The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

WTI crude falls from 2-week high as U.S. inventories rise

Pubdate:2014-09-18 10:31 Source:fengyang Click:

NEW YORK (Bloomberg) -- West Texas Intermediate crude fell from a two-week high after an Energy Information Administration report showed U.S. inventories rose the most in five months.

Supplies gained 3.67 MMbbl barrels in the seven days ended Sept. 12, the first increase in five weeks, the EIA, the Energy Department’s statistical arm, said. Analysts surveyed by Bloomberg had expected a drop of 1.5 MM bbl. Brent widened its premium to WTI as Libya halted its biggest oil field.

“The big build in crude is going to put a lot of downward pressure on WTI,” Chip Hodge, who oversees a $9 billion natural-resource bond portfolio as senior managing director at John Hancock in Boston, said by phone. “Production is rising here, otherwise we would be looking at much higher prices because of the geopolitical situation.”

WTI for October delivery slipped $1.01, or 1.1%, to $93.87/bbl at 1:30 p.m. on the New York Mercantile Exchange. The volume of all futures traded was 28% above the 100-day average for the time of day. Prices are down 4.6% this year.

Brent for November settlement fell 43 cents to $98.62/bbl on the ICE Futures Europe exchange after earlier rising as much as 0.6%. Volume was 8.4% below the 100-day average. The European benchmark crude traded at a $5.81 premium to November WTI futures. The spread closed at $5.24 yesterday.

‘Large Build’

Crude supplies climbed to 362.3 MMbbl last week, the EIA said. Stockpiles at Cushing, Oklahoma, the delivery point for WTI futures, fell 357 M bbl to 20 million

Production of crude climbed to 8.84 MMbpd, the highest level since 1986. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S.

“We saw a large build today,” said Tariq Zahir, a New York-based commodity fund manager at Tyche Capital Advisors. “The trend is still down here for oil. With the amount of oil we have out there, prices are going to go lower.”

Gasoline supplies declined 1.64 MMbbl to 210.7 million. Demand for the fuel in the four weeks ended Sept. 12 dropped 0.2% to 8.98 MMbpd, the least since July.

Fuel Inventories

Stockpiles of distillate fuel, a category that includes diesel and heating oil, climbed 279 Mbbl to 127.8 MMbbl, the highest level since Sept. 27, 2013.

October gasoline futures dropped 0.77 cent to $2.5511/gal on the Nymex. Ultra low sulfur diesel for October delivery fell 1.5 cents to $2.7413/gallon.

Refineries used 16.3 MMbpd of crude last week, down 0.2%. The utilization rate was 93%.

“The crude runs are still above 16 MMbpd,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. “We are still putting in a lot of crude in the middle of September. That’s almost bullish.”

Brent rose earlier after Libya halted its biggest oil field. The Sharara field, producing about 250 Mbpd, was shut as a precaution after a rocket attack two days ago on the connected Zawiya refinery, Mansur Abdallah, director of oil movement at the plant, said by phone today.

The North African nation, still restoring output after more than a year of political unrest and protests, was producing 870 Mbpd as of Sept. 14, National Oil Corp. spokesman Mohamed Elharari said that day.

The fluid political situation in Libya can lead to unplanned supply disruptions, while sustaining higher production in the longer term might be difficult “given the absence of strong governance mechanisms,” Miswin Mahesh, an analyst at Barclays Plc in London, said by e-mail.

主站蜘蛛池模板: 亚洲欧美日韩精品久久亚洲区色播 | 国产精品自线在线播放| 啊灬啊灬啊灬快灬深用力| 亚洲精品成人久久| eeuss影院免费直达入口| 一边摸一边叫床一边爽| .天堂网www在线资源| 特级黄色毛片视频| 成人综合久久综合| 国产乱人伦app精品久久| 久久国产精品99国产精| 99视频精品国在线视频艾草| 欧美一级www| 国产精品一区二区久久| 国产dvd毛片在线视频| 久久亚洲精品中文字幕无码| 麻豆乱码国产一区二区三区| 日韩精品一区二区三区在线观看| 国产真实系列在线| 亚洲av无码成人网站在线观看| 天堂俺去俺来也www久久婷婷| 美女极度色诱视频国产| 成人片黄网站色大片免费| 四虎亚洲国产成人久久精品| 中文字幕久久久久久久系列| 美女被免网站在线视频| 成人午夜国产内射主播| 又湿又紧又大又爽a视频国产| 一级特黄录像视频免费| 福利网址在线观看| 坐公交车弄了2个小时小视频| 亚洲精品无码专区| 67194成手机免费观看| 欧美亚洲人成网站在线观看刚交| 国产欧美日韩精品a在线观看| 久热这里只有精品视频6| 色偷偷人人澡久久天天| 曰本一区二区三区| 国产亚洲Av综合人人澡精品| 久久99精品视香蕉蕉| 粗大的内捧猛烈进出在线视频|