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Oil Pares Gains as US Gasoline and Cushing Supplies Rise

Oil Pares Gains as US Gasoline and Cushing Supplies Rise
(Dreamstime)

Wednesday, 16 August 2017 11:29 AM

Oil traded little changed after government data showed U.S. crude supplies fell by the most since September, yet gasoline and Cushing, Oklahoma stockpiles increased last week.

Futures fluctuated between gains and losses in New York. Crude inventories declined by 8.9 million barrels last week to 466.5 million, according to data from the Energy Information Administration Wednesday. Gasoline stockpiles rose for a second week and supplies at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, increased by 678,000 barrels.

West Texas Intermediate for September delivery rose 4 cents to $47.59 a barrel at 10:41 a.m. on the New York Mercantile Exchange. Total volume traded was about 9 percent below the 100-day average.

Brent for October settlement gained 19 cents to $50.99 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a premium of $3.26 to October WTI.

Oil-market news:

  • Crude production from Libya’s Sharara field increased to 230,000 barrels a day Tuesday from 200,000 on Sunday, according to a person familiar with the matter.
  • Ecuador will limit output at its current level of 541,000 barrels a day to avoid undermining the OPEC-led cuts, Ecuadorian Oil Minister Carlos Perez said.
  • China’s annual oil demand will peak at 690 million tons by 2030, or about 12 percent of the global total, according to China National Petroleum Corp.

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Oil traded little changed after government data showed U.S. crude supplies fell by the most since September, yet gasoline and Cushing, Oklahoma stockpiles increased last week.
oil, gasoline, energy, supply
225
2017-29-16
Wednesday, 16 August 2017 11:29 AM
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