- U.S. crude oil fell for the fourth straight session after the EIA reported a surprise rise in crude and gasoline inventories, but a rise in refining runs and a drawdown in distillates helped prices bounce off session lows; WTI settled -0.7% at a two-week low $55.33/bbl, while Brent finished -0.6% at $61.87/bbl.
- “Overall, the report is somewhat supportive because it was not as bearish as the previous API report last night,” says Phil Flynn at Price Futures Group in Chicago.
- “Strong profitability continues to encourage refiners to keep running hard, with refining activity materially higher than both last week and year-ago levels,” says CliperData's Matt Smith; refinery utilization stood at 91% of capacity in the latest week, up from 89.6% a week earlier.
- It's another down day for energy equities, including XOM -1.2%, BP -1.1%, COP -1.1%, HES -2.1%, SLB -2%, HAL -3%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, XOP, SCO, OIH, BNO, DBO, ERY, DIG, UGA, DTO, BGR, XES, USL, FENY, DUG, IYE, GUSH, IEO, DRIP, FIF, DNO, IEZ, PXE, NDP, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF
- Now read: Looking To Buy A Dip In Crude Oil
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Crude oil posts fourth straight loss as crude inventories swell
Published 11/15/2017, 03:40 PM
Updated 11/15/2017, 03:40 PM
Crude oil posts fourth straight loss as crude inventories swell
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