Crude inventories up again, gasoline, diesel stocks down

Crude inventories up again, gasoline, diesel stocks down”

The American Petroleum Institute reported late Tuesday that crude oil inventory levels rose last week in the United States by 1.4 million barrels.

The U.S. Energy Information Administration's (EIA) recently released International Energy Outlook 2017 (IEO2017) projects that world energy consumption will increase by 28 percent between 2015 and 2040. On the East Coast, crude stockpiles touched the lowest level seasonally since 2014.

Oil prices declined Tuesday as traders anticipated a buildup in USA crude stockpiles.

Crude oil prices rebounded in Asia on Tuesday with industry estimates of US inventories ahead expected to set the near-term tone. "However, this has had limited impact in dissipating the bullish sentiment prevailing in the market".

Crude oil prices remained supported near multi-month highs on Tuesday, still boosted by an overall upbeat outlook for global supply and demand, while markets awaited the release of fresh data on USA stockpiles. Benchmark Brent crude traded up $1.18 at $56.32.

The U.S. West Texas Intermediate crude October contract was at $50.59 a barrel by 09:00 a.m. ET (13:00 GMT), up 24 cents or about 0.48%, just off a four-month peak of $50.84 reached overnight.

Distillate stockpiles, which include diesel and heating oil, fell by 5.7 million barrels, versus expectations for a 1.6 million-barrel drop, the EIA data showed.

S&P Platts said at the start of this week that analysts it polled had forecast a 2.4-million-barrel build in crude oil stockpiles, with the agency warning this would pressure prices, along with a surge in oil imports. In the week before Harvey hit, refining rates were at 96.6 percent, their highest since 2005.

U.S. gasoline demand hit 9.8 MMbpd in July 2017-the highest level ever.

These, according to the authority, stood at 472.8 million barrels as of last Friday, up by 4.6 million barrels from the previous week, which saw a 5.9-million-barrel increase.

Like this


20 September 2017
A North Korean Defector Describes Life Under Kim Jong
The Pyongyang graduate risked her life by making the revelations but did so to expose sensitive information about the leader. When her father, Wui Yeon Lim, 51, passed away, Hee Yeon chose to flee the country along with her other family members.

20 September 2017
West Indies' Brathwaite cleared to bowl in global cricket
The 2019 World Cup will take place between 30 May and 15 July as reigning champions Australia will look to defend their crown. Interestingly, England , where cricket was born, have never won the World Cup.

20 September 2017
Rohingya crisis: Development only solution to the situation, says India at UNHRC
The current violence in the Rakhine state has seen more than 400,000 Rohingya Muslims flee to neighbouring Bangladesh. Suu Kyi said she nevertheless wanted the worldwide community to know what was being done by her government.

20 September 2017
Why create communal distinction between Hindus, Muslims: Calcutta HC asks Mamata
The Calcutta High Court questioned the state government's decision and asked why the two communities could not celebrate together. On September 16, Chief Minister Mamata Banerjee warned RSS, Bajrang Dal and VHP not try to disturb peace in the state.

20 September 2017
Darci Lynne Nominated For "Best Viral Moment" By Tiger Beat
After a comedy bit to start the performance, they all teamed up to sing the Beatles' song "With a Little Help From My Friends". This week, Darci Lynne stunned the audience and judges by performing with two puppets for the finals.

20 September 2017
Most New York state colleges are following campus sex assault prevention guidelines
In the Capital Region, 14 colleges and universities were rated compliant and seven were rated significantly compliant. Institutions not fully in compliance will be notified by the New York State Office of Campus Safety.

20 September 2017
BidaskClub Downgrades America Movil SAB de CV (AMOV) to Buy
If you are reading this story on another site, it was illegally copied and reposted in violation of USA & global copyright law. The stock increased 0.16% or $0.03 during the last trading session, reaching $18.52. 4,621 shares of the stock traded hands.

20 September 2017
He Was a Chicago Cop for 29 Years, a Fugitive for 14
He appeared in federal court in Detroit on Tuesday and was ordered held until he can be brought to Chicago to face the charges. But Hicks, though vanished, still looked out for number one - himself- and of course, those he cared for.

20 September 2017
Frank Castle brings the pain in first The Punisher trailer
Though The Punisher strangely still does not have an official release date, Netflix is still promising the show in 2017. We also have a mammoth image gallery featuring new images from the show that you can also check out below.

20 September 2017
Deputy Attorney General Rosenstein was reportedly interviewed in special counsel probe
Mueller's team has been looking into whether President Donald Trump attempted to obstruct justice by firing Comey. Sources quoted in the report pointed out that Mueller interviewed the man he reports to as U.S.