![]() That led to a “larger than expected” draw in U.S. ![]() refiners finally ramping up throughput following a lengthy maintenance season,” said Troy Vincent, senior market analyst at DTN. crude exports last week, coupled with what looks to be U.S. The report showed an “unexpected rebound in U.S. crude inventories, according to a source citing the data. The American Petroleum Institute late Tuesday reported a 2.7 million barrel decline in last week’s U.S. On average, analysts forecast a decline of 400,000 barrels, according to a survey by S&P Global Commodity Insights. commercial crude inventories fell by 4.6 million barrels for the week ended April 14. ![]() petroleum supply data from the Energy Information Administration on Wednesday didn’t provide a boost for oil prices either. The price action showed “there are clearly still some concerns over the demand outlook,” said Warren Patterson, head of commodities strategy at ING, in a note. Oil futures declined Wednesday after posting a slight gain a day earlier when prices failed to find much support off data that showed China’s gross domestic product expanded by a larger-than-expected 4.5% in the first quarter. Lost 3.8% at $2.65 a gallon, while May heating oilĭeclined 6.1% to $2.22 per million British thermal units. The global benchmark, dropped $1.65, or almost 2%, to $83.12 a barrel on ICE Futures Europe, also the lowest since March 31. ![]() The most actively traded contract, lost $1.66, or nearly 2.1%, to end at $79.24 a barrel. The settlement was the lowest since March 31, according to Dow Jones Market Data. West Texas Intermediate crude for May deliveryįell $1.70, or 2.1%, to settle at $79.16 a barrel on the New York Mercantile Exchange, ahead of the contract’s expiration at Thursday’s settlement. ![]()
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