{"id":28696,"date":"2023-06-28T12:27:13","date_gmt":"2023-06-28T16:27:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/oil-prices-rise-as-eia-reports-a-nearly-10-million-barrel-weekly-drop-in-u-s-crude-supplies\/"},"modified":"2023-06-28T12:27:14","modified_gmt":"2023-06-28T16:27:14","slug":"oil-prices-rise-as-eia-reports-a-nearly-10-million-barrel-weekly-drop-in-u-s-crude-supplies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28696","title":{"rendered":"Oil prices rise as EIA reports a nearly 10 million-barrel weekly drop in U.S. crude supplies"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002222005\" role=\"document\">\n<p>Oil futures headed higher on Wednesday after official data show that U.S. crude inventories fell by almost 10 million barrels last week, but domestic supplies of gasoline and distillates unexpectedly rose.  <\/p>\n<p>Prices had posted a decline on Tuesday, giving back a modest rise that followed a short-lived weekend rebellion in Russia by the Wagner Group mercenary force that raised questions about President Vladimir Putin\u2019s grip on power.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for August delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+2.02%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+2.02%<\/bg-quote><\/p>\n<p>        CLQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725769\/delayed\" class=\"positive\">+2.02%<\/bg-quote><br \/>\n       rose 85 cents, or 1.3%, to $68.55 a barrel on the New York Mercantile Exchange. Still, prices for the front-month contract haven\u2019t settled above $70 in a week, FactSet data show. <\/p>\n<\/li>\n<li>\n      August Brent crude<br \/>\n        BRNQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705493\/delayed\" class=\"positive\">+1.74%<\/bg-quote><br \/>\n       gained 75 cents, or 1%, to $73.01 a barrel on ICE Futures Europe. September Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+1.71%<\/bg-quote><\/p>\n<p>        BRNU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705622\/delayed\" class=\"positive\">+1.71%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, was up 70 cents, or 1%, at $73.21 a barrel.<\/p>\n<\/li>\n<li>\n      Back on Nymex, July gasoline<br \/>\n        RBN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376520\/delayed\" class=\"positive\">+2.40%<\/bg-quote><br \/>\n       rose 1.8% to $2.5608 a gallon, while July heating oil<br \/>\n        HON23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376439\/delayed\" class=\"positive\">+0.33%<\/bg-quote><br \/>\n       traded at $2.4059 a gallon, up 0.3%.<\/p>\n<\/li>\n<li>\n      July natural gas<br \/>\n        NGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210191117\/delayed\" class=\"negative\">-3.15%<\/bg-quote><br \/>\n       declined by 2.2% to $2.703 per million British thermal units ahead of the contract\u2019s expiration at the end of the session.<\/p>\n<\/li>\n<\/ul>\n<h2>Supply data<\/h2>\n<p>The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 9.6 million barrels for the week ended June 23. <\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights expected a 4.8 million-barrel decline. The American Petroleum Institute late Tuesday reported a 2.4 million barrel drop in  last week\u2019s U.S. crude inventories, according to a source citing the data.<\/p>\n<p>The crude supply draw was \u201cprimarily a reflection of strengthening exports and comes despite U.S. refining activity continuing to turn lower counter-seasonally,\u201d said Troy Vincent, senior market analyst at DTN.  <\/p>\n<p>The EIA report showed weekly inventory gains of 600,000 barrels for gasoline and 100,000 barrels for distillates. Analysts had forecast weekly decreases of 1 million barrels for gasoline and 900,000 barrels for distillates. <\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 1.2 million barrels for the week, the EIA said, while stocks in the Strategic Petroleum Reserve fell by 1.4 million barrels.<\/p>\n<p>A widening Brent-WTI price spread over the past six weeks is beginning to \u201ctranslate into resurgent U.S. crude exports,\u201d said DTN\u2019s Vincent. U.S. crude exports are beginning to \u201ctrend higher once more after sliding lower over the past few months.\u201d <\/p>\n<p>Vincent said \u201cit\u2019s clear that there is growing global appetite for U.S. sour [oil] barrels following the Saudis announcing supply cuts and lifting OSPs [official selling prices] to a point that they\u2019re largely pricing themselves out of the market.\u201d<\/p>\n<h2>Other market drivers<\/h2>\n<p>Overall for oil, \u201cit\u2019s a bull-bear battle in a very small ring,\u201d Phil Flynn, senior market analyst at The Price Futures Group told MarketWatch on Wednesday.  It\u2019s a \u201crecession versus a supply squeeze.\u201d <\/p>\n<p>Traders are \u201ctrying to decide whether we are going into a recession based on price structure that suggests over supply, versus the possibility it is predicting supply tightness later this year,\u201d he said, adding that the market has been very \u201csensitive to comments by central bank leaders.\u201d<\/p>\n<p><strong>Read:<\/strong> Powell and peers vow to keep fighting inflation until there is evidence they\u2019ve succeeded<\/p>\n<p>On the supply side, the U.S. SPR has just one more release to go, and Saudi Arabia\u2019s voluntary oil production cut goes into effect July 1, said Flynn. Also, there\u2019s \u201ctalk that the Saudis are considering making the 1 million barrel a day cut permanent. That could lead to early July fireworks!\u201d<\/p>\n<p>Oil prices had finished a bit higher Monday as investors largely took in stride the brief mutiny that saw Wagner Group forces advance to within around 120 miles of Moscow before being called off by the group\u2019s leader, Yevgeny Prigozhin on Saturday. <\/p>\n<p>Crude fell back Tuesday, with oil unable to shake worries over the economic outlook. European central banks last week delivered a series of interest rate increases that stoked recession fears for the region.<\/p>\n<p>With the eurozone, Great Britain and China \u201cbarely growing,\u201d the demand outlook will continue to depress spot prices in the near term, said Peter Cardillo, chief market economist at Spartan Capital, in a note.<\/p>\n<p>\u201cWe think spot [WTI] prices are now able to retest the $68 level, and if breached to the downside, $65 dollar oil should be expected,\u201d he wrote.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-flat-after-industry-data-shows-big-drop-in-u-s-crude-inventories-8d36a397?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures headed higher on Wednesday after official data show that U.S. crude inventories fell by almost 10 million barrels last week, but domestic supplies of gasoline and distillates unexpectedly rose. Prices had posted a decline on Tuesday, giving back a modest rise that followed a short-lived weekend rebellion in Russia by the Wagner Group [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2073,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-28696","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices rise as EIA reports a nearly 10 million-barrel weekly drop in U.S. crude supplies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil futures headed higher on Wednesday after official data show that U.S. crude inventories fell by almost 10 million barrels last week, but domestic\" \/>\n<meta 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