Economy

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

Latest


20 September 2017
Won't trust Centre on Cauvery, Tamil Nadu tells SC
Arguing before a Special Bench of Chief Justice of India Dipak Misra, Justices Amitava Roy and A.M. Kerala too has challenged the allocation of water by the tribunal.

20 September 2017
Corbyn wins more control as Labour backs party power shift
A source said the review was about "democratising" the party and will report back "in due course". Jeremy is delighted that the NEC backed plans to tackle discrimination in the party.

20 September 2017
Senator Cassidy on Jimmy Kimmel takedown: 'I'm sorry he does not understand'
Republicans want to abolish President Obama's law, which expanded insurance but did not curb rising medical costs. The new bill was not like Graham-Cassidy bill, a document which would have avoided the lifetime coverage limits.

20 September 2017
Sanford, Bouwmeester injured during camp for Blues
The following year, Steen played in all 82 games and found the back of the net 15 times while recording 20 assists. Steen scored 16 goals and added 35 assists over 76 games with the Blues in 2016-17, his ninth year in the league.

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
PV Sindhu Says Beating Okuhara at Korea Open was 'Sweet Revenge'
It was end of the road for Sourabh Verma, Sai Praneeth, Ashwini Ponnappa/Sikki Reddy and Manu Attri/Sumeeth Reddy. She took 39 minutes to dispatch Thailand's Pornpawee Chochuwong 21-17, 21-9 in the women's singles opening round.

20 September 2017
Mourinho tells Carrick, Herrera to be patient
Ander Herrera believes that David De Gea is the best goalkeeper in the world following his strong form for Manchester United . When you play for the biggest club it is not so easy to play ever game, every minute.

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
Opioid Deaths Stall Life Expectancy in the US
Increases in poisoning have been reported to have reduced life expectancy for non-Hispanic white Americans from 2000-2014. Response: We need to determine what interventions work to prevent unnecessary opioid use and to prevent opioid overdose.

20 September 2017
SD lawmaker shares image depicting protesters hit by vehicle
Keller Williams Realty Black Hills didn't immediately respond to an Associated Press request for comment. DiSanto added her own caption, in a Facebook post, saying "I think this a movement we can all support".



Recommended