U.S. crude oil stocks drop

21 April, 2017, 03:31 | Author: Leticia Walters

Oil slid more than 1 percent on Wednesday, after US data showed a counter-seasonal build in gasoline inventories and a smaller-than-expected decline in overall crude stocks coupled with another rise in domestic crude production. Oil prices will increase as demand improves, chipping away at oil inventories in the second half, he said.

United States gasoline inventories hit 259.1 MMbbls for the week ending February 10, 2017-the highest level ever.

U.S. West Texas Intermediate (WTI) crude futures had risen 31 cents, or 0.61 percent, to $50.75 a barrel.

Crude futures were trading more than 30 cents higher in Asia early Thursday, but the recovery, against a rout of almost $2/barrel at the previous day's close, was more likely bargain-hunting than the start of a full correction, as the weekly counter-seasonal build in USA gasoline inventories continued to weigh on market sentiment. A surprise build in gasoline inventories pressured gasoline prices, which in turn pressured crude oil (IXC) (IYE) (SCO) (IEZ) prices on April 19, 2017.

Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said, adding that the Persian Gulf OPEC member has shown strong compliance with the OPEC supply cut deal. This was in contrast to what analysts had earlier projected - a dip of about 1.4 million barrels. Despite a drop in USA crude stocks last week, an unexpected 1.5-million-barrel build in gasoline stocks drove prices more than 3.5 percent lower on Wednesday. The decline was triggered by the surprise build in US gasoline stockpiles that point to weaker-than-expected demand at a time when consumption of gasoline usually rises. The report showed that Saudi Arabia's crude exports declined from 7.7 million barrels per day in January to 6.96 barrels per day in February.

At an energy conference in Abu Dhabi, Saudi Arabia's energy minister Khalid al-Falih hinted at the extensive behind-the-scenes negotiations among big oil producers ahead of the group's meetings scheduled for May. Distillate stocks reached their lowest levels since November 2015, the EIA said.

"With questions hanging over USA gasoline demand, any further product builds will act as a brake on the oil price recovery", he said.

Recommended:

  • Why Malcolm Mitchell Visited White House While Many Patriots Skipped

    Why Malcolm Mitchell Visited White House While Many Patriots Skipped

    Trump noted the kerfuffle and tweeted about the New York Times on Thursday morning. Apparently the photos were misleading.

    IMF Says Global Growth Gaining Momentum

    Pernia sees growth starting this year on firm ground by 6.5-7% in the first quarter. Socioeconomic Planning Secretary Ernesto M.

    Masters champion Willett likely to miss cut

    Still, Willett says he is learning to adjust and is confident that he will soon rediscover his best form. "Had no fear. Matsuyama's 2017 has started remarkably, finishing either first or second in his first six starts. "They've watched.
  • SHAREHOLDER ALERT: Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation

    SHAREHOLDER ALERT: Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation

    Ocwen said it received the orders from state regulators and "are in the process of reviewing them in detail". Ocwen is one of the country's largest nonbank mortgage servicers, servicing nearly 1.4 million loans.

    Mexican's immigration status is in dispute over deportation

    He is now staying with an aunt and uncle in Western Mexico while lawyers file a lawsuit to uncover the details of the deportation. The statement also noted Montes had a previous conviction for theft that resulted in probation, a fact the lawsuit admits.
    Rep. Jason Chaffetz is not running for re-election

    Rep. Jason Chaffetz is not running for re-election

    In February, he was drowned out by boos at a town hall meeting, where constituents shouted, " Do your job! ". Chaffetz said he announced now so that another candidate could rise in the 3rd Congressional District.
  • Philippines goes ahead with ASEAN meet after foiling attack

    After the ASEAN meeting, Duterte and Widodo will fly to Davao to witness the launch of the Davao-Gensan-Bitung Roro route on April 30.
    Some vets can go to CVS 'MinuteClinics' for minor illnesses

    Some vets can go to CVS 'MinuteClinics' for minor illnesses

    They cited the feedback of local veterans and the success of a smaller test run with CVS a year ago in Palo Alto, Calif. Almost 120,000 veterans who are enrolled at the Phoenix VA can now used the minute clinic at CVS Pharmacies.
    Jason Chaffetz announces he won't run for office in 2018

    Jason Chaffetz announces he won't run for office in 2018

    Chaffetz left open the possibility that he " may run again for public office, but not in 2018". Many of you have heard me advocate, "Get in, serve, and get out".
  • Secret Service limits sidewalk access south of White House

    Secret Service limits sidewalk access south of White House

    Not just tourists even the American public has gradually been distanced from the White House over the years. In either case, the White House is becoming a little more distant from the people.

    Apple gets green light to test self-driving cars

    By no means does this confirm an " Apple Car", in fact the permit granted to Apple covers the use of Lexus RX450h vehicles. The permit allows Apple to test drive three different vehicles with six different "drivers" sitting behind the wheel.
    Caves beat Pacers and Spurs defeat Grizzlies, both lead 2-0

    Caves beat Pacers and Spurs defeat Grizzlies, both lead 2-0

    However, it was the Cavs' turnovers that allowed the Pacers to stick around, cutting a 13-point Cleveland lead down to five. He was a free agent after being released by the New Orleans Pelicans, who needed his roster spot because he was injured.


Popular

Is there life on Saturn's ocean-bearing moon Enceladus?
The next big mission for NASA is the Europa Clipper that will send a spacecraft to orbit Jupitar and make close flybys of Europa. In the paper , the Cassini scientists shared that Enceladus has a type of chemical energy, which life can feed on.

'Mother of all bombs' kills at least 90 IS militants in Afghanistan
According to USA officials, most of the members of the local Islamic State branch are Pakistani and Uzbek militants. Shinwari's spokesman, Ataullah Khogyani, said that a clearance operation in the area was continuing.

Samsung heir denies bribery charges at hearing
Samsung intends to announce its first-quarter net profit and sales by unit when it releases revised earnings later in April. The global recall of Samsung Galaxy Note 7 actually hammered Samsung with a loss of about $17 billion.

You can now buy the brains behind Amazon's Alexa
Werner Vogels, Chief Technology Officer at Amazon.com made a number of announcements from the stage during his opening keynote. These conversational apps can then be deployed on mobile devices or as bots on services such as Facebook Messenger and Slack.

Jackets' Werenski exits game after puck to face
Unfortunately, all that aggression still saw them lose the game, as well as lose forward Matt Calvert to a one game suspension. Even when they would win series, they would too often leave the door open for opponents or let series go an extra game or two.