• 1 day PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 2 days Shell Restarts Bonny Light Exports
  • 2 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 3 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 4 days Exxon Starts Production At New Refinery In Texas
  • 4 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 5 days Enbridge Pipeline Expansion Finally Approved
  • 5 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 5 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 6 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 6 days Aramco Says No Plans To Shelve IPO
Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Rising Inventories Hit Crude Oil Futures

Rising Inventories Hit Crude Oil Futures

Crude oil futures were down on Wednesday, briefly adding to losses after a government report showed that U.S. crude oil inventories rose unexpectedly last week.

On the New York Mercantile Exchange, light sweet crude futures for delivery in June traded at USD99.12 a barrel during U.S. morning trade, slumping 0.43%.

It earlier fell as much as 1.3%% to a daily low of USD98.22 a barrel.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose unexpectedly in the week ended May 20, climbing by 0.6 million barrels.

Analysts had expected U.S. crude oil inventories to decline by 1.6 million barrels.

Total U.S. crude oil inventories for the week ended May 20 stood at 370.9 million barrels, remaining above the upper limit of the average range for this time of year.

Total motor gasoline inventories increased by 3.8 million barrels, significantly higher than the expected 0.4 million barrel increase. Stocks of distillate fuels including heating oil and diesel decreased 2.0 million barrels. 

U.S. crude oil imports averaged 9.2 million barrels per day last week, up by 662,000 barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged nearly 8.9 million barrels per day, 938,000 barrels per day below the same four-week period last year.

U.S. crude oil refinery inputs averaged 14.8 million barrels per day, 494,000 barrels per day above the previous week’s average.  Refineries operated at 86.3% of their operable capacity last week.

Gasoline production increased last week, averaging about 9.3 million barrels per day. Distillate fuel production increased last week, averaging about 4.3 million barrels per day.

Despite the recent volatility in oil prices, global financial service provider Barclays said that the balance of risk for crude remains “heavily biased to the upside.”

“We see current prices as a solid floor, and while short-term downside risk emanating from external events like sovereign-debt crises cannot be ruled out, the highs for the year are not in yet,” the bank said in a report published earlier in the day.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery climbed 0.9% to trade at USD113.33 a barrel, up USD14.21 on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News