"indiatimes" declare : Oil prices slump on bloated U.S. fuel inventories, stalling China demand, Energy News, ET EnergyWorld
Crude inventories rose by 14.2 million barrels in the week to February 3 to 503.6 million barrels, compared with analysts' expectations for a 2.5 million barrels increase. China's 2016 oil demand grew at the slowest pace in at least three years, Reuters calculations based on official data showed. Despite this, the U.S. bank said "this data vastly overstates a likely modest year-on-year decline in gasoline demand," and that its "outlook for global strong demand growth (remains) unchanged". Gasoline stocks rose by 2.9 million barrels, compared with expectations for a 1.1-million barrel gain. U.S. West Texas Intermediate (WTI) crude was at $51.52 a barrel, down 65 cents, or 1.3 percent.
as mentioned in Oil output from the US will surge next year to the highest level since 1970, according to updated estimates from the Energy Information Administration (EIA). Oil fell for a third day after industry data showed US crude stockpiles surged, raising speculation rising supply from US shale producers is offsetting cuts by Opec. The global benchmark crude traded at a premium of $2.40 to April WTI. American oil output will average 9.53 million barrels a day in 2018, up from 9.3 million projected in January, the EIA said in its monthly short-term energy outlook released Tuesday. Crude supplies rose by 14.2 million barrels last week, the American Petroleum Institute was said to report Tuesday.
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as mentioned in Oil output from the US will surge next year to the highest level since 1970, according to updated estimates from the Energy Information Administration (EIA). Oil fell for a third day after industry data showed US crude stockpiles surged, raising speculation rising supply from US shale producers is offsetting cuts by Opec. The global benchmark crude traded at a premium of $2.40 to April WTI. American oil output will average 9.53 million barrels a day in 2018, up from 9.3 million projected in January, the EIA said in its monthly short-term energy outlook released Tuesday. Crude supplies rose by 14.2 million barrels last week, the American Petroleum Institute was said to report Tuesday.
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Oil prices edge up on short covering; gasoline jumps
Oil prices came under pressure early as Reuters calculations showed China's 2016 oil demand grew at its slowest pace in at least three years. U.S. crude stocks rose by 13.8 million barrels in the week to Feb. 3 as refineries cut output, while gasoline stocks decreased, the Energy Information Administration said. Brent crude futures (LCOc1) settled at $55.12 per barrel, up 7 cents or 0.13 percent. Still, analysts said the gasoline market remained oversupplied. "The crude oil inventory build was really terrible for the market but the market does not seem to care because the products inventories were better than expected and are dragging crude oil prices up with it," said Andrew Lipow, president of Lipow Oil Associates in Houston.read more visit us oil markets
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