11/25/2023 0 Comments Premarket movers marketwatch![]() “Even though we have seen a good rally in crude recently, we see the energy complex continuing to go higher,” said Tariq Zahir, managing member at Tyche Capital Advisors.Īny weakness in oil may be an opportunity to add to long positions in oil, with the recent Saudi news along with Russia extending production cuts until the end of the year, he told MarketWatch. Read: Why crude-oil rally can’t be ignored by investors - or the Fed On average, analysts surveyed by S&P Global Commodity Insights forecast an increase of 41 billion cubic feet.Ĭrude-oil futures traded sharply higher this week after Saudi Arabia announced it would extend a production cut of 1 million barrels a day through the end of the year, with Russia also pledging to extend a supply cut. natural-gas supplies in storage rose by 33 billion cubic feet for the week ended Sept. In separate report Thursday, the EIA said U.S. The latest fall in crude supplies is the fourth straight weekly decline reported by the EIA. ![]() Production cuts by the Organization of the Petroleum Exporting Countries have “left the world tight in crude supplies and the trend of inventory draws has continued throughout the month of August, supporting markets,” StoneX’s Kansas City energy team, led by Alex Hodes, wrote in Thursday’s newsletter, ahead of the EIA supply data. Analysts had forecast weekly inventory declines of 840,000 barrels for gasoline, while distillate stockpiles were seen as holding steady.Ĭrude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.8 million barrels for the week, the EIA said. The EIA report, which was released data a day later than usual due to Monday’s Labor Day holiday, also revealed a supply decline of 2.7 million barrels for gasoline, while distillate stockpiles edged up by 700,000 barrels. inventories despite the weakness in domestic demand,” Troy Vincent, senior market analyst at DTN, told MarketWatch. “Continued strength in crude exports, which are now humming along near maximum capacity at just over 4.5 million, and net exports of refined products continuing to hold at seasonal record highs at nearly 4.2 million bpd, are leading to dwindling U.S. The American Petroleum Institute late Wednesday reported a decline of 5.5 million barrels in last week’s domestic crude supplies, according to sources. On average, analysts polled by S&P Global Commodity Insights expected the report to show a decrease of 5.6 million barrels. commercial crude inventories fell by 6.3 million barrels for the week ended Sept. The Energy Information Administration on Thursday reported that U.S. Settled at $2.58 per million British thermal units, up nearly 2.8% after posting losses in the last four consecutive trading sessions. Tacked on 0.8% to $2.62 a gallon, while October heating oil It rose for a seventh straight day Wednesday, logging its highest close since Nov. The global benchmark, fell 68 cents, or nearly 0.8%, to $89.92 a barrel on ICE Futures Europe. benchmark’s nine-day winning streak ended Wednesday was its longest since 2019. ![]() West Texas Intermediate crude for October deliveryįell 67 cents, or 0.8%, to settle at $86.87 a barrel on the New York Mercantile Exchange, after ending the previous session at its highest since Nov.
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