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

Crude oil increases as excess global stockpile seen shrinking

Pubdate:2016-04-27 10:48 Source:mcc Click:
NEW YORK (Bloomberg) -- Oil rose amid signs that a global surplus is gradually diminishing, even as markets remain oversupplied.
 
Futures climbed as much as 2.4% in New York after slipping 2.5% Monday. BP CEO Bob Dudley, who in February joked that swimming pools might be needed to hold the global oil surplus, said Tuesday markets may re-balance by year-end. U.S. crude stockpiles probably expanded by 1.75 MMbbl last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday.
 
"The market continues to show strength on expectations that North American production will come down," said Gene McGillian, a senior analyst and broker at Tradition Energy in Stamford, Connecticut. "We’re discounting expectations for another week of stock builds."
 
Crude has rebounded after slumping to the lowest since 2003 in February amid signs the global surplus will ease as U.S. output declines. Oil markets are signaling that prices have bottomed, even as growth in demand is forecast to slow this year, according to Christopher Bake, a senior executive at Vitol Group, the world’s largest independent oil trader.
 
Exxon Mobil Corp. was demoted from the top credit rating by Standard & Poor’s for the first time since the Great Depression as the collapse in prices strangled cash flows. The rating was lowered from AAA to AA+, S&P said in a statement on Tuesday.
 
West Texas Intermediate for June delivery rose 85 cents, or 2%, to $43.49/bbl at 10:58 a.m. on the New York Mercantile Exchange. The contract dropped to $42.64 on Monday. Total volume traded was 19% below the 100-day average.
 
Dollar Weakens
 
Brent for June settlement increased 89 cents, or 2%, to $45.37/bbl on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $1.88 premium to WTI.
 
“Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year,” BP’s Dudley said in the company’s first-quarter earnings statement.
 
The dollar weakened toward a 10-month low as investors await policy decisions from the Federal Reserve and Bank of Japan. The Bloomberg Dollar Spot Index fell 0.4%, bolstering investor demand for commodities priced in the currency.
 
U.S. Stockpiles
 
"I think this is mostly U.S. dollar driven," said Clayton Rogers, an energy derivative broker at futures brokerage SCS Commodities Corp. "There isn’t much fundamental news to get excited about aside from BP’s leadership seeing tighter supply-demand heading into year end."
 
The projected gain in nationwide crude supplies will leave stockpiles above 540 MMbbl for the first time since 1929. Gasoline inventories probably dropped 1 MMbbl, according to the survey.
 
Gasoline futures led gains amid falling stockpiles and strong demand. U.S. gasoline consumption, averaged over four weeks, rose 3.9% from a year earlier to 9.39 MMbpd through April 15, EIA data show.
主站蜘蛛池模板: 无码人妻精品一区二区三区9厂| 中文字幕av高清片| 2020国语对白露脸| 精品欧美军人同性videos| 日日噜狠狠噜天天噜av| 国产精品黄大片观看| 亚洲精品视频在线观看免费 | 美国十次啦大导航| 欧美a在线观看| 大胸小子bd在线观看| 人妻少妇精品无码专区动漫| hdmaturetube熟女xx视频韩国| 第一福利在线观看| 我们离婚了第二季韩国综艺在线观看| 国产精品无码免费专区午夜| 免费人成年激情视频在线观看| 中文无码热在线视频| 美女被免费网站视频九色| 成人午夜性影院视频| 国产zzjjzzjj视频全免费| 久在线精品视频| 野花直播免费观看日本更新最新| 日本xxxx高清| 又黄又刺激视频| 久久久噜噜噜久久网| 脱顶胖熊老头同性tv| 性一交一乱一伧老太| 国产一级二级在线| 中文字幕5566| 狼人香蕉香蕉在线视频播放| 国产青青草视频| 亚洲AV成人片色在线观看高潮| 调教视频在线观看| 欧美日韩精品一区二区三区高清视频 | 亚洲免费观看视频| 91精品全国免费观看含羞草| 欧美性猛交一区二区三区| 国产成人在线看| 久热中文字幕无码视频| 色九月亚洲综合网| 天堂√在线中文最新版8|