Reuters
Published May 03, 2017 11:31AM ET
U.S. oil inventories dip, but gasoline builds amid weak demand: EIA
By David Gaffen
(Reuters) - U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer.
Crude inventories
"It has been another fairly uninspiring report for the bulls," said Matt Smith, director of commodity research at ClipperData.
The oil markets turned negative immediately after the report. U.S. crude futures (CLc1) was down 16 cents at $47.50 a barrel by 10:50 a.m. EDT, while Brent (LCOc1) fell 10 cents to $50.36 a barrel.
Analysts said the declines came in part after Tuesday's data from industry group the American Petroleum Institute, which showed bigger drawdowns.
Stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures
U.S. crude production rose modestly again, and currently sits at 9.29 million barrels a day, highest since August 2015, while imports
Gasoline stocks
Stocks of the motor fuel, at 241.2 million barrels, were still 10 percent higher than the seasonal average over the past decade, as gasoline demand for the past four weeks was down by 2.7 percent from the year-ago period.
"This is continuing a trend since the beginning of the year in which sales have been lower and that is casting a shadow on the market and pressuring crude oil prices," said Andrew Lipow, president of Lipow Oil Associates in Houston.
Refinery crude runs
Distillate stockpiles
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.