Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil up 2% on Ida-Pressured U.S. Crude Draw, Gasoline Build Ignored

CommoditiesSep 22, 2021 05:59PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

(Updates with settlement prices)

By Barani Krishnan

Investing.com - Oil prices rose 2% Wednesday as market participants focused on another larger-than-expected weekly crude draw caused by Hurricane Ida-related disruptions, while ignoring a surprise gasoline build.

Crude stockpiles dropped by 3.481 million barrels in the week to Sept. 17, the Energy Information Administration said in its Weekly Petroleum Status Report. Analysts tracked by Investing.com had forecast a drop of 2.45 million barrels for the week. In the previous week to Sept. 10, crude draws ballooned to 6.422 million barrels, almost double to expectations due to Ida-related disruptions.

Distillates inventories, which include diesel and heating oil, fell by 2.55 million barrels last week against expectations for a draw of 1.11 million barrels, the EIA data showed. In the previous week, distillate inventories fell by 1.69 million barrels.

But gasoline stockpiles — a data point relatively more important than distillates — bucked the downtrend, rising by 3.47 million barrels, compared with expectations for a draw of 1.47 million barrels. In the previous week, gasoline stockpiles fell 1.86 million.

“There’s a good amount of crude production that’s back since the storm and demand for gasoline is down from the summer peak of 9.4 million barrels a day to 8.8 million barrels now,” said John Kilduff, founding partner at New York energy hedge fund Again Capital. “But the market is obviously ignoring the gasoline element today, keeping the focus on the crude draw.”

New York-traded West Texas Intermediate, the benchmark for U.S. oil, was up $1.74, or 2.5%, at $72.23 per barrel.

London-traded Brent crude, the global benchmark for oil, rose $1.83, or 2.5%, to finish at $76.19.

Ida shut down more than 90% of oil and gas production facilities on the US Gulf of Mexico prior to making landfall on Aug. 29. As of Tuesday, more than three weeks after the hurricane, some 16% of oil production on the Gulf, accounting for 320,909 barrels equivalent, remained shut-in due to complications caused by the storm.

Oil up 2% on Ida-Pressured U.S. Crude Draw, Gasoline Build Ignored
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (8)
Kamal Rajak
Kamal Rajak Sep 22, 2021 6:12PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Kevin Avila
Kevin Avila Sep 22, 2021 1:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Back down to $30 a barrel by September next year
Steven Kemp
Steven Kemp Sep 22, 2021 1:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
based on what
MD TAMIM
MD TAMIM Sep 22, 2021 11:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Billa Mia
Billa Mia Sep 22, 2021 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Billa Mia
Billa Mia Sep 22, 2021 11:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Me comment
Me comment Sep 22, 2021 11:09AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Still not good news as gasoline inventories skyrocketed meaning no demand. Fuel prices are artificially being held high by the analist/investors they do not reflect the reality of the demand supply curve.
perplexed76 .
perplexed76 . Sep 22, 2021 10:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
disappointment data for oil "investors" actually. but they will be ok and think another reason why oil will end tomorrow.
Jim Divers
Jim Divers Sep 22, 2021 10:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Well Biden and the other Dems got want they wanted. Gas prices , food prices and all other prices. Keep on voting for this bunch and we all will be in the poor house.
Me comment
Me comment Sep 22, 2021 10:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The high prices are the direct result of trumps incompetence regarding the pandemic and his tax cuts.
skriller bee
skriller bee Sep 22, 2021 10:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
they cant accept reality bro. they think that cutting taxes will magicaly pay off the us debt, when the few people who owns half of the money in us and are benefiting disproportionately the most barely even pay their taxes with all the loopholes and deductibles that conservatives have put in place
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email