Crude inventories up again, gasoline, diesel stocks down

Ivan Schwartz
September 21, 2017

Oil was up Wednesday ahead of USA production and stockpile data, after Iraq hinted at a possible extension of the current OPEC and non-OPEC production deal. As a result, there was less demand for oil from refineries and more demand for gasoline sitting in storage while less gasoline was being produced That's partly why gasoline prices spiked by almost 20 percent.

"If I look at this week's EIA data, post hurricane. the refined products drawdown implies that refineries are not yet back to normal", he said. US gasoline held in storage shrank by 2.13 million barrels last week to a level not seen since November 2015, the Energy Information Administration said in a weekly report on September 20.

Iraqi oil minister Jabar al-Luaibi said at an industry event in the United Arab Emirates: "Iraq and other OPEC members are considering options to its production-cut agreement, including an extension beyond March and a deeper output cut".

US energy firms cut seven oil rigs in the week to September 15, bringing the total count down to 749, the least since June, Baker Hughes energy services firm said on Friday.

U.S. crude oil stockpiles jumped last week as imports and production increased, the U.S. Energy Information Administration said, as operations resumed from the impact of Hurricane Harvey which hit the Gulf Coast on August 25.

November Brent crude LCOX7, +1.07% the global benchmark, rose 49 cents, or 0.9%, to$55.63 a barrel on the ICE Futures Europe exchange. Total volume traded was about 39 percent below the 100-day average.

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Crude inventories rose for a third straight week, building by 4.6 million barrels, about a million more barrels than forecast.

Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl.

November WTI Crude Oil settled at settled at $50.28, down $0.07 or -0.14% and December Brent Crude oil closed at $55.15, down $0.10 or -0.18%.

"Any increase in the production from the spring of 2018 would...generate renewed oversupply in the oil market and put prices under pressure", the analysts wrote in a note Wednesday. It's "another sign that the refining demand is going to be very strong".

The October front-month futures CLc1 contract expires on Wednesday.

Other reports by GizPress

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