U.S. inventory draw of 3.2 MMBO Crude oil prices settled higher for a third day Wednesday as the Department of Energy reported the third consecutive week of crude oil draws. U.S. inventories decreased by 3.2 MMBO, slightly more than the average economist estimate of 3.1 MMBO. Today’s figures did show more gasoline pumped into storage, however, an unusual occurrence in
Saudi stockpiles reach an 18-month low in March Saudi Arabia’s oil production remained unchanged in the final month of the first quarter, according to reports from OPEC, but as demand for the kingdom’s oil continues to grow, OPEC’s largest producer is increasingly depleting its stockpiles. The kingdom’s crude oil stockpiles fell to 296.7 MMBO in March, down 3% from 305.6
Crude oil inventories fell 3.4 MMBO during surprise week-over-week draw Crude oil inventories fell today, giving markets a pleasant surprise, and sending WTI prices up above $46 per barrel. Economist expected a small build for the week ended May 6, 2016, with the average estimate at 80 MBO. The numbers released by the DOE today showed a draw of 3.4
U.S. rig count hits 415 The rig count in the United States continued to decline last week, with Baker Hughes reporting just 415 active rigs. The active rig count for the week ended April 29, 2016, was down 16 rigs from the previous week, representing a 4% decline in overall active rigs, and the nineteenth consecutive week of declines. Rigs
U.S. crude oil inventories grow by 2.8 MMBO Oil prices are down today after an inventory build that exceeded economists’ estimates by a factor of five. According to data from Bloomberg, economists estimated an average build of 556 MBO, but the numbers released by the DOE today showed a build of 2.8 MMBO, bringing total inventories to 543.4 MMBO as
Inventories fall 4.9 MMBO Oil prices surged today following news from the Department of Energy that U.S. inventories declined this week following 7 consecutive weeks of record setting builds. U.S. crude oil inventories declined 4.9 MMBO this week to 529.9 MMBO. The average economist estimate this week was a build of about 3 MMBO, according to information complied by Bloomberg.
U.S. natural gas inventories show 25 Bcf draw U.S. natural gas inventories saw a larger than expected draw today, according to information from the Department of Energy. The DOE reported natural gas inventories for the week ended March 25, 2016, were down 25 Bcf to 2,468 Bcf. The current level of natural gas in storage is still above average, but
U.S. natural gas inventories show 15 Bcf build U.S. natural gas inventories saw a smaller than expected build today, according to information from the Department of Energy. The DOE reported natural gas inventories for the week ended March 18, 2016, were up 15 Bcf to 2,493 Bcf. The current level of natural gas in storage is still above average, but
Crude oil inventory build more than three times larger than expected Oil prices took a fall today following news from the Department of Energy that crude oil storage saw a much larger than expected build this week. The DOE reported a build to crude oil inventories of 9.4 MMBO for the week ended March 18, 2016, more than three times
“The market’s not shocked anymore” The price of both U.S. and international crude oil benchmarks has been fluctuating this morning following news from the Energy Information Administration that crude stockpiles grew by more than 10 million barrels last week. The news initially sent prices down as much as 2%, but both have recovered, and are even showing gains since this
Draw on commercial stocks in October is not the start of a trend, but fears of reaching capacity are overstated: IEA The Organization of Economic Cooperation and Development saw commercial stocks of crude oil draw down for the first time in seven months, according to the International Energy Agency’s (IEA) December Oil Market Report. Commercial stocks stood at 2,971 MMBO
Rig count hits five-year low The U.S. rig count continued to slide further even as WTI prices staged a comeback, climbing near $50 per barrel. The total rig count in the U.S. fell 14 rigs this week to 795 total rigs, according to Baker Hughes Industries (ticker: BHI). Rigs are down 69 from the beginning of August, and 814, or
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