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Us Crude Inventories

All articles tagged with #us crude inventories

business1 year ago

Oil Prices Rebound Amid Fed Rate Cut Hopes and OPEC+ Moves

Oil prices rose slightly on expectations of a Federal Reserve interest rate cut in September, but gains were limited by higher U.S. crude inventories and an OPEC+ decision to increase supply. Brent crude futures increased by 0.40% to $78.72 a barrel, while U.S. West Texas Intermediate crude futures climbed 0.55% to $74.48. Despite the rise, oil benchmarks are still on track for weekly declines due to bearish supply news and weaker demand expectations.

via Reuters|
#business#federal-reserve#interest-rates
energy2 years ago

"Surprising Dive in U.S. Crude Inventories Sends Oil Prices Lower"

U.S. crude inventories experienced a significant draw of 4.210 million barrels, according to the American Petroleum Institute (API), surpassing analysts' expectations of a modest draw. Gasoline inventories rose by 3.946 million barrels, while distillate inventories increased by 349,000 barrels. Oil prices were trading higher ahead of the API data release, with Brent at $91.19 and WTI at $89.55. Cushing inventories rose by 705,000 barrels, leaving about 22 million barrels in Cushing.

via OilPrice.com|
#api#distillate-inventories#energy
energy2 years ago

Rising Oil Prices Driven by Depleted US Crude Inventories

US commercial crude oil inventories have been depleting, with a decline of 34 million barrels since mid-July, signaling a tightening market and driving up spot prices and calendar spreads. The drawdown in inventories has particularly affected stocks in Cushing, Oklahoma, the delivery point for NYMEX US crude futures. This depletion, combined with production cuts by Saudi Arabia and Russia, has contributed to the rise in oil prices. US net crude imports remain subdued, while the US Department of Energy has shifted from strategic inventory liquidation to accumulation, further tightening the availability of crude in the commercial market and adding upward pressure on prices and spreads.

via Reuters|
#cushing#energy#market-tightening
energy2 years ago

Oil Prices Surge on Hurricane Threat and Significant US Stockpile Draw

Oil prices rose as industry data showed a significant draw in US crude inventories, indicating strong demand. Concerns over Hurricane Idalia in the Gulf of Mexico also contributed to the gains. The offshore Gulf of Mexico accounts for a significant portion of US oil and natural gas production. Additionally, expectations of Saudi Arabia extending its voluntary output cut and potential disruptions in crude supplies from Gabon further tightened the market. However, worries about fuel demand and the mixed economic situation in China limited the price increase.

via Reuters.com|
#energy#gabon#hurricane-idalia
energy2 years ago

Crude oil prices continue to plummet, facing weekly losses.

Oil prices fell on Friday, with both Brent and WTI crude on course for weekly losses of more than 4%, due to concerns over global economic growth following a series of rate hikes by central banks. The Bank of England surprised markets by hiking interest rates by 50 basis points, while central banks in India and Turkey also hiked rates. The Energy Information Administration reported that US crude inventories shrank more than expected in the week to June 16. However, PMI data from several countries suggests downside risk is a possibility.

via Investing.com|
#economic-growth#energy#interest-rates
energy2 years ago

Oil prices struggle amidst recession fears and demand weakness.

Oil prices fell on Wednesday despite a report showing US crude inventories fell more than expected, as weak economic data raised recession fears for the world's biggest economy. Brent crude fell by 1.2% to $79.82 a barrel while US West Texas Intermediate crude lost 0.9% to $76.38. The Energy Information Administration data showed US crude inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analyst forecasts of a 1.5 million drop.

via Reuters|
#economic-data#energy#oil-prices