Economy

Oil prices decline amid disappointing United States stockpiles data

Crude oil futures rallied Wednesday, extending multi-month hghs after a surprisingly large drawdown in United States oil stockpiles. Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks were forecast to have fallen 1.8 million barrels in the week ended October 27. Inventories of all petroleum products, including diesel, heating oil and jet fuel, fell by 5.8 million barrels.

Refineries processed 16 million bpd daily last week, down 10,000 bpd on the previous week, producing 10.2 million bpd of gasoline.

Meanwhile, gasoline inventories were drawn down by 4.0m barrels last week while those of distillates dipped by 0.3m barrels.

In parallel, imports dropped by 552,000 b/d to average roughly 7.6m b/d, the EIA said. Then, last week, Crown Prince Mohammed said in several interviews that OPEC's de facto leader was all for an extension of the deal until the end of 2018.



Like this

Latest


02 November 2017
P will not cancel November 5 rally, says Farooq Sattar
Following the Vohra's defection, MQM-P chief Dr Farooq Sattar convened an emergent meeting of his party's legislators at his house.

02 November 2017
ABB Ltd (ABB) Hits 52-Week High
The Company operates through four divisions: Electrification Products, Robotics and Motion, Industrial Automation and Power Grids. Deutsche Bank AG upgraded shares of ABB from a "sell" rating to a "hold" rating in a research report on Friday, July 22nd.

02 November 2017
Dick's Sporting Goods, Inc. (NYSE:DKS) Shares Dip Under Moving Averages
The sporting goods retailer reported $0.96 earnings per share for the quarter, missing the consensus estimate of $1.00 by ($0.04). Art Advsr Limited has invested 0.14% in Dicks Sporting Goods Inc (NYSE: DKS ). 6,517 were reported by Taurus Asset Mngmt Ltd Llc.

02 November 2017
There were 134 collisions in Edmonton Wednesday
The product, which is applied in a thin layer once per snowfall, prevents the snow from sticking to the pavement, the city said. Tecklenborg says the city is well-prepared for winter, with more than 150 pieces of snow removal equipment at its disposal.

02 November 2017
October was apparently pickup truck month in the US
Millions of used cars are returning to the market from leases, and analysts say that is likely to pull sales from new vehicles. Retail sales fell 4 percent, though the company's Ram and Jeep brands had strong months, according to the automaker.

02 November 2017
Aperio Group, LLC Modifies Its Position in Burlington Stores, Inc. (BURL)
Investors are a little more bearish on shares of Burlington Stores, Inc. recently if you look at the increase in short interest. The average Wall Street analyst rating for Burlington Stores, Inc.is Strong Buy, according to the average of 10 analyst scores.

02 November 2017
Supercharger Kit gives 2018 Ford Mustang 521kW
This power level is achieved while running on 93 octane gasoline with the combination of direct and port fuel injection. Mustang purchasers can now opt for a supercharger kit to be added to their new vehicle .

02 November 2017
What Does Wall Street Say about SunPower Corporation (NASDAQ:SPWR)?
That's a potential 27.53 increase relative to where SunPower Corporation (NASDAQ: SPWR ) has been trading recently. NeoPhotonics Corporation (NYSE:NPTN) earnings have risen with a quarterly rate of 15.4% over the last 5 years.

02 November 2017
Discovering Momentum Stocks: New Residential Investment Corp. (NRZ), Costco Wholesale Corporation (COST)
The stock of New Residential Investment Corp (NYSE:NRZ) has "Overweight" rating given on Wednesday, August 10 by Barclays Capital. The stock of New Residential Investment Corp (NYSE:NRZ) has "Outperform" rating given on Thursday, February 25 by FBR Capital.

02 November 2017
San Francisco police officer, suspect injured in shooting
At around noon on Wednesday, eight or so police officers milled around crime scene among evidence markers and forensic equipment. Anyone with information about the shooting is asked to the call the San Francisco Police Department tip line at 415-575-4444.



Recommended