes to taking less money than he's worth, off it, too.
    Trump Organization Introduces Budget Hotel Chain Called 'American Idea'

    Trump Organization Introduces Budget Hotel Chain Called 'American Idea'

    Critics have said the business empire presents a conflict of interest with his administration, The Hill said Monday. And I think we're excited to try to fill it". "I do believe in legal immigration".

    ICC Champions Trophy 2017 Results: England Tops New Zealand, Reaches Semi-Finals

    On reaching his fifty, Hales was castled by Milne, while Corey Anderson (3-55) had Eoin Morgan (13) caught behind few overs later. Williamson and Ross Taylor kept the runs flowing with a 95-run partnership, during which Williamson sailed past his fifty.
  • Sweden take advantage of Hugo Lloris blunder to beat France

    Sweden take advantage of Hugo Lloris blunder to beat France

    Sweden is doing well in the 2018 World Cup qualifying stage, now in second in Group A of the competition with 10 points. It capped an absorbing match in Stockholm as Sweden secured three points to move above France to top Group A.
    Indian official says key rebel leader dies in Myanmar

    Indian official says key rebel leader dies in Myanmar

    Rijiju said the Indian government had withdrawn ceasefire with NSCN (K) after banning it in 2015 through a special notification. Meanwhile, NSCN-IM General Secretary Thuingaleng Muivah and ULFA-I Chairman Abhizeet Asom have condoled the death of Khaplang.

    Twitter users, blocked by Trump, cry censorship

    But among those willing to make the leap is the Knight First Amendment Institute at Columbia University . And Joe Papp (@JoePaBike ) was blocked after posting this comment on a tweet of Trump's weekly address.
  • NBC5 Forecast: Chance of showers by sunrise

    NBC5 Forecast: Chance of showers by sunrise

    Breezy, with a southwest wind 10 to 15 miles per hour increasing to 15 to 20 miles per hour in the afternoon. Saturday is forecast to be partly sunny in most of the county with temperatures in the mid 70s.

    Third London attacker had been detained en route for Syria

    An Italian investigative source said Zaghba was a Moroccan-Italian whose mother lived in the northern Italian city of Bologna. The prevailing view among pollsters remains that May's party, which has been in government since 2010, will win a majority.
    NewsAlert: Body from Thames River may belong to eighth London Bridge victim

    NewsAlert: Body from Thames River may belong to eighth London Bridge victim

    London police, who have been looking for the body of a French national, have recovered another body from the River Thames. Anyone who has seen him since June 3 or was present on the bridge at the time is asked to ring police on 0800 0961 233.

Comments