US Crude Inventories Rise Unexpectedly As Imports Jump

Eileen GuzmanAug 06, 2018

On Tuesday, crude oil futures for September ended down $1.37 or nearly 2%, at $68.76 a barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 futures increased by 6 cents, or 0.1 percent, to $67.72 a barrel.

Prices had tumbled to a six-week.

The nation's production may remain around the 11.2 million barrels a day level for the remainder of the year, the government official said, citing the oil ministry's most recent calculations.

The weekly estimates for May all point to more than 10.7 million bpd of crude oil production, but the more accurate-albeit lagged-data, based on survey of producers, shows that US oil output had trailed projections by around 300,000 bpd.

Oil prices traded slightly higher on Thursday, reversing course after a report suggested crude stockpiles at the USA storage hub at Cushing, Oklahoma fell in the latest week. They fell 1.6 percent in the previous session.

U.S. Energy Information Administration said in a weekly report on Wednesday that the country's commercial crude inventories rose by 3.8 million barrels in the week through July 27, higher than market estimates of a decrease of 2.8 million barrels.

U.S. crude oil supplies increased by around 3.8 million barrels last week. "Yet, we remain much more concerned about the ongoing USA sanctions on Iran", analysts at Bank of America Merrill Lynch said in a research note published last week.

Oil last month posted the worst loss in two years on concern a trade war between the United States and China could curb economic growth and limit energy demand.

In comments to Kuwait's Al-Rai newspaper, Rashidi said, "We are reaching a very stable stage for the crude market, whether for producers or consumers".

Saudi Arabia's output rose by 230,000 barrels a day in July to 10.65 million barrels per day.

The higher supplies from OPEC and Russian Federation are contributing to growing signs of a new glut in the oil market and that is adding to concern a trade war between the US and China could curb economic growth and limit energy demand, which drove crude to the biggest decline in two years last month.

USA crude CLc1 was off by 5 cents at $68.91, after gaining almost 2 percent in the previous session. Mr Novak said that higher production was due to the need to maintain the market's stability. Total volume traded was about 30 percent below the 100-day average.

Whiting Petroleum Corp. gave up some of this year's stellar gains after reporting lower-than-estimated crude production for the second quarter.

Gasoline stocks fell by 2.5 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.

Related Articles:

« Previous article
Next article »

Popular Pages

Moto Z3 Unboxing and First Look!
The main highlights of the smartphone include splash-resistant build, pure Android experience, and Moto Mods support. The price of the Moto Mod is yet to be announced but it won't be available until the start of 2019.

Iran's Zarif Says China 'Pivotal' to Salvaging Nuclear Deal, China Agrees
Global sanctions were lifted under the pact between world powers and Tehran in return for curbs on Iran's nuclear program. It accounted for 35 percent the Iranian exports last month, according to ship-tracking data compiled by Bloomberg .

United confident of Alderweireld switch
United have been long-time admirers of the Belgian defender, who has long made clear of his desire to leave Spurs . Spurs felt this will be the right move to cash in on the former Atletico Madrid man at an optimum price.

Tiger Woods gets one last crack at Firestone
Rose was due to tee off alongside Henrik Stenson on Thursday, but withdrew through injury on the eve of the tournament. He has been paired with former world number one Jason Day of Australia for the first two rounds.

US Unemployment Drops Slightly; Job Growth Slows
That means the economy is still producing strong payroll gains, averaging 215,000 net new jobs a month, the best since 2015. The government also revised hiring totals for May and June to show that another 59,000 jobs were added in those months.

Israeli PM defends Jewish nation-state law after protest
Tens of thousands of Israeli Druze have gathered in central Tel Aviv to protest Israel's controversial "Jewish state" law. Since the law's passage on July 19, several Druze IDF officers have said they will resign their commissions in protest.

Huge Indonesia quake rocks Lombok island
We are on stilts. "It felt like a ride", she wrote . "15 solid seconds of "hooooooly shit this is happening". Michelle Lindsay, an Australian tourist, told the paper: "All the hotel guests were running so I did too".

Rogue Goats Take Over Idaho Neighborhood. (We're Not Kidding.)
The company came to the unusual scene with experience renting goats out to clear weeds and help with fire suppression. Grace and Ethan King said their dad was the first person to alert them to the goats outside.

Tiger Woods, Phil Mickelson Golf Showdown Set for Thanksgiving in Vegas
Tiger Woods and Phil Mickelson will reportedly meet in a multi-million dollar showdown Thanksgiving weekend in Las Vegas. It is not clear if the two will put up their own money in the challenge.

Demetrious Johnson Says He Was Injured During Loss to Henry Cejudo
The UFC would be wise to build him up with a couple of winnable fights before matching him up with another high-level opponent. Cody Garbrandt has the reputation as a big puncher, but for the second time in as many fights, it was T.J.