Oil futures rose slightly on Thursday, a day after the U.S. benchmark contract entered a bear market following a report showing domestic supplies hit a nearly two-year high. A weakening global economic backdrop, amplified by tariff tensions between the U.S. and some of its key trading partners, have underpinned lower moves in crude because tariff animosities can lead to softer demand for energy assets. The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 6.8 million barrels for the week ended May 31. Click Read More below for additional information.
Oil prices resumed their slide on Wednesday, dragged down after an unexpected gain in U.S. inventories, but with losses capped by a recovery in global equities on hopes of a rate cut from the Federal Reserve. U.S. crude inventories rose unexpectedly last week, while gasoline and distillate stockpiles built more than expected, data from American Petroleum Institute showed on Tuesday. Crude stocks rose by 3.5 million barrels in the week to May 31 to 478 million barrels, compared with analysts' expectations for a decrease of 849,000 barrels. Click Read More below for additional information.
Oil prices fell on Tuesday to their lowest since January on signs that an economic slowdown is starting to dent energy demand and as Russia’s top oil producer said it opposed extending joint cuts with OPEC until the end of the year. “The prolonged trade war has sparked fears of a global economic slowdown as well as weaker oil demand,” tanker brokerage Eastport said on Tuesday. “Slowing economic activity now threatens to derail our base case of robust cyclical (oil) demand growth,” Bank of America Merrill Lynch said in a note. Click Read More below for additional information.
Oil prices edged higher on Monday after reassurances from top oil exporter Saudi Arabia offered some respite from last week’s heavy losses as deepening U.S. trade wars fanned fears of a global economic slowdown. “We will do what is needed to sustain market stability beyond June. To me, that means drawing down inventories from their currently elevated levels,” the Saudi-owned Arab News newspaper cited the kingdom’s Energy Minister Khalid al-Falih as saying. Click Read More below for additional information.
National Average Price for Regular Unleaded – Current: $2.825; Month Ago: $2.882; Year Ago: $2.955. National Average Price for Diesel – Current: $3.088; Month Ago: $3.099; Year Ago: $3.212.
American Dollar to Canadian Dollar = 0.737792; American Dollar to Chinese Yuan = 0.144730; American Dollar to Euro = 1.115173; American Dollar to Japanese Yen = 0.009196; American Dollar to Mexican Peso = 0.050930.
The Energy Information Administration on Thursday reported that U.S. crude supplies edged lower by 300,000 barrels for the week ended May 24. Data were delayed by a day because of Monday's Memorial Day holiday. Analysts polled by S&P Global Platts expected a fall of 1.4 million barrels for crude stocks, on average. The American Petroleum Institute on Wednesday reported a decline of 5.3 million barrels, according to sources. The EIA data also revealed that gasoline inventories climbed by 2.2 million barrels, while distillate stockpiles fell by 1.6 million barrels last week. Click Read More below for additional information.
Oil prices fell on Thursday on fears of a global economic slowdown due to a U.S.-China trade war but losses were capped by a tightening crude market and rising political tensions in the Middle East. Oil prices have been supported in recent months by output cuts from the Organization of the Petroleum Exporting Countries (OPEC) and other major producers as well as falling supplies from Iran. Click Read More below for additional information.
National Average Price for Regular Unleaded – Current: $2.845; Month Ago: $2.866; Year Ago: $2.968. National Average Price for Diesel – Current: $3.100; Month Ago: $3.084; Year Ago: $3.206.
American Dollar to Canadian Dollar = 0.742940; American Dollar to Chinese Yuan = 0.144900; American Dollar to Euro = 1.118558; American Dollar to Japanese Yen = 0.009123; American Dollar to Mexican Peso = 0.052501.