Oil prices move up with U.S. crude supplies down a third straight week

MarketWatch2021-08-25

Oil futures traded higher Wednesday, finding some support from a third straight drop in U.S. crude inventories, but the spread of COVID-19 cases globally continued to threaten energy demand, putting a...

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River69
2021-09-02
River69
Good
- River69:
  ok
- River69:
  nice
- River69:
  up up
- River69:
  great
- River69:
  good
River69
2021-08-27
River69
Good
- River69:
  good
SSVC
2021-08-26
SSVC
Nice Appreciate your response and comments Thanks
Ericdao
2021-08-26
Ericdao
[財迷] [財迷]
Timjoe
2021-08-26
Timjoe
Read
Blading23
2021-08-26
Blading23
Read
- Blading23:
  comment

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Distillates showed \"a minor build amid a tick lower in implied demand.\"\nThe EIA report pegged last week's amount of finished motor gasoline supplied, a proxy for demand, at nearly 9.6 million barrels, up from 9.3 million barrels a week before.\nOn Nymex, September gasoline added 2.5% to nearly $2.24 a gallon and September heating oil tacked on 0.9% to $2.08 a gallon.\nNatural-gas futures, meanwhile, headed higher with the September contract up 2.3% at $3.99 per million British thermal units, ahead of Thursday's weekly EIA update on domestic supplies of the fuel.\nCrude stocks at the Cushing, Okla., storage hub edged up by 100,000 barrels for the week, while total U.S. petroleum supplies was unchanged for the week at 11.4 million barrels per day, according to Wednesday's EIA data.\nCrude has found support so far this week after the U.S. Food and Drug Administration on Monday gave formal approval to the COVID-19 vaccine developed by Pfizer Inc. $(PFE)$ and BioNTech SE (BNTX), Fawad Razaqzada, analyst at ThinkMarkets, in a note ahead of the EIA supply data. That raised expectations that more people will get the shot as large businesses and government organizations make vaccinations for their employees mandatory, he said.\n\n\"As a result, traders have speculated that demand for oil should rise as more people are likely to travel if fully inoculated,\" he said.\nCrude was buoyed after the American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.6 million barrels for the week ended Aug. 20, according to sources. The API report also reportedly showed inventory declines of 985,000 barrels for gasoline and 245,000 barrels for distillate supplies.\nCrude stocks at Cushing, Oklahoma — the delivery hub for Nymex oil futures — edged down by 485,000 barrels for the week, sources said.\nOfficial inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 3.2 million barrels, according to a survey of analysts conducted by S&P Global Platts. 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