U.S. inventory data shows a tightening market, with crude stocks declining by 12.2 million barrels last week.
CNBC’s Post
More Relevant Posts
-
Physical Oil Market Hints at Potential Upswing By ZeroHedge - Jul 22, 2024, 10:00 AM CDT Oil's physical market signals indicate a potential break to the upside in prices. Depleting global oil inventories and a strengthening premium on prompt deliveries support the bullish outlook. However, forecasters predict a deceleration in inventory drawdowns and increased supplies in the fourth quarter.
To view or add a comment, sign in
-
Oil prices rise on bigger-than-expected drop in US crude stocks Oil prices edged up on Thursday, supported by a larger-than-anticipated weekly drop in U.S. crude inventories
To view or add a comment, sign in
-
Market-Moving Indicators -U.S. Crude Oil Inventories: The crude oil inventories for last week came above the expected 3.591M barrels and against the expected -2.600M barrels, which indicates a weakness in demand. -U.S. Chicago Purchasing Managers Index (PMI): The Chicago PMI came above the expected at 47.4 and against the expected of 39.7, which indicates a rise in the health of the manufacturing sector in Chicago. -U.S. Core PCE Price Index MoM: The Core PCE price index for the month of May came as expected at 0.1%, indicating that inflationary pressures remain steady.
To view or add a comment, sign in
-
#Oilprices steady ahead of US inventory report Oil prices remained largely stable ahead of weekly inventory data release from the US that may show another rise in nationwide crude inventories. #Brentcrude traded near $85 per barrel after a low-volume session due to a US holiday. It is up 2.9% this week. While West Texas Intermediate crude (WTI) was at $80.58 per barrel. Read the full story at https://lnkd.in/erjV3KDX
Oil prices steady ahead of US inventory report - Mettis Global Link
mettisglobal.news
To view or add a comment, sign in
-
Inventory slump supporting arguments for higher crude prices? We have been arguing for the last few weeks that the balance of risks, at least in the short term, lie toward the upside for crude markets. We knew that US crude production had taken a battering due to the extreme cold over the last week, meaning that US crude inventory levels were always set to fall. And the 1mbpd drop in US crude production, the largest since Hurricane Ida smashed into Louisiana in August 2021, certainly did not disappoint. That helped drive the largest decline in crude inventory since August last year with a hefty 9.23mb fall. In addition, crude imports from Canada plunged by the most since at least 2010, the likely culprit once again being weather-related issues. With better weather forecast in the coming weeks, one can be forgiven for expecting this story to pass. However, our weekly global crude plus liquids inventory model suggests that the drop in US crude inventory is not an isolated story. Indeed, crude stocks in Europe and China have also dropped noticeably in the last week too suggesting that trade disruptions from the Middle East conflict plus OPEC+ supply cuts are also factors at work here. And with global liquids inventory rolling over in the last week too, that means that our combined measure of crude plus liquids inventory has dropped sharply from an already below-average level for the start of the year.
To view or add a comment, sign in
-
⚠️Market Alert⚠️ The EIA reported a draw of -6,368 MBbls in U.S. crude-oil inventories. In contrast, the market expected a build of +1,314 MBbls as reported by Bloomberg. Prices were up in the five minutes following the announcement, to $83.35 from $83.07 just before 09:30 AM. Inventories for the U.S. are now at a deficit of 8.00 MMBbls (-1.7%) to last year, and a deficit of 16.80 MMBbls (-3.6%) to the five-year average. Subscribe to our market research to get updates like this delivered directly to your inbox: https://hubs.li/Q02tYflR0
To view or add a comment, sign in
-
Market-moving Indicators -U.S. Crude Oil Inventories Crude oil inventories hit below expected last week with - 6.368M against the expected 1.600M barrels, indicating an increase in demand on crude oil. -U.S. Gross Domestic Product (GDP) QoQ U.S. economic growth slowed as the 1st quarter GDP reading came at 1.6% against expectations of 2.5% and down from 3.5% in Q4. -U.S. Core PCE Price Index YoY The Core PCE data remained constant at 2.8%, matching the previous figure and exceeding the expected 2.6%, which indicates stable but higher-than-anticipated inflation.
To view or add a comment, sign in
-
Sensex Today | Stock Market LIVE Updates: Oil slips after large US crude stock build Oil prices eased in early trade on Thursday after a data showed that U.S. crude inventories jumped much more than expected, raising concerns about demand in the world's largest economy.
To view or add a comment, sign in
-
Sensex Today | Stock Market LIVE Updates: Oil prices dip on demand woes as markets await U.S crude stockpiles data On Thursday, oil prices experienced a decline as the market awaited the latest data on U.S. crude oil inventories. Meanwhile, the resilient economic activity in the United States suggested that borrowing costs might remain elevated for an extended period, potentially dampening demand.
To view or add a comment, sign in
-
US commercial crude and product stocks will now most likely start to rise on a weekly basis and not really start to decline again before in week 38. We do however expect US inventories to rise less than normal in reflection of a global oil market in a slight deficit. This will likely hand support to the Brent crude oil price going forward. #OOTT
US inventories will likely rise less than normal in mths ahead and that is bullish
https://ravarumarknaden.se
To view or add a comment, sign in
2,904,212 followers