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Oil Dips After Buildup in Oil Inventories

By Gina Lee

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Oil Dips After Buildup in Oil Inventories
© Reuters.

By Gina Lee

Investing.com – fell following larger than expected increases in crude oil stockpiles and fuel inventories in the U.S.

fell 0.76% to $85.01 fell 0.79% to $83.98 by 10:16 PM ET (2:16 AM GMT).

American Petroleum Institute figures showed that crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, surpassing the anticipated 1.9 million-barrel gain. Gasoline inventories also rose by 500,000 barrels and distillate stocks increased by 1 million barrels, when both were expected to drop.

With Brent rising the past eight weeks and WTI climbing for the past 10 weeks, analysts feel prices are starting to look overbought.

“Barring more bullish headlines, which is possible considering what we saw yesterday, we could see some profit-taking in Brent and WTI which would be healthy for the market,” said Craig Erlam, senior market analyst at OANDA.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Commodities

U.S. could change timing of oil stockpile release if prices drop -official

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U.S. could change timing of oil stockpile release if prices drop -official
© Reuters. FILE PHOTO: The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial photograph over Freeport, Texas, U.S., April 27, 2020. REUTERS/Adrees Latif

By Timothy Gardner

WASHINGTON (Reuters) – The Biden administration could adjust the timing of its planned release of strategic stockpiles if global energy prices drop substantially, U.S. Deputy Energy Secretary David Turk told Reuters on Wednesday.

Turk, speaking in a video interview for the Reuters Next conference https://reutersevents.com/events/next to be broadcast later on Wednesday, added that other consumer nations that had agreed to release strategic reserves in concert with the United States to tame prices could also adjust their timing if needed.

“I think each country will make decisions based on what’s useful and good for their consumers and based on where the price is,” he said.

To watch the Reuters Next conference please register here https://reutersevents.com/events/next/

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Commodities

U.S. oil pares gains after weekly fuel stockpiles jump

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U.S. oil pares gains after weekly fuel stockpiles jump
© Reuters. FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson/File Photo

By Arathy Somasekhar

(Reuters) -West Texas Intermediate (WTI) futures pared gains on Wednesday after U.S. government data showed a bigger-than-expected weekly rise in gasoline and distillate inventories amid a new coronavirus variant triggering fresh travel restrictions that could dampen oil demand.

WTI was trading $2.4, or 3.6%, higher at $68.59 a barrel at 11:19 a.m. ET (1619 GMT), after paring some gains immediately after the weekly government stock data. They were up as much as 4% earlier in the session.

Global benchmark was up $2.5, or 3.6%, at $71.75 a barrel.

Both contracts had earlier retraced some of their gains after an OPEC+ document showed the group forecasting a bigger oil surplus in the new year than previously thought.

U.S. gasoline stocks rose 4 million barrels last week to 215.4 million barrels, government data showed, compared with analysts’ expectations in a Reuters poll for 29,000-barrel rise. Distillate stockpiles increased 2.2 million barrels to 123.9 million barrels, versus expectations for a 462,000-barrel build. [EIA/S]

Crude inventories fell 910,000 barrels in the week, data showed, compared with forecasts for a 1.2 million-barrel drop.

Both Brent and WTI front-month contracts in November posted their steepest monthly falls in percentage terms since March 2020, down 16% and 21% respectively.

Analysts at Goldman Sachs (NYSE:) called the plunge in oil prices “excessive,” saying “the market has far overshot the likely impact of the latest variant on oil demand with the structural repricing higher due to the dramatic change in the oil supply reaction function still ahead of us.”

The Organization of the Petroleum Exporting Countries met on Wednesday ahead of a meeting on Thursday of OPEC+, which groups OPEC with allies including Russia.

OPEC+ sees the oil surplus growing to 2 million barrels per day (bpd) in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed.

Some analysts expect OPEC+ to pause plans to add 400,000 bpd of supply in January.

“There is much to suggest that OPEC+ will not initially step up its oil production any further in an effort to maintain current prices at around $70/bbl,” PVM analyst Stephen Brennock said.

“OPEC+ have erred on the side of caution since it began slowly boosting supplies and a decision to shelve a planned increase output in January and keep its quota flat comports with its cautious approach.”

Several OPEC+ ministers, though, have said there is no need to change course.

But even if OPEC+ agrees to go ahead with its planned supply increase in January, producers may struggle to add that much.

A Reuters survey found OPEC pumped 27.74 million bpd in November, up 220,000 bpd from the previous month, but that was below the 254,000 bpd increase allowed for OPEC members under the OPEC+ agreement.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Commodities

U.S. Oil Stockpiles Fell By 910,000 Barrels Last Week: EIA

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U.S. Oil Stockpiles Fell By 910,000 Barrels Last week: EIA
© Reuters.

By Sam Boughedda

Investing.com — Investing.com — U.S. oil stockpiles fell less than expected last week, the Energy Information Administration said on Wednesday.

Crude inventories dropped by 910,000 barrels last week, compared with analysts’ expectations for a draw of 1.237 million barrels.

Distillate stockpiles, which include diesel and , rose 2.16 million barrels in the week against expectations for a build of 462,000 barrels, the EIA data showed.

Gasoline inventories rose 4.029 million barrels last week, the EIA said, compared with expectations for a build of 29,000 barrels.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Continue Reading

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