Louisiana Light • 4 days | 71.82 | -0.55 | -0.76% | |||
Bonny Light • 4 days | 73.87 | -2.50 | -3.27% | |||
Opec Basket • 4 days | 74.60 | -1.28 | -1.69% | |||
Mars US • 3 days | 68.46 | -0.70 | -1.01% | |||
Gasoline • 10 mins | 2.671 | +0.082 | +3.18% |
Bonny Light • 4 days | 73.87 | -2.50 | -3.27% | |||
Girassol • 4 days | 74.31 | -2.28 | -2.98% | |||
Opec Basket • 4 days | 74.60 | -1.28 | -1.69% |
Peace Sour • 11 hours | 63.51 | -0.70 | -1.09% | |||
Light Sour Blend • 11 hours | 64.81 | -0.70 | -1.07% | |||
Syncrude Sweet Premium • 11 hours | 73.76 | -0.70 | -0.94% | |||
Central Alberta • 11 hours | 63.11 | -0.70 | -1.10% |
Eagle Ford • 4 days | 65.74 | -0.70 | -1.05% | |||
Oklahoma Sweet • 4 days | 65.50 | -1.00 | -1.50% | |||
Kansas Common • 26 days | 64.52 | +0.64 | +1.00% | |||
Buena Vista • 4 days | 75.42 | -1.20 | -1.57% |
A growing "shadow" fleet of…
The number of near collisions…
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 1.141 million barrels for the week ending December 4.
Analysts had predicted an inventory draw of 1.514 million barrels for the week.
In the previous week, the API reported a build in oil inventories of 4.146-million barrels, after analysts had predicted draw instead, of 2.358 million barrels.
Brent crude was slightly up on Tuesday afternoon before the data release, but WTI was trading down. Oil prices remain under pressure from extended lockdowns in many places in the United States, while crude inventories in the United States are still high for this time of year.
In the runup to Tuesday's data release, at 1:27 p.m. EDT, WTI had fallen by $0.09 (-0.20%) to $45.67 up roughly $1 per barrel on the week. The Brent crude benchmark had risen—just slightly—on the day by $0.07 at that time (+0.20%) to $48.89—up about $1.50 per barrel on the week.
U.S. oil production was up 100,000 bpd for the week ending November 27, at 11.1 million bpd, according to the Energy Information Administration—2.0 million bpd lower than the all-time high of 13.1 million bpd reached in March.
The API reported a large build in gasoline inventories of 6.442 million barrels of gasoline for the week ending December 4—compared to the previous week's 3.402-million-barrel build. Analysts had expected a 2.933-million-barrel build for the week.
Distillate inventories were up by 2.316 million barrels for the week, compared to last week's 334,000-barrel increase, while Cushing inventories fell by 1.845 million barrels.
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At 4:34 p.m. EDT, the WTI benchmark was trading at $45.64, while Brent crude was trading at $48.89.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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This is hugely bullish news for the entire beaten down US energy sector and given the raging bull market as context I would expect oil, oil refining, pipeline, natural gas and lng stocks to soar in value tomorrow.
Long $clr Continental Resources
Strong buy
Unsurprisingly $fuv Arcimoto which makes an all battery electric 3 wheeled 2 person enclosed motorcycle soared today. Tesla as well soared to an all time closing high despite a massive dilution of $5 billion US Dollars to pay down debt amongst other things I imagine.
No mercy for anyone short this raging bull market in the least and we haven't even had our "Santa Claus rally" yet...but it sure feels that way.