Economy

API Estimates Show Surprise Draw In US Crude Oil

API Estimates Show Surprise Draw In US Crude Oil”

Crude oil prices were flat Wednesday morning, holding recent gains after industry data showed a surprise drop in U.S. crude oil inventories.

Oil prices rose on Wednesday, with the Brent benchmark hovering near a 26-month high hit in the previous session, after USA oil inventories unexpectedly declined as refiners raised output and amid threats from Turkey to cut crude exports from Iraq.

Oil supplies at the hub of Cushing, Oklahoma, rose by 1.1 million barrels. Analysts had forecast an increase of 3.4 million barrels.

Brent November crude futures were down 14 cents at $58.30 a barrel at 0832 GMT, while USA crude for November delivery edged up 11 cents to $51.99.

Wholesale U.S. gasoline prices were down 2.7% at $1.6538 per gallon.

However, Brent is set for a 22 percent gain in the third quarter of this year, its largest rise in the period between July and September since 2004, thanks in part to coordinated output cuts.

Crude oil production in Texas, one of the biggest producers of shale oil in the USA, in July fell less than 1% compared with a year ago, the state's energy regulator said on Tuesday.

US production rose to 9.55 million barrels a day in the most recent week, though those weekly production figures are subject to large revisions.

Refinery crude runs rose by 1.3 million barrels per day, API data showed.

"Seeing exports of US produced crude that large would pose a threat to the level that the Brent-WTI premium can go", said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

Gasoline inventories however rose by 1.5 million barrels compared to a 962,000 barrels decline seen and distillates declined by 4.5 million barrels, compared with a 2.474 million barrels drop expected.

Turkish President Tayyip Erdogan on Tuesday repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day of crude from northern Iraq to the Turkish port of Ceyhan in retaliation for an independence referendum in Iraqi Kurdistan.

The Organisation of the Petroleum Exporting Countries and 11 rival producers, including Russian Federation, have committed to output cuts of 1.8 million bpd between January 2017 and March 2018 to help global supply align with demand.



Like this

Latest


28 September 2017
South Korea urges Trump to calm tensions with North Korea
During a visit to India, US Defence Secretary James Mattis said diplomatic efforts to deal with the crisis were continuing. Trump praised Spain's decision to expel a North Korean ambassador and to stand with the United States.

28 September 2017
As flu season nears, healthcare providers recommend getting vaccinated now
GP Joanne Watt, chair of NHS Corby Clinical Commissioning Group, said: "Flu is a highly infectious illness caused by a virus. And the Marquette County Health Department is already in the midst of preparing the community for the flu.

28 September 2017
The UK economy is at its most competitive for a decade
The country has stable institutions (27th), good-quality infrastructure (29th), and the largest market in the Arab world (15th).

28 September 2017
Christie Brinkley's daughter to star in Sports Illustrated Swimsuit 2018
Her supermodel mom appeared on the cover three times and posed for eight swimsuit issues, in all, between 1975 and 2004. Earlier this year, she was photographed with Cook and her other daughter, singer Alexa Ray Joel .

28 September 2017
Revenue Estimates Analysis Of Eldorado Gold Corporation (EGO)
Eldorado Gold Corporation (NYSE: EGO ) went up to recover about 27.68% since recording its record low price of $1.77. Eldorado Gold Corporation's institutional ownership is 75.8%, while its institutional transactions stand at 0.82%.

28 September 2017
Brokerages Set American Eagle Outfitters, Inc. (AEO) Target Price at $14.58
Finally, Hodges Capital Management Inc. raised its position in shares of American Eagle Outfitters by 87.1% in the second quarter. The apparel retailer reported $0.19 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.16 by $0.03.

28 September 2017
Alder Biopharmaceuticals Inc (ALDR) Analysts See $-1.21 EPS
Finally, Voya Investment Management LLC raised its position in Alder BioPharmaceuticals by 8.4% during the second quarter. The stock of Alder Biopharmaceuticals Inc (NASDAQ: ALDR ) has "Buy" rating given on Thursday, June 29 by Aegis Capital.

28 September 2017
Analysts Reveals Updates on Transocean Inc (RIG)
The last close places the company's stock about $7.34 off its 52 week high of $16.66 and $2.12 above the 52 week low of $7.2. The highest price RIG stock touched in the last 12 month was $16.66 and the lowest price it hit in the same period was $7.2.

28 September 2017
Amicus Therapeutics, Inc. (NASDAQ:FOLD) Stock Traded Over Its 50 Day Average
They expect this year's earnings to fall -6.47% year-over-year to -$1.3, followed by -30% decline in the next year to -$0.91. Oppenheimer reiterated coverage for the stock on 19/09/2017 and RBC Capital Mkts issued a upgraded the stock on 22/06/2017.

28 September 2017
3 dead after scaffolding collapses at Florida television tower
Miami-Dade Fire Rescue spokesman Felipe Lay says the workmen fell 300-400 feet (90-120 meters). The tower was completed in 2009 and began digital transmission the same year.



Recommended