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Oil extends gains after data shows drop in U.S. crude, gas stockpiles

Commodities Jul 26, 2017 10:35AM ET
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© Reuters. Oil extends gains after weekly supply data
 
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Investing.com - Oil prices extended gains in North American trade on Wednesday, hitting the highest levels in around eight weeks, after data from the U.S. Energy Information Administration showed a large drop in domestic crude and gasoline supplies.

The U.S. West Texas Intermediate crude September contract was at $48.39 a barrel by 10:35AM ET (1435GMT), up 50 cents, or around 1.1%. Prices were at around $48.12 prior to the release of the inventory data

Elsewhere, Brent oil for September delivery on the ICE Futures Exchange in London tacked on 45 cents to $50.65 a barrel.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 7.2 million barrels in the week ended July 21.

Market analysts' expected a crude-stock decline of around 2.6 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 10.2 million barrels.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by around 1.7 million barrels last week, the EIA said.

Total U.S. crude oil inventories stood at 483.4 million barrels as of last week, which the EIA considered to be at the upper half of the average range for this time of year.

The report also showed that gasoline inventories decreased by 1.0 million barrels, compared to expectations for a much more modest decline of 0.6 million barrels.

For distillate inventories including diesel, the EIA reported a fall of 2.9 million barrels.

Oil prices scored their biggest one-day rally of 2017 on Tuesday as fresh pledges from Saudi Arabia and Nigeria at the start of the week to respectively pull back on exports and output boosted sentiment.

Elsewhere on Nymex, gasoline futures for August was down half a cent to $1.597 a gallon, while August heating oil added 1.4 cents to $1.582 a gallon.

Natural gas futures for September delivery slumped 2.6 cents to $2.905 per million British thermal units.

Oil extends gains after data shows drop in U.S. crude, gas stockpiles
 

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Comments (2)
Hiren Garasondia
Garasondia_Hiren Jul 27, 2017 2:12AM ET
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AFTER FED NEWS(SEE CALL 1ST)............. . WHAT NEXT???---AGAIN WAIT $1290/$1240 IN XAU NEXT FEW SESSIONS. . Tgt1 $1262 hitted again yesterday also in xau after fed news...........and xau made a high $1265 range today........against buy @1244 range yesterday...........and @1205 range few sessions ago.........see call 1sttttttt----what next?????. . Tgt1 $16.790 almost hitted again today also in xag after fed news...........and xag made a high $16.750 range today........against buy @16.260 range this week...........and @15.200 range few sessions ago.........see call 1sttttttt----what next?????. . Tgt1 $93 hitted again today also in DX after fed news...........and DX made a low $93.000 range today........against sell @94.10 range yesterday...........and @97.50 range few sessions ago.........see call 1sttttttt----what next?????
artan braho
artan braho Jul 26, 2017 11:19AM ET
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Can you ever report something correct
Darshan Kapadia
Darshan Kapadia Jul 26, 2017 11:19AM ET
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Yeah they have changed the inventory figures
Deepak Singh
Deepak Singh Jul 26, 2017 11:19AM ET
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May be
Griffith White
Griffith White Jul 26, 2017 11:19AM ET
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News is news... just take consideration of report, eia report and your own analysis
 
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