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Crude Oil Lower; Iran Talks and Hefty U.S. Stocks Weigh

CommoditiesOct 28, 2021 09:31AM ET
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By Peter Nurse   

Investing.com -- Oil prices weakened Thursday, falling for the second consecutive day after Iran indicated that talks would start shortly over its nuclear program, while U.S. crude stocks rose more than expected.

By 9:30 AM ET (1330 GMT), U.S. crude futures were down 0.7% at $82.06 a barrel, hitting a one-week low, after dropping 2.4% on Wednesday. Brent futures dropped 0.8% at $83.22 a barrel, falling to its lowest level in two weeks having dropped over 2% during the previous session.

U.S. Gasoline RBOB Futures were down 0.5% at $2.3665 a gallon.

Oil prices have retreated from multi-year highs after data released Wednesday from the U.S. Energy Department showed U.S. crude stocks rose by 4.3 million barrels last week, more than double the 1.9 million-barrel gain expected.

This was also above the 2.3 million-barrel gain suggested by the industry-funded American Petroleum Institute on Tuesday.

Oil prices hit a seven-year high on Tuesday, driven up by continued robust demand in the United States and the tight global supply situation, but the rise in U.S. stocks hints that the demand growth in the world’s biggest consumer may be slowing.

This comes as U.S. economic growth slowed more than expected in the third quarter, with gross domestic product expanded at a 2% annualized rate following 6.7% growth in the second quarter.

Adding to the negative tone Thursday was the news from Iran's top nuclear negotiator that Tehran is set to resume talks, last held in June, aimed at reviving its 2015 nuclear deal by the end of November. 

Iran is seeking to remove U.S. sanctions prohibiting the sales of its oil to the world imposed by former U.S. President Donald Trump in late 2018.

European natural gas prices also fell Thursday after Russian President Vladimir Putin ordered Gazprom (MCX:GAZP) to focus on filling its European storage sites from Nov. 8, a day after it completes the process in Russia. 

The move will “create a more favorable situation on the European energy market,” Putin said at a meeting broadcast on state television Wednesday.

 

 

Crude Oil Lower; Iran Talks and Hefty U.S. Stocks Weigh
 

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Comments (4)
saa zeh
saa zeh Oct 28, 2021 12:25PM ET
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whatever the outcomes of their negotiations, the most set target to build some sort of trade relation with Iran, so this country can be use as an alternative spare wheel option to knockdown oil producers' manipulative strategies that can disturb western economy & cost effectiveness of recreation tourism related activities of average Americans.
Stanley Mabena
Stanley Mabena Oct 28, 2021 10:25AM ET
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This Crude oil market gets manipulated by the api and eia reports in the sense that during covid times these figures were known to be decreasing all the time and amazingly during that time when there was low consumption in oil demand, now we almost past covid the figures appeared to be increasing which is the opposite, the expectation is that there should be high consumption of oil in the biggest market like the US which will lead to a decline in oil invontories something is not adding up here.
Louis Lipps
Louis Lipps Oct 28, 2021 10:25AM ET
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It's not the fact that crude inventories increased.  It's build season ie refinery maintenance season.  The problem is products didn't decline or decline much.  They should've pulled a lot harder than they did.  That said Nov 8 is coming quick.  Would love to see airline bookings for international travel.
ArlopA Ki
ArlopA Ki Oct 28, 2021 10:22AM ET
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Iran can release millions of barrels of oil
Steve Cadley
Steve__C Oct 28, 2021 10:22AM ET
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Can they really? Given that their only market - China - is desperate for diesel it doesn't look like Iran or anyone else has the capacity
Ahmad Muhammad
Ahmad Muhammad Oct 28, 2021 10:14AM ET
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is good
 
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