Oil Prices up on Refineries Rebound

Oil Prices up on Refineries Rebound”

That complicates efforts by the Organization of the Petroleum Exporting Countries and other major producers to push oil higher through output curbs, as every rise in price encourages more USA production.

-After trading slightly higher early morning, November Nymex light, sweet crude on the New York Mercantile Exchange was recently down 5 cents at $51.51 a barrel in the Globex trading session.

Overnight, crude oil prices settled lower on Thursday as traders unwound some of their bullish bets on crude but sentiment on oil remained positive following inventory data on Wednesday showing a surprise draw in crude oil supplies.

Oil prices fell on Thursday, with US crude giving up some of the previous session´s gains that were driven by a surprise fall in inventories, while Brent moved further away from recent 26-month highs. According to recent reports and news, the crude inventories managed to shed a total of 1.8 million barrels in the week to September 22.

Brent's premium over USA crude widened to a more than two-year high this week, in part due to reduced demand stemming from Harvey.

Iraqi Kurdistan voted in favor of independence while Turkey's government warned of possible use of force to prevent an independent Kurdish state.

On the brighter side, US crude exports were also up by a great amount of 563,000 barrels per day tallying a new record of 1.49 million barrels per day in the week.

Yawger noted that a sharp drawdown in U.S. distillate inventories - diesel and heating oil - ahead of the busy winter season should spur demand for crude in coming weeks, keeping any selloff modest.

Like this


29 September 2017
Breaking Down the Chart for PayPal Holdings, Inc. (PYPL)
Finally, BidaskClub cut PayPal Holdings from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, June 14th. Volume is the basic fuel of the market since stocks move up or down in price only when shares are trading hands.

29 September 2017
Democrats Bash the Pro-Union Jones Act
Furthermore, there is lack of fuel on the island and so there are a limited number of trucks available to move the goods around. The law applies to all US ports and has been a frequent source of tension between the USA maritime industry and its customers.

29 September 2017
Federation Internationale de Football Association 18 on Nintendo Switch Looks Great Next to Xbox One Version
The shocking part about this is that the Switch version holds up next to the Xbox One despite not running on the Frostbite engine. With the standard edition you pay the lowest price but you also get the least extra goodies.

29 September 2017
OnePlus 5 spotted running Android 8.0 Oreo, beta testing may commence soon
Now, here in 2017, Nokia has returned with the same Android that caused its exit years ago, but as a greatest strength. The HMD officials recently confirmed that the Android 8.0 Oreo update would be available soon for Nokia 3 ,5 and 6.

29 September 2017
Mastermind Behind Kim Kardashian's Paris Robbery Pens An Apology Letter
At around 3am on October 3, the robbers entered the building after the concierge let them in. Kardashian West a letter to explain just how sorry he is.

29 September 2017
Some NE Patriots Protest Trump's Comments By Taking A Knee
The Patriots lost 24-20 after Rob Gronkowski appeared to be interfered with in the end zone in the closing seconds. Referee Clete Blakeman's crew threw the flag. then after a discussion among officials picked it up.

29 September 2017
The Wii Shopping Channel Will Close On January 31st 2019
Originally reported by Gematsu , the Wii Shop Channel will be undergoing a few stages of shut down over the next year and a bit. After this date users will no longer be able to buy titles or applications from the channel for the Wii or Wii U .

29 September 2017
Max Verstappen top in Malaysian Grand Prix first practice
"We'll keep trying and staying positive, aiming for the best results with the last few race of the season", said Verstappen. Still, Verstappen says he is consoled by the fact that he is regularly beating Australian Ricciardo in qualifying.

29 September 2017
UBS Asset Management Americas Increases Position in Concho Resources
BidaskClub lowered shares of Concho Resources from a "hold" rating to a "sell" rating in a research report on Thursday, June 22nd. Peak6 Invs LP accumulated 38,462 shares. 723.10 million shares or 5.56% more from 685.01 million shares in 2017Q1 were reported.

29 September 2017
Alibaba Group Holding Limited (BABA) Short Interest Up 2.8% in August
The stock of Alibaba Group Holding Ltd (NYSE: BABA ) earned "Outperform" rating by RBC Capital Markets on Friday, August 12. The stock of Alibaba Group Holding Ltd (NYSE: BABA ) earned "Overweight" rating by Barclays Capital on Wednesday, August 2.