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:

  • 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.
    Deadpool 2 teaser shows first bits of footage

    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

    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.
  • 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).
    Google honours India's first woman advocate Cornelia Sorabji

    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".
    Nathan Lyon burns toast, causes 30-minute delay in Australian first-class match

    Nathan Lyon burns toast, causes 30-minute delay in Australian first-class match

    After the odd event, Kurtis Patterson and Daniel Hughes returned and completed NSW's six-wicket victory. I was getting a bit bored in the change-rooms", Nathan Lyon was quoted as saying by cricket.com.au.
  • Pope Francis Gets Personalized Lamborghini

    Pope Francis Gets Personalized Lamborghini

    A leather Harley-Davidson motorcycle jacket, also signed by Francis, sold for $77,000. The pope signed and blessed the automobile, which will be auctioned off by Sotheby's.
    Manchester City Not Unstoppable Insists Arsene Wenger

    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.
    Canada Finally Gets Prime Music, Echo Devices, Alexa

    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.
  • Centre prepones introduction of BS-VI grade auto fuels in NCT Delhi

    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.

    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.
    One of the funniest things happened when Pink did her Carpool Karaoke

    One of the funniest things happened when Pink did her Carpool Karaoke

    Joey had a crush on the singer and made a decision to ask her dad whether he could take the then-teenager out on a date. I was 19 and they were really sweet and Joey Fatone used to come into my dressing room every day and visit with us".


Most liked

What Do Analysts Say About Medical Properties Trust Inc. (MPW)
The stock has a market capitalization of $4,557.75, a price-to-earnings ratio of 10.42, a PEG ratio of 3.39 and a beta of 0.46. Kempner Capital Management Inc bought 13,897 shares as the company's stock declined 8.50% while stock markets rallied.

Tobacco Free UC to Support the Great American Smokeout Nov. 16
The Great American Smokeout has been celebrated annually on the third Thursday in November since 1976. A daily phone call, e-mail or text message can help you stay on course and provide moral support.

Congressional Committees Slam Puerto Rico Officials Over Controversial Energy Contract
The master contract between Whitefish and PREPA differed from typical disaster relief contracts or mutual aid agreements that are often reviewed by FEMA before being executed.

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.

'I'm with our agencies' on Russian Federation election meddling
Mr Trump was in Hanoi for a brief state visit, including Sunday's meeting with Mr Tran at the presidential palace. Trump leaves Hanoi for the Philippines later Sunday, which will be last stop in his marathon tour through Asia.

Rear-facing 3D sensor could feature in 2019 iPhones
This system may have some similarities with how the iPhone X creates 3D renders of faces for use in its Face ID security feature. The next generation of Apple Inc.'s iPhone will have lasers - literally, at least according to a newly published report .

Far-Right Marchers in Warsaw Chant 'Jews Out of Poland'
He also said the racist slogans could have been a "provocation" by "those who want to harm Poland", without specifying who he had in mind.

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.

Adorable! Akshay Kumar takes daughter Nitara on bicycle ride, see the picture
Now Akshay has finally given us a glimpse of his two leading ladies Sonam Kapoor and Radhika Apte from the film. Padman also stars Sonam Kapoor and Radhika Apte .

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".

A Third Woman Alleges Ed Westwick Sexually Assaulted Her
When she had had enough, she told Kaine that she wanted to leave, but he told her that Ed wanted to apologise before he went. Instead, it would be the last time they would see each other. "On the way, he told me he was with his friend Ed Westwick ".

UK Hedge Fund Man Group Mulls Bitcoin Futures Offering
Do you think more financial giants will jump on the cryptocurrency bandwagon? Featured image from Wikimedia . Those of you waiting with baited breath to short Bitcoin will finally be able to do so.

'Dangerous' mental hospital escapee could be in NorCal
Hawaii Attorney General Doug Chin's office charged Hawaii State Hospital escapee Randall Saito with felony escape. The hospital is also being questioned as to why it took hours for them to report Saito missing.

Costco Wholesale Corporation (COST), Cummins Inc. (CMI)
Following the completion of the transaction, the vice president now owns 626 shares of the company's stock, valued at $101,361.92. Finally, AGF Investments Inc. grew its stake in shares of Costco Wholesale Corporation by 35.1% during the first quarter.

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?