Oil Slides Near $50 on Signs U.S. Fuel Stockpiles Increased

Futures lost as much as 1 percent in New York, after falling 2.4 percent in the previous two sessions. Gasoline supplies rose by 4.91 million barrels last week, the American Petroleum Institute was said to report. That will be the biggest gain since January if replicated in government data Wednesday. Libya is gradually resuming output at its biggest oil field, people familiar with the matter said.

“After the steep rally of recent weeks, it seems quite logical that the market runs into some resistance, triggering waves of profit-taking,” said Hans van Cleef, senior energy economist at ABN Amro Bank NV in Amsterdam.

West Texas Intermediate for November delivery slid as much as 51 cents to $49.91 a barrel on the New York Mercantile Exchange, and was at $50.08 at 9:55 a.m. in London. Total volume traded was about 31 percent below the 100-day average. Prices fell 16 cents to $50.42 on Tuesday.

Brent for December settlement dropped 48 cents, or 0.9 percent, to $55.52 a barrel on the London-based ICE Futures Europe exchange. Prices lost 12 cents to $56 on Tuesday. The global benchmark crude traded at a premium of $5.15 to December WTI.

Nationwide crude stockpiles fell by 4.08 million barrels last week, the API said Tuesday, according to people familiar with the data. Crude stockpiles at Cushing, Oklahoma, climbed by 2.08 million barrels. An Energy Information Administration report Wednesday is forecast to show supplies slid by 500,000 barrels, according to the median estimate in a Bloomberg survey.
more at: https://www.bloomberg.com/news/articles/2017-10-03/oil-extends-losses-near-50-on-signs-u-s-fuel-stockpiles-gained

Related Posts

AAA Daily Fuel Gauge Report for Friday, 10/2/20

National Average Price for Regular Unleaded Current: $2.192; Month Ago: $2.234; Year Ago: $2.662. National Average Price for Diesel Current: $2.392; Month Ago: $2.429; Year Ago: $3.012.

Oil Holds Near $63 as Crude Stocks Drop, Trade Tensions Abate

Prices are being affected by “a bullish oil-inventory report” from the U.S., said Michael Poulsen, an analyst at Global Risk Management Ltd. U.S. storage dropped by 4.62 million barrels to 425.3 million barrels last week, while outbound shipments of crude expanded to a record, according to an Energy Information Administration report Wednesday. The EIA data also showed that American oil production rose to an unprecedented 10.5 million barrels a day, topping the 10 million-barrel level for a ninth week. Global markets from equities to oil recovered after investor optimism grew that the U.S. and China will step back from the brink of a trade war. Click Read More below for additional information.

Oil Falls on Report Showing OPEC Deal Compliance Falling in July

Oil prices fell on Friday after a consultancy report forecast a rise in OPEC production for July despite the group's pledge to curb output, reigniting concerns the market will stay awash with crude. Petro-Logistics, which tracks OPEC supply forecasts, said OPEC crude production would rise by 145,000 barrels per day (bpd) this month, taking the group's combined output above 33 million bpd. Higher supply from Saudi Arabia, the United Arab Emirates (UAE) and Nigeria would drive this month's gains, it said.
Back To Top
×Close search
Search