Oil Prices Are Plunging Amid A Shocking Inventory Build-Up (USO)

Oil Prices Are Plunging Amid A Shocking Inventory Build-Up (USO)

Weekly crude production inched up to another record high since the EIA started keeping weekly data in 1983, hitting 9.65 million barrels per day (bpd).

Meanwhile, the American Petroleum Institute (API) reported a massive build of 6.513 million barrels of United States crude oil inventories, more than triple analyst expectations. Analysts polled by S&P Global Platts expected a drop of 1 million barrels. December crude was down 69 cents, or 1.2%, from Tuesday to $55.01 a barrel on the New York Mercantile Exchange.

Crude prices came under pressure after the EIA revealed a somewhat downbeat outlook for oil demand in its monthly report, forecasting weakness in global demand growth, while warning that global oil markets will be oversupplied through the second quarter of 2018.

Crude runs rose 334,000 bpd to 16.6 million bpd as refinery utilization rates increased by 1.4 percentage points to 91 percent of capacity.

U.S. Gulf Coast distillate stocks fell to 38.8 million barrels, a one-year low.

After three weeks of drawdowns, gasoline stocks rose 894,000 barrels, compared with forecasts for a 919,000-barrel drop.

Inventories at the Cushing, Oklahoma, site decreased by 1.803 barrels this week.

U.S. commercial crude stockpiles jumped 1.9 million barrels while gasoline inventories grew by 900,000 barrels, according to U.S. Energy Department data on Wednesday.

WTI was trading relatively unchanged moments after the data release at $55.30 at 4:37pm EST, with Brent crude trading at $61.74.

Related News:



Most liked

Peel Hunt Reaffirms "Buy" Rating for Purplebricks Group PLC (PURP)
Previously on 09/26/2017, Liberum Capital reported on Cobham PLC (LON:COB) held steady the target price at 140.00GBX. BTG PLC (LON:BTG) had its stock rating reiterated as Neutral by expert analysts at JP Morgan Cazenove.

Ben Affleck & Matt Damon Auditioned For Robin In Tim Burton's Batman
Affleck spilled these beans while promoting Justice League on Jimmy Kimmel's couch, as you can see in the video above. Working on The Batman is "something I'm contemplating ", he told USA Today .

Us Bancorp (USB) Stock Declined While Us Bancorp De Has Upped Position
It has outperformed by 6.37% the S&P500. (ALJ) by 25.16% based on its latest 2017Q2 regulatory filing with the SEC. Edge Wealth Mngmt Limited Liability Company has 0.02% invested in American International Group Inc (NYSE:AIG).

Tencent Q3 revenues hit $9.8bn
Monthly active users on its WeChat social media app surpassed 980 million, which increased from the prior quarter of 963 million. Tencent owns League of Legends creator Riot Games and Clash of Clans maker Supercell.

Centre prepones introduction of BS-VI grade auto fuels in NCT Delhi
The OMCs are making huge investments to upgrade fuel projects for producing the BS-VI grade fuels. This is not the first time the Delhi-NCR region has witnessed a thick layer of smog.

KJo launches Janhvi Kapoor and Ishaan Khatter in Dhadak
JANHVI and ISHAAN @ZeeStudios_ and @DharmaMovies proudly present #dhadak directed by @ShashankKhaitan @apoorvamehta18.#DHADAK,". But we don't know which project it would be. "Well, let me just give you a hint - My heart is beating faster".

Air Products and Chemicals, Inc. (APD) - Active Stock Momentum
The value of the investment in ( APD ) decreased from $56,520,000 to $54,737,000 a change of $1,783,000 for the reporting period. It is positive, as 48 investors sold APD shares while 242 reduced holdings. 84 funds opened positions while 256 raised stakes.

Passive Investments Requiring Ownership Figures: Cognizant Technology Solutions Corporation (NASDAQ:CTSH)
The stock of Cognizant Technology Solutions Corp (NASDAQ: CTSH ) earned "Buy" rating by Societe Generale on Monday, September 26. Cognizant Technology Solutions Corporation's payout ratio is 18.52%. (NASDAQ: CTSH ), 23 have Buy rating , 1 Sell and 6 Hold.

Apple faces US ITC inquiry in patent dispute
Such rulings could presumably bar Apple from importing into the USA products that are found to infringe the patents at issue. According to Aqua Connect, the patents relate to screen sharing, remote desktop, and terminal server technology.

Manchester City Not Unstoppable Insists Arsene Wenger
But he said there was no change in the situation of either player and that decisions over whether either or both would be sold are yet to be taken.

Google honours India's first woman advocate Cornelia Sorabji
She cleared the pleader examination in Allahabad High Court in 1899 but she was not acknowledged as a barrister. She has written several short stories, articles and has penned her autobiography, "Between the Twilights".

Deadpool 2 teaser shows first bits of footage
Brolin's fellow newbies include Hunt For The Wilderpeople's Julian Dennison , Atlanta's Zazie Beetz and Eddie Marsan. The only thing we don't get a good look at is the debut of Josh Brolin's Cable , though we do get teased with it.

Safaree Wants to "Figure Something Out" After Seeing Nicki Minaj 'PAPER' Cover
Now that there are another sensations around the block, Kardashian might be ready to pass on the "break the internet" baton. Her style (typically anchored by her off-the-charts hair choices) matches her musical talent perfectly.

Canada Finally Gets Prime Music, Echo Devices, Alexa
Additionally, the company also revealed that its Prime Music streaming service is also now available to Prime members in Canada . Starting December 5, but available for pre-order now, Canadians can order the second-generation Echo, Echo Dot, and Echo Plus.

Man Utd striker Romelu Lukaku makes history on worldwide duty for Belgium
One thing is for certain, Lukaku should break the record in the next 12 months if he avoids serious injury. Do YOU want to write for GiveMeSport?