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Inventory Build

All articles tagged with #inventory build

energy-and-commodities2 years ago•1 min saved

"Oil Prices Dip Despite Significant Drop in U.S. Crude Inventories"

Oil prices declined after the Energy Information Administration (EIA) reported a significant increase in fuel inventories, despite a 5.5 million barrel draw in crude oil for the week ending December 29, 2023. The report showed a large gasoline inventory build of 10.9 million barrels and a middle distillate inventory increase of 10.1 million barrels. These inventory builds overshadowed the crude draw and contributed to the downward pressure on oil prices. Meanwhile, geopolitical tensions and an outage at Libya’s largest oil field, Sharara, have caused some upward movement in prices, with Brent crude approaching $80 per barrel and West Texas Intermediate above $70 per barrel. Goldman Sachs predicted Brent crude would trade between $70 and $90 per barrel for the year, citing stable OPEC supply and geopolitical risks as major price factors.

via OilPrice.com|

#crude-oil #eia-report #energy-and-commodities

energy2 years ago•2 min saved

Oil prices rise on China demand optimism and weaker US dollar.

Oil prices rebounded after a significant drop on Wednesday due to a bearish inventory report and the Federal Reserve's warning of further interest rate hikes. The market is now focused on China's latest economic data, which will provide insight into oil demand prospects. While China's oil demand is expected to grow until 2028, the growth rate remains uncertain. Investment banks have revised their predictions for oil prices later in the year, citing Russian export resilience and uneven Chinese demand recovery.

via OilPrice.com|

#china #demand #energy

energy2 years ago•1 min saved

US Crude Inventories Surge, Oil Prices Drop.

Crude oil prices fell after the Energy Information Administration reported an estimated inventory build of 7.9 million barrels for the week to June 9, compared to a modest inventory draw of half a million barrels for the previous week. Analyst expectations for the weekly change ranged from a draw of 2.5 million barrels to a build of 2 million barrels. Meanwhile, prices have been on the mend after consumer price inflation fell to 4% in May on an annual basis and by a modest 0.1% on a monthly basis, sparking hope that the worst of the price rises may be over, stimulating higher energy demand.

via OilPrice.com|

#eia #energy #fuel

energy2 years ago•1 min saved

Surprise Crude Build Sends Oil Prices Soaring

Crude oil prices rose after the Energy Information Administration reported a surprise inventory build of 4.5 million barrels for the week to May 26, with crude oil inventories in the US around 2% below the five-year average. The EIA also reported a 200,000-barrel inventory draw in gasoline and an inventory build of 1 million barrels in middle distillates. Brent crude traded at $73.11 per barrel, with West Texas Intermediate at $68.86 per barrel. Economists polled by Reuters suggested that prices will not top $100 this year, remaining below $90 per barrel for the remainder of the year.

via OilPrice.com|

#brent-crude #eia #energy

energy2 years ago•2 min saved

Oil Prices React to U.S. Debt Ceiling Bill and OPEC+ Focus

Oil prices rose slightly after the U.S. House of Representatives passed a debt ceiling bill, countering an inventory build reported by the American Petroleum Institute. The bill involves suspending the U.S. debt ceiling for two years, with some caps on federal spending and recycling of unused Covid funds. The possibility of a U.S. default has weighed on oil markets for weeks, but the bill's passage should provide some upward momentum for oil prices ahead of the OPEC meeting. The bill still needs to pass the Senate.

via OilPrice.com|

#bipartisan-support #energy #inventory-build

energy2 years ago•1 min saved

Oil Prices Drop Amidst Inflation and Inventory Concerns

Crude oil prices fell further after the Energy Information Administration reported an inventory build of 3 million barrels for the week to May 5, compared with an inventory draw of 1.3 million barrels estimated for the previous week. Gasoline inventories shed 3.2 million barrels in the period, with production averaging 9.8 million barrels daily. A slowdown in both gasoline and diesel demand has fueled concern about future oil demand in the world’s largest economy. The Department of Energy provided some support for prices with an update from Energy Secretary Granholm, who said the department still planned to begin refilling the strategic petroleum reserve later this year.

via OilPrice.com|

#eia #energy #gasoline-inventories

energy2 years ago•2 min saved

Oil prices struggle amid inflation concerns and inventory build-up.

Oil prices continue to decline due to a surprise inventory build reported by the American Petroleum Institute and anticipation of the consumer price index reading for April, which will inform Fed interest rate policy. However, prices received some support from the Department of Energy's plan to refill the strategic petroleum reserve later this year. Meanwhile, wildfires in Canada have disrupted supply, but the situation is normalizing.

via OilPrice.com|

#canada-wildfires #energy #inflation