{"id":9569,"date":"2023-05-16T15:55:16","date_gmt":"2023-05-16T19:55:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-dips-as-dollar-rebound-offsets-news-of-spr-refill\/"},"modified":"2023-05-16T15:55:16","modified_gmt":"2023-05-16T19:55:16","slug":"oil-dips-as-dollar-rebound-offsets-news-of-spr-refill","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9569","title":{"rendered":"Oil dips as dollar rebound offsets news of SPR refill\u00a0"},"content":{"rendered":"
\n

Investing.com — Oil bears \u2014 as well as energy policy makers in the U.S. government \u2014 can heave a sigh of relief that the planned refill of the country\u2019s oil reserve has barely made an impact on the price of crude. They can also thank the dollar and U.S. bond yields for that.<\/p>\n

Crude futures spiked briefly in the previous day\u2019s post-settlement trading on media reports that the Strategic Petroleum Reserve is to be replenished, with the Department of Energy later confirming an initial planned purchase of 3 million barrels. From its Monday settlement of $71.11 per barrel, West Texas Intermediate reached a session high of $71.78 Tuesday. That was how far the bulls really got.<\/p>\n

By Tuesday\u2019s close, was down 25 cents, or 0.4%, at $70.86 per barrel versus the previous day\u2019s rally of 1.5%.<\/p>\n

London-traded , the global benchmark for oil, settled down 32 cents, or 0.4%, at $74.91 versus Monday\u2019s 1.4% run-up.<\/p>\n

\u201cCrude prices remain heavy as the dollar refuses to break,\u201d said Ed Moya, analyst at online trading platform OANDA. \u201cThe global economic outlook has too many question marks and that is not giving energy traders a lot of confidence in buying crude. Right now too much oil is still available and we aren\u2019t seeing meaningful triggers to make the market tight over the short term.\u201d\u00a0<\/p>\n

Moya said he expected the oil market to get tighter as the SPR is refilled and as China\u2019s economic recovery \u2014 now slower than expected \u2014 unfolds in a bigger way.\u00a0<\/p>\n

\u201cThe initial start of refilling the SPR with 3M will have a small effect on physical markets but it should help provide some support around the $68-70 a barrel region,\u201d Moya added, providing a forecast at the lower end of oil bulls\u2019 expectations.<\/p>\n

Investors fled to the relative safety of the dollar and U.S. Treasuries on Tuesday after mixed U.S. economic data that showed and the holding up.\u00a0<\/p>\n

The steadied above 102 and the yield on the hit a two-week high of 3.572%. The two instruments rose as the U.S. debt crisis dragged on without an agreement between President Joe Biden and his Republican rivals on raising the country\u2019s ability to pay for its obligations ahead of what would be its first debt default by June 1.<\/p>\n

Market participants were also on the lookout for U.S. weekly oil inventory data, due after market settlement from API, or the American Petroleum Institute.<\/p>\n

The API will release at approximately 16:30 ET (20:30 GMT) a snapshot of closing balances on U.S. crude, gasoline and distillates for the week ended May 12. The numbers serve as a precursor to official inventory data on the same due from the U.S. Energy Information Administration on Wednesday.<\/p>\n

For last week, analysts tracked by Investing.com expect the EIA to report a drop of 0.920M barrels, versus the 2.951M barrel rise reported during the week to May 5.<\/p>\n

On the front, the consensus is for a draw of 1.060M barrels over the 3.168M-barrel decline in the previous week. Automotive fuel gasoline is the No. 1 U.S. fuel product.<\/p>\n

With , the expectation is for a build of 0.057M barrels versus the prior week\u2019s deficit of 4.170M. Distillates are refined into , diesel for trucks, buses, trains and ships and fuel for jets.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — Oil bears \u2014 as well as energy policy makers in the U.S. government \u2014 can heave a sigh of relief that the planned refill of the country\u2019s oil reserve has barely made an impact on the price of crude. They can also thank the dollar and U.S. bond yields for that. Crude futures […]<\/p>\n","protected":false},"author":1,"featured_media":3666,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-9569","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil dips as dollar rebound offsets news of SPR refill\u00a0 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- Oil bears \u2014 as well as energy policy makers in the U.S. government \u2014 can heave a sigh of relief that the planned refill of the country\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=9569\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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