Oil Trades Near $68 Before U.S. Stockpile Data, Iran Decision

Futures in New York increased 0.6 percent after a 1.9 percent drop on Tuesday. U.S. crude inventories rose 3.43 million barrels last week, the American Petroleum Institute was said to report. That compares with a 1.23 million-barrel gain in a Bloomberg poll of analysts ahead of Wednesday’s government data. The oil market has priced in a more than 50 percent probability that the U.S. will sanction Iran, according to Standard Chartered Plc.

Oil rallied to a three-year high last month ahead of the decision on Iran by President Donald Trump and as conflicts in the Middle East heat up. While the U.S. continues pumping record amounts of crude, Goldman Sachs Group Inc. expects only a “moderate” response to higher prices from American shale producers. It also sees an increasing likelihood that the Organization of Petroleum Exporting Countries and allies will extend their supply cuts through next year.

Futures for September delivery were 0.3 percent lower at 441.2 yuan per barrel on the Shanghai International Energy Exchange. Trading on the bourse was closed on Monday and Tuesday for Chinese public holidays.

If the API’s stockpiles data is reflected in the government announcement, it would be the biggest build since early March. The industry body was also said to show crude inventories in the American oil-storage hub of Cushing, Oklahoma, rose by 725,000 barrels last week. Gasoline stocks increased by 1.6 million barrels while distillates declined 4.08 million.
more at: https://www.bloomberg.com/news/articles/2018-05-02/oil-holds-losses-as-industry-data-show-u-s-stockpiles-expanded

Related Posts

AAA Daily Fuel Gauge Report for Friday, 11/1/24

National Average Price for Regular Unleaded Current: $3.122; Month Ago: $3.204; Year Ago: $3.462. National Average Price for Diesel Current: $3.566; Month Ago: $3.571; Year Ago: $4.451.

Oil Advances on Signs U.S. Stockpile Gains Easing After Harvey

Futures climbed as much as 1.3 percent in New York after declining 0.9 percent Tuesday. Inventories expanded by 1.44 million barrels last week, the American Petroleum Institute was said to report. That’s less than half the projected 3.9 million-barrel increase the government is forecast to report Wednesday. Some U.S. refiners are delaying maintenance to take advantage of strong margins. While oil has rebounded the past two weeks, crude in the U.S. has struggled to hold above $50 a barrel as prices beyond that level make some shale profitable and boost supply. At the same time, the Organization of Petroleum Exporting Countries and its allies are said to be discussing extending by more than three months the output cuts that expire in March. Iraq, the group’s second-biggest producer, has said production should be reduced by an additional 1 percent to help rebalance the market. Click Read More below for additional detail.

Oil Steady After Drop in Fuel Stocks Stokes Demand Hopes

Oil prices were steady on Thursday, holding gains made the previous session after falling U.S. crude and oil product inventories lifted the market. Brent crude futures LCOc1, the international benchmark for oil prices, stood at $49.72 per barrel at 0939 GMT, 2 cents up from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.10 per barrel, 2 cents below their last close.
Back To Top
×Close search
Search