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(3 min)
1520 ET – Oil futures rise for a fourth straight session as transit remains restricted through the Strait of Hormuz, keeping supply concerns alive. EIA data showed U.S. commercial crude stocks up by 4.4 million barrels last week at 428.8 million, bringing inventories in line with their five-year average for the time of year. The elimination of the longstanding crude deficit “would appear price-neutral if not for the continued sizable deficits in the product markets,” Ritterbusch & ***** ociates says in a note. “WTI can be pulled higher by a strong distillate market since key refiners beyond the East and West coasts that represent about 80% of U.S. capacity are still running virtually full-out.” WTI settles up 1% at $85.83 a barrel, and Brent rises 0.7% to $91.62—both well off intraday highs.(anthony.harrupwsj.com)
1155 ET – Oil futures add to earlier gains with the market seemingly taking little comfort from a third weekly build in U.S. commercial crude stocks that put inventories in line with their five-year average. The 4.4 million barrel rise in stocks to 428.8 million barrels follows last week’s unexpectedly large 17.4 million barrel increase. “The supply shock is easing with production up and demand weakening a bit,” says David Russell of TradeStation. “While the energy situation is tight and difficult, worst-case scenarios aren’t playing out.” WTI is up 1.9% at $86.54 a barrel and Brent is 1.5% higher at $92.37 a barrel. (anthony.harrupwsj.com)
#barrel #stocks
(3 min)
1520 ET – Oil futures rise for a fourth straight session as transit remains restricted through the Strait of Hormuz, keeping supply concerns alive. EIA data showed U.S. commercial crude stocks up by 4.4 million barrels last week at 428.8 million, bringing inventories in line with their five-year average for the time of year. The elimination of the longstanding crude deficit “would appear price-neutral if not for the continued sizable deficits in the product markets,” Ritterbusch & ***** ociates says in a note. “WTI can be pulled higher by a strong distillate market since key refiners beyond the East and West coasts that represent about 80% of U.S. capacity are still running virtually full-out.” WTI settles up 1% at $85.83 a barrel, and Brent rises 0.7% to $91.62—both well off intraday highs.(anthony.harrupwsj.com)
1155 ET – Oil futures add to earlier gains with the market seemingly taking little comfort from a third weekly build in U.S. commercial crude stocks that put inventories in line with their five-year average. The 4.4 million barrel rise in stocks to 428.8 million barrels follows last week’s unexpectedly large 17.4 million barrel increase. “The supply shock is easing with production up and demand weakening a bit,” says David Russell of TradeStation. “While the energy situation is tight and difficult, worst-case scenarios aren’t playing out.” WTI is up 1.9% at $86.54 a barrel and Brent is 1.5% higher at $92.37 a barrel. (anthony.harrupwsj.com)
#barrel #stocks
2 months ago
