Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oil Down Over Tight U.S. Supply Even as Coal, Gas Prices Ease

Coronavirus Oct 22, 2021 12:41AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

By Gina Lee

Investing.com – Oil was down Friday morning in Asia as U.S. supplies continue to tighten. The black liquid was set for a flat finish to the week, with easing coal and gas prices curbing the fuel-switching that had increased demand for oil products.

Brent oil futures fell 0.53% to $84.16 by 12:38 AM ET (4:38 AM GMT) and WTI futures were down 0.44% to $82.14.

The market hit multi-year highs earlier in the week as concerns about coal and gas shortages in China, India and Europe led to power providers switching to diesel and fuel oil.

“Weaker natural gas and coal prices would have taken away some of the support for the oil market,” ING commodities strategists said in a note.

Meanwhile, Wednesday’s data from the U.S. Energy Information Administration showed crude stocks at Cushing fell to 31.2 million barrels, their lowest level since October 2018. Despite the low levels, U.S. crude was set for a 0.5% rise for the week, not far off a seven-year high hit earlier in the week.

“However, there are clear concerns over the inventory drain that we are seeing at the WTI delivery hub, Cushing,” the ING note said

Some steam had come out of the market as investors were shifting their focus away from soaring front-month crude prices, according to Royal Bank of Canada (RBC) analysts.

“Some investors are also trimming risk across various energies, with the rationale being that energy crisis euphoria has peaked,” RBC analyst Michael Tran said in a note, which added, “these are not necessarily our views.”

Oil Down Over Tight U.S. Supply Even as Coal, Gas Prices Ease
 

Related Articles

Gold Treads Water at Mid-$1,800 as All Eyes on Fed 
Gold Treads Water at Mid-$1,800 as All Eyes on Fed  By Investing.com - Jun 24, 2022 4

By Barani Krishnan Investing.com -- Bulls in gold logged a second weekly loss as the yellow metal treaded water at mid-$1,800 levels amid a keen watch on the Federal Reserve’s next...

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 (2)
Eduff San
Eduff San Oct 22, 2021 4:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Fake news again, what is down?? just look chart. Mediocre reporter
Alex Alexander
Alex Alexander Oct 22, 2021 2:05AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wait until to calm speculators will come out. OPEC meatings with production increase and so on.
 
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
Continue with Google
or
Sign up with Email