Monthly Archives: March 2018

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WTI oil on track for first weekly loss in a month

Oil prices pare losses, crude supplies edge up, but product supplies fall

Oil prices pared some of their earlier losses on Wednesday after the U.S. Energy Information Administration said crude supplies rose by 1.6 million barrels for the week ended March 23. Analysts surveyed by S&P Global Platts had forecast a climb of 1 million barrels, while the American Petroleum Institute on Tuesday reported a jump of 5.3 million barrels, according to sources.

Gasoline stockpiles fell by 3.5 million barrels for the week, while distillate stockpiles decreased by 2.1 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 2 million barrels for gasoline and 1.9 million for distillates. May crudeCLK8, +0.22% fell 43 cents, or 0.7%, to $64.82 a barrel on the New York Mercantile Exchange, up from $64.44 before the supply data.

Crude Oil Price CL Longs

Oil prices extend earlier gains as weekly U.S. crude supplies suddenly decline

Oil prices extended earlier gains on Wednesday after the U.S. Energy Information Administration said crude supplies fell by 2.6 million barrels for the week ended March 16.

Analysts surveyed by S&P Global Platts had forecast a climb of 2.6 million barrels, while the American Petroleum Institute on Tuesday reported a decline of 2.7 million barrels, according to sources. Gasoline stockpiles fell by 1.7 million barrels for the week, while distillate stockpiles decreased by 2 million barrels, according to the EIA.

The S&P Global Platts survey forecast supply declines of 1.8 million barrels each for gasoline and distillates. May crude CLK8, +0.29% rose $1.01, or 1.6%, to $64.55 a barrel on the New York Mercantile Exchange, up from $64.23 before the supply data. 

Oil prices slip as weekly U.S. crude supply jumps on Wednesday, March 14

Oil Prices Moved slightly Lower as Weekly U.S. Crude Supply Jumps

Oil prices moved slightly lower Wednesday after the U.S. Energy Information Administration said crude supplies rose by 5 million barrels for the week ended March 9. Analysts surveyed by S&P Global Platts had forecast a climb of 2.5 million barrels, while the American Petroleum Institute on Tuesday reported a rise of nearly 1.2 million barrels, according to sources.

Gasoline stockpiles, however, dropped 6.3 million barrels for the week, while distillate stockpiles lost 4.4 million barrels, according to the EIA.

The S&P Global Platts survey forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates.

April crude CLJ8, +0.36% fell 10 cents, or 0.2%, to $60.61 a barrel on the New York Mercantile Exchange, down from $60.95 before the supply data.

crude oil prices bounced back

Crude Oil Prices Bounced Back After Weekly Oil Inventories Data Release

Crude oil prices bounced back immediately after the release of the weekly oil inventories data from the Energy Information Administration, earlier.

The EIA reported that crude inventories rose by 2.4 million barrels last week. Analysts were looking for a 2.6 million-barrel build. So the headline figure was better than expected and there was further good news within the report, too.

Crude stocks at Cushing fell by 0.6 million barrels, while stocks of gasoline (0.79m) and distillates (0.56m) also deceased. However, production rose further, climbing by another 0.4% last week.

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