U.S. crude oil stocks drop

21 April, 2017, 03:31 | Author: Leticia Walters
  • U.S. crude oil stocks drop

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:

  • '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.
    Pence reassures Japan as North Korea threatens 'weekly' tests

    Pence reassures Japan as North Korea threatens 'weekly' tests

    Days later, monitoring group 38 North said its analysis had concluded that North Korea's Punggye-ri nuclear site is "primed and ready" for a sixth nuclear test.

    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.
  • 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.

    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.
    Senators beat Bruins 1-0, take 3-1 lead in series

    Senators beat Bruins 1-0, take 3-1 lead in series

    Bruins C Patrice Bergeron, a three-time Selke Trophy victor , was named a finalist for the award for the sixth time Wednesday. But a shot at redemption has come during the playoffs, and the Boston Bruins have been victimized by Ryan's resurgence.
  • 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.
    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.

    Israel rules out talks with Palestinian hunger striking inmates

    However, Palestinians from the West Bank need an entry permit to enter Israel and the Israeli authorities often deny such permits. In his opinion piece in the Times , Barghouti said a strike was the only way to gain concessions after other options had failed.
  • Mumbai Indians overcome Amla century to register fifth consecutive win

    Mumbai Indians overcome Amla century to register fifth consecutive win

    Mumbai's fifth win from six matches came after it scored 199-2 in 15.3 overs, gunning down Kings XI's 198-4. The last six overs produced an astounding 87 runs after KXIP were 111 for two at the end of the 14th over.
    Eli Manning:

    Eli Manning: "I've done nothing wrong"

    Recently, the CEO of Steiner Sports, Brandon Steiner, had Manning's back, saying that he's "someone I would say I trust my children with".
    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".


Popular

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.

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.

Second suspect arrested over Stockholm truck attack
Police had been looking for him since the Nordic country's Migration Agency in December gave him four weeks to leave the country. Explosives are said to have been found in the back of the beer truck that he hijacked from popular Swedish beermaker Sprendrups.

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.

Disputed Griezmann penalty gives Atletico edge over Leicester
We know it is going to be a hard return match but we have a very good record at the King Power. Wes has been out on the grass the last few days, which is really pleasing.