Wednesday, 18 October, 2017

Oil Prices Rally On Surprise Inventory Draw (USO)

Oil ministers of Opec-non Opec countries at the fourth ministerial monitoring committee meeting in St Petersburg Oil ministers of Opec-non Opec countries at the fourth ministerial monitoring committee meeting in St Petersburg
Mae Harvey | 17 August, 2017, 13:58

Meanwhile, data showed gasoline and distillate inventories rose.

USA crude oil inventories fell for the seventh consecutive week in their largest drawdown in almost a year while exports and production continued to rise, the Energy Information Administration (EIA) said August 16.

New York's NYMEХ (New York Merchantile Exchange) is a U.S. futures market founded in 1882.

The report also had bearish elements, as 2.5 million barrels of the draw was on the West Coast, somewhat limiting the market impact of the drop, said David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington. If that is replicated in government data on Wednesday, it would be the largest drop in nearly a year. Because of this, I remain optimistic for the U.S. dollar and think that we are starting to see a turnaround, least against some of the commodity currencies and especially against Canada which has a whole host of its own issues, not the least of which is housing and crude oil prices. "More bullish catalysts will be needed if the oil market is to extricate itself from no man's land".

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West Texas Intermediate for September delivery rose 4 cents to $47.59 a barrel at 10:41 a.m. on the New York Mercantile Exchange.

The American Petroleum Institute also reported a fall in United States crude stocks by 9.2 million barrels in the week ending 11 August, reaching a total of 469.2 million barrels. Total volume traded was about 9% below the 100-day average.

Crude prices fell on Tuesday-despite an export terminal closure in Libya on the back of worker protests-on weakening China demand. Brent Crude Oil price at London's IСE Stock Exchange down by 1.08% to $50.52 per barrel. The global benchmark crude traded at a premium of $3.20 to October WTI.

Oil futures rebounded some in Asian trading after fresh USA selling overnight as weekly output neared 2015's peak last week.

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