Economy

United States crude oil, product stockpiles likely down again

United States crude oil, product stockpiles likely down again”

Oil steadied near $57/bbl in NY as data showing USA crude output at the highest in at least three decades countered concerns sparked by a political purge in top exporter Saudi Arabia.

The latest data adds to signs of consistently high USA output and are likely to weigh on markets.

(Dow Jones) US inventories of crude oil unexpectedly increased for the week ended 3 November, even as refinery activity sped up, according to data released Wednesday by the Energy Information Administration. "Everybody is coming to the realization that shale is here to stay". Just yesterday, OPEC itself said US shale output will continue to grow and may not max out until the middle of the next decade. The mixed report combined with the technically overbought market may give investors an excuse to take profits and re-enter at more favorable price levels. The contract reached a 28-month high earlier this week.

After the data was reported, at 14:45 London time, January Brent was at $63.12/bbl, down 57 cents/bbl, while December WTI was trading at $56.58/bbl, up 62 cents/bbl. The global benchmark crude traded at a premium of $6.28 to January WTI. That slightly topped the previous high reached in June 2015, just before the oil price crash sparked a more than one-year decline that dropped USA output to roughly 8.4 MMBPD.

During the week ending on 3 November, total United States commercial crude inventories rose by 2.2m barrels (consensus: 2.9m) versus the prior week to reach 457.1m barrels, according to the Energy Information Administration.

Exports fell by 1.26m b/d to 869,000 b/d, the EIA said. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls.



Like this

loading...
loading...

Latest


09 November 2017
Steve Bannon in Michigan: 'You can't fake Trump agenda'
The Republican will be attending the Patriot Dinner happening Friday at The Citadel, according to campaign manager Katie Baham. Bannon also is promoting a field of primary challengers to take on incumbent Republicans in Congress, especially the Senate.

09 November 2017
Victoria Beckham is collaborating with Reebok
We're happy to see that Beckham won't be banishing her glitzy reputation for a uniform of sweats. However, it looks like Beckham's take on athleisure will have a girl power vibe.

09 November 2017
Trump gives China's Xi a total, stunning press pass
China isn't supposed to have a say about press access. "I once had to tell Chinese officials that Pres. Bush and Bill Clinton did take questions from reporters during their first trips to China.

09 November 2017
Tourism Minister KJ Alphons elected as Rajya Sabha MP
Alphons Kannathanam was elected unopposed to the Rajya Sabha from Rajasthan in the by-election for a vacant seat here on Thursday. Union Minister of State for Tourism and Bharatiya Janata Party (BJP) leader K.J.

09 November 2017
AR police: Wipe down your shopping cart
However, the Drug Enforcement Administration ( DEA ) has issued a warning to police and the public about exposure to the drug . Snopes states they can not find evidence of law enforcement agencies ever issuing such a warning.

09 November 2017
FY2017 EPS Estimates for Amazon.com, Inc. (NASDAQ:AMZN) Decreased by Analyst
Sage Group holds 0.05% or 1,598 shares. 1,270,632 shares of the stock were exchanged, compared to its average volume of 3,610,000. The e-commerce giant reported $0.52 EPS for the quarter, missing the Zacks' consensus estimate of $1.09 by ($0.57).

09 November 2017
Aston Martin Vantage revealed in patent images
In addition to this announcement photo, a couple of teaser pics have also been released, showing off the car's upgraded design. The entry-level Aston will first arrive as a V8, adopting the Mercedes-AMG engine recently launched in the DB11.

09 November 2017
Wall Street Stock Recommendations: Mueller Water Products, Inc. (MWA), Gerdau SA (GGB)
They just need to take the company's market capitalization and divide it by the company's total sales over the past 12 months. Marathon Partners Equity Management Llc holds 2.92% of its portfolio in Mueller Water Products, Inc . for 545,000 shares.

09 November 2017
Unofficial numbers show Democrats dominate Election 2017 in Ridgefield — Blue sweep
Town Board member Terry Middleton ran unopposed for supervisor in Fort Edward, following the retirement of Mitch Suprenant. Suffolk Democrats held onto control of the Suffolk legislature Tuesday while losing their supermajority by a single seat.

09 November 2017
Reading the Tea Leaves for Red Robin Gourmet Burgers, Inc. (RRGB)
The Punch & Associates Investment Management Inc holds 1.11M shares with $9.29 million value, down from 1.20M last quarter. Parametric Portfolio Associates LLC boosted its position in Red Robin Gourmet Burgers by 5.3% during the first quarter.