Crude inventory drew -0.98 mmb, compared with consensus of +2 mmb increase, to 337.4 mmb in the week ended October 2.Cushing also dropped -1.41 mmb. However, fuel stockpiles gained with gasoline stock…
Tag: oil price
Crude Oil Price Weakens as Investors Take Profits Ahead of US Employment Data
Crude oil price retreats below 70 as investors take profit ahead of the US employment report. Indicators released earlier this week have been rather mixed and ’employment’ components have surprised to the…
Oil Price Has Little Change Depsite IMF’s Upgrades
Hovering around 70, the benchmark contract for crude oil changes little ahead of US opening. IMF’s upgrades on economic forecasts and OPEC’s production cut in September are bullish factors but investors probably…
Strengthening in WTI Timespread Signals Further Draws in Cushing Stocks
Crude oil rallied +5.8% to settle at 70.61 Wednesday as gasoline stockpile surprisingly drew last week. Although the inventory data were mixed with crude inventory rising more than forecasts while distillate gaining…
Crude Oil Price Reacted Mildly Positive to Less-than-expected Distiallte Stock Gain
Crude oil inventory rose +2.8 mmb, compared with consensus of +2 mmb increase, to 338.4 mmb in the week ended September 29. The good thing is Cushing stock recorded significant drop of…
Oil Fell amid Weaker-than-expected Eco Data and Inventory Builds
The energy complex ended the day with mixed performance. WTI crude oil rose to as high as 67.3 before pulling back and settling at 66.71, -0.2% as US consumer confidence index was…
Escalated Tensions in the Middle East Lifted Oil Price
Despite weakness in Asian session, crude oil price rebounded later in the day as Iran’s missile tests might have escalated geopolitical tensions. Moreover, strength in stock markets also boosted commodities. WTI crude…
Crude Oil Stays Weak. It’s Correlation with USD Has Surged Substantially
Crude oil price falls below 66 in European morning as USD recovers and stock markets weakens. Currently trading at 65.5, the benchmark contract for crude oil is vulnerable to further decline as…