Oil stockpiles in the U.S. plunged 7.2 million barrels last week, according to the American Petroleum Institute, pushing up oil prices for the second day in a row.
The drop in inventories was the most occurring in the U.S. in five weeks.
Hurricane Isaac, according to a report from the Energy Department, could result in a decline of 4.95 million barrels. Just under 50 percent of oil production and 26 percent of natural gas production remains shut down as a result of the storm.
As for gasoline stockpiles, it was down 2.3 million barrels last week, said the American Petroleum Institute. Some analysts believe it's close to being 3 million barrels lower.
Oil for October delivery climbed as high as $96.06 a barrel on the New York Mercantile Exchange, a gain of 70 cents. Brent oil for October dropped $1.09, or 1 percent, to $113.09 a barrel on the ICE Futures Europe exchange, based in London.
Exxon Mobil (XOM) closed Wednesday at $87.33, gaining $0.21, or 0.24 percent. ConocoPhillips (COP) ended the session at $54.87, falling 1.34, or 2.38 percent. Chevron (CVX) closed at $110.77, down $0.45, or 0.40 percent.
Showing posts with label Gasoline Stockpiles. Show all posts
Showing posts with label Gasoline Stockpiles. Show all posts
Wednesday, September 5, 2012
Wednesday, August 18, 2010
Oil Prices Drop as Crude Inventory Soars
The release of a report from the American Petroleum Institute on late Tuesday revealed a strong increase in crude inventories in the U.S., rising by 5.87 million barrels last week.
The market had been operating under the assumption there would be a decline in oil inventory.
Concerns over demand from consumers and others continues to weigh on the oil sector, as economic conditions continue to be weak and consumers remain in an austerity mode.
The API added that distillates and gasoline inventories also increased in the same period.
"The API numbers were bearish, showing inventory builds in both refined products and in crude oil stocks, and showing weaker demand," said Cameron Hanover. "The big question for Wednesday is whether the DOE report will in any way mirror the API numbers."
That report for the Energy Information Administration will be released later today revealing data concerning the weekly supply.
The market had been operating under the assumption there would be a decline in oil inventory.
Concerns over demand from consumers and others continues to weigh on the oil sector, as economic conditions continue to be weak and consumers remain in an austerity mode.
The API added that distillates and gasoline inventories also increased in the same period.
"The API numbers were bearish, showing inventory builds in both refined products and in crude oil stocks, and showing weaker demand," said Cameron Hanover. "The big question for Wednesday is whether the DOE report will in any way mirror the API numbers."
That report for the Energy Information Administration will be released later today revealing data concerning the weekly supply.
Thursday, June 3, 2010
Crude Oil Inventories Drop 1.9 Million Barrels
Not unexpectedly because of the Memorial Day weekend in the U.S., crude oil inventories dropped by 1.9 million barrels last week.
Gasoline inventories followed in oil's footsteps, falling by 2.65 million, while distillate inventories increased by 445,000.
Now the real test of summer prices come as related to gasoline and oil demand, with consumers deciding how much they're going to travel and spend over the summer.
It seems to be 50/50 at this time as to whether that will increase or decrease this time around.
Gasoline inventories followed in oil's footsteps, falling by 2.65 million, while distillate inventories increased by 445,000.
Now the real test of summer prices come as related to gasoline and oil demand, with consumers deciding how much they're going to travel and spend over the summer.
It seems to be 50/50 at this time as to whether that will increase or decrease this time around.
Thursday, October 16, 2008
Crude Oil Inventory Pressures Commodity Below $69
Most industry watchers had their suspicions confirmed concerning an expanding crude oil inventory in the U.S., as the government report revealed a declining demand as consumers cut back on spending, causing the investory to rise.
As of about 11 a.m. EST, November delivery for light, sweet crude dropped by $4.73 to $68.87 a barrel on the New York Mercantile Exchange.
The last time oil prices were this low was on August 22, 2007, when the session finished at $69.26 a barrel. Prices have plunged since the high of $147 a barrel in July.
What triggered an even bigger fall than looked for was the amount of the inventory growth. Most analysts expected inventories to rise, but were looking for about 3.1 million barrels, instead inventory grew by a more-than-expected 5.6 million barrels for the week ending October 10.
Gasoline inventory tracked oil inventory, rising by 7 million barrels. According to the Energy Information Administration, gasonline demand has fallen by 5.2 percent over the last four weeks, averaging 8.8 million barrels a day, said the agency.
As of about 11 a.m. EST, November delivery for light, sweet crude dropped by $4.73 to $68.87 a barrel on the New York Mercantile Exchange.
The last time oil prices were this low was on August 22, 2007, when the session finished at $69.26 a barrel. Prices have plunged since the high of $147 a barrel in July.
What triggered an even bigger fall than looked for was the amount of the inventory growth. Most analysts expected inventories to rise, but were looking for about 3.1 million barrels, instead inventory grew by a more-than-expected 5.6 million barrels for the week ending October 10.
Gasoline inventory tracked oil inventory, rising by 7 million barrels. According to the Energy Information Administration, gasonline demand has fallen by 5.2 percent over the last four weeks, averaging 8.8 million barrels a day, said the agency.
Wednesday, October 8, 2008
U.S. Crude Oil Inventories Increase While Demand Slackens
Crude oil and gasoline inventories increased last week in the U.S., as crude supplies grew by 8.1 million barrels to 302.6 million, according to the Energy Information Administration.
As expected, the lowering demand because of economic fears, along with the growing inventory has put downward pressure on prices as oil dropped below $87 a barrel early in the day for November delivery. Gasoline futures also fell by over 10 cents to their lowest levels in a year.
Most analysts were surprised by the amount the oil inventory rose, as they had looked for a 6 percent gain, while the real gain was 8.6 percent, now bringing inventories up to 80.9 percent of capacity as of last week.
Gasoline supplies increased 7.2 million barrels to end the week at 186.8 million. Some analysts were especially surprised here, as they were looking more for an increase of around 1.1 million barrels.
As expected, the lowering demand because of economic fears, along with the growing inventory has put downward pressure on prices as oil dropped below $87 a barrel early in the day for November delivery. Gasoline futures also fell by over 10 cents to their lowest levels in a year.
Most analysts were surprised by the amount the oil inventory rose, as they had looked for a 6 percent gain, while the real gain was 8.6 percent, now bringing inventories up to 80.9 percent of capacity as of last week.
Gasoline supplies increased 7.2 million barrels to end the week at 186.8 million. Some analysts were especially surprised here, as they were looking more for an increase of around 1.1 million barrels.
Wednesday, August 6, 2008
Oil Prices Swinging Back and Forth On Gasoline Stockpiles and Crude Oil Supply
A government report showing gasoline stockpiles are lower than last weeks' forecast, along with a surprise that the crude oil supply grew more than expected, has oil prices swinging back and forth today after the release of the report.
In early trading, September delivery of light, sweet crude gained 51 cents, to reach $119.68 a barrel on the Nymex. After the report prices have been going up and down.
According to the Energy Information Administration, stockpiles of gasoline dropped by 4.4 million barrels last week. That's much more than the 1.4 million decline analysts were looking for.
Crude supplies also surprised analysts in the positive, as they grew to 1.7 million barrels, in contrast to the 1.2 million barrel drop analysts thought would be coming.
In early trading, September delivery of light, sweet crude gained 51 cents, to reach $119.68 a barrel on the Nymex. After the report prices have been going up and down.
According to the Energy Information Administration, stockpiles of gasoline dropped by 4.4 million barrels last week. That's much more than the 1.4 million decline analysts were looking for.
Crude supplies also surprised analysts in the positive, as they grew to 1.7 million barrels, in contrast to the 1.2 million barrel drop analysts thought would be coming.
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