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Oil Falls After EIA Confirms Small Crude Inventory Build. Crude oil prices dipped today after the U.S. Energy Information Administration reported an inventory build of 500,000 barrels for the week to November 15. At the time of writing, Brent crude was trading at $73.26 per barrel, with WTI at $69.50 per barrel. The change compared with a build of 2.1 million barrels for the previous week, and another one, of 4.75 million barrels, estimated by the American Petroleum Institute for the week to November 15. Both last week’s EIA report and this week’s API report saw declines in fuel inventories,… http://ow.ly/tIro105PpgJ

Oil Moves Higher on Crude, Fuel Inventory Draw. Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. This compared with an inventory draw of 4.9 million barrels estimated by the EIA for the previous week. The American Petroleum Institute, meanwhile, on Tuesday estimated another inventory draw in crude oil for the week to July 19, at 3.9 million barrels. In fuels, the EIA reported more draws. Gasoline stocks shed 5.6 million barrels in the week to July 19,… http://ow.ly/xgaP105C07n

Oil Moves Lower on Surprise Inventory Build. Crude oil prices ticked down today, after the U.S. Energy Information Administration reported an inventory build of 3.6 million barrels for the week to June 21. This compared with a draw of 2.5 million barrels that pushed prices higher last week, as it was accompanied by inventory declines in gasoline and middle distillates as well, suggesting strengthening demand. Meanwhile, the American Petroleum Institute yesterday estimated an oil inventory build of less than 1 million barrels for the week to June 21, which despite its size… http://ow.ly/5wMJ105yiAs

Oil Moves Lower on Surprise Inventory Build. Crude oil prices ticked down today, after the U.S. Energy Information Administration reported an inventory build of 3.6 million barrels for the week to June 21. This compared with a draw of 2.5 million barrels that pushed prices higher last week, as it was accompanied by inventory declines in gasoline and middle distillates as well, suggesting strengthening demand. Meanwhile, the American Petroleum Institute yesterday estimated an oil inventory build of less than 1 million barrels for the week to June 21, which despite its size… http://ow.ly/5wMJ105yiAs

Oil Moves Higher on Crude, Fuel Inventory Draw. Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 3.7 million barrels for the week to July 19. This compared with an inventory draw of 4.9 million barrels estimated by the EIA for the previous week. The American Petroleum Institute, meanwhile, on Tuesday estimated another inventory draw in crude oil for the week to July 19, at 3.9 million barrels. In fuels, the EIA reported more draws. Gasoline stocks shed 5.6 million barrels in the week to July 19,… http://ow.ly/xgaP105C07n

“WTI crude oil prices could surge to $100 per barrel in the coming year as there are diminished incentives for producers to boost production, according to a note from J.P. Morgan cited by ForexLive. “The investment bank estimates that the equilibrium price of WTI oil, the U.S. benchmark, is currently at around $70 per barrel. “A $60 per barrel price for WTI Crude is too low to incentivize production, and this could potentially lead to a spike to $100 per barrel, according to the note carried by Forexlive.” WTI 30-day forward spot is $82.80 at this writing: https://oilprice.com/ #energy #energyindustry #oil #oilindustry #oilgas #oilandgas #natgas #naturalgas #hydrocarbons #oilprice #WTI #Brent #lng #commodities #shale #shaleoil #shalegas #energystrong https://lnkd.in/gcVpxTv3

Petroleum data from the Energy Information Administration released Wednesday were “quite bearish,” said Tariq Zahir, managing member at Tyche Capital Advisors, showing gains in domestic crude and gasoline stocks and a decline in weekly gasoline demand. The agency reported that U.S. commercial crude inventories edged up by 500,000 barrels for the week that ended Nov. 15 following two consecutive weeks of increases. On average, analysts expected a decline of 800,000 barrels in crude supplies for the week, according to a survey conducted by S&P Global Commodity Insights. Late Tuesday, the American Petroleum Institute reported crude inventory rose by 4.75 million barrels, according to a source citing the data.

Oil Moves Higher on Inventory Draw. Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared with an inventory draw of 3.23 million barrels as estimated by the American Petroleum Institute on Tuesday, with the group also reporting a gasoline inventory decline of about half a million barrels. Analysts had expected… http://ow.ly/aZlK105qInO

Oil Moves Higher on Inventory Draw. Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared with an inventory draw of 3.23 million barrels as estimated by the American Petroleum Institute on Tuesday, with the group also reporting a gasoline inventory decline of about half a million barrels. Analysts had expected… http://ow.ly/aZlK105qInO

In a year marked by geopolitical tensions and strategic production cuts, oil prices are anticipated to sustain levels above $80 a barrel. According to the latest Reuters oil poll, analysts have adjusted their 2024 forecasts for Brent and West Texas Intermediate (WTI) crude, underscoring the ongoing challenges and risks shaping the global oil market. The poll, which included 43 economists and analysts, suggests that Brent crude will average $84.62 a barrel in 2024, up from a previous consensus of $82.33. This adjustment marks the second consecutive upward revision this year, with Brent prices averaging around $83.50. Similarly, forecasts for WTI have been raised to $80.46 a barrel from the earlier prediction of $78.09. _______________________________
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