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

Oil rises after unexpected decline in U.S. crude stockpiles

Pubdate:2016-05-12 10:19 Source:mcc Click:
NEW YORK (Bloomberg) -- Oil climbed after a government report showed that U.S. crude inventories unexpectedly declined.
 
Futures rose as much as 3.3%. Crude stockpiles fell 3.41 MMbbl last week, the U.S. Energy Information Administration said. Analysts surveyed by Bloomberg had projected a 750,000-bbl gain. Crude output fell to 8.8 MMbpd, the lowest since September 2014. Refineries usually bolster operating rates in May to meet summer gasoline demand, which leads to lower crude supplies in months ahead.
 
"There’s a trifecta: Not only was there a crude draw, gasoline and distillate supplies also dropped and production fell yet again," said Matt Sallee, who helps manage $14.1 billion in oil-related assets at Tortoise Capital Advisors in Leawood, Kansas. "The draw’s due to strong demand and lower production."
 
West Texas Intermediate for June delivery rose $1.32, or 3%, to $45.98/bbl at 12:24 p.m. on the New York Mercantile Exchange. The contract dropped as much as 1.6% to $43.96 earlier. Total volume traded was 58% above the 100-day average.
 
Brent for July settlement rose $1.63, or 3.6%, to $47.15/bbl on the London-based ICE Futures Europe exchange. The global benchmark crude was at a 44-cent premium to July WTI.
 
Ample Stockpiles
 
Crude inventories fell to 540 MMbbl in the week ended May 6, dropping from the highest level since 1930, the EIA data show. 
 
Supplies of crude at Cushing, Oklahoma, the delivery point for WTI and the nation’s biggest oil-storage hub, rose by 1.52 MMbbl to a record 67.8 MMbbl. The biggest drop was on the Gulf Coast, where supplies fell 1.42 MMbbl. TransCanada Corp.’s Gulf-bound Marketlink pipeline, which originates in Cushing, was scheduled for planned work May 2-7, according to a person familiar with the matter.
 
"The market has to be happy with these inventory numbers," said Rob Haworth, a senior investment strategist in Seattle at U.S. Bank Wealth Management, which oversees $125 billion of assets. "It’s a little early in the season to see crude inventories drop. We are also getting lower production, which is very bullish."
 
Refineries reduced operating rates by 0.6 percentage point to 89.1% of capacity. U.S. refiners typically increase utilization in April and May as they finish maintenance before the summer peak driving season.
 
Gasoline inventories dropped 1.23 MMbbl last week, while supplies of distillate fuel, a category that includes diesel and heating oil, fell 1.65 MMbbl.
 
Prices also climbed because of the disruption of supply from Nigeria. Royal Dutch Shell Plc invoked a legal clause to allow it to halt deliveries of Bonny Light, a key export grade, after a pipeline leak in Nigeria. Shell and Chevron Corp. are evacuating workers from the Niger Delta because of security fears.
 
Oil-market news:
 
At least a fifth of Nigerian oil production, equivalent to almost 400,000 bpd, has been shut down as a pipeline closure added to disruptions caused by militant attacks. The military said it would “crush” rebels after oil companies evacuated non-essential workers due to the deteriorating security situation. The 50-day average price for Brent crude is approaching its 200-day average to form a pattern known as a golden cross that’s typically seen as a sign of bullishness. That hasn’t happened since a global glut prompted a crash in prices in 2014. WTI reached that point on Tuesday.
主站蜘蛛池模板: 免费观看四虎精品国产永久| 成年免费视频黄网站在线观看 | 精品亚洲成a人无码成a在线观看 | 国产一区二区三区在线视频| 久久精品国产99精品国产亚洲性色 | 韩国一区二区视频| 欧洲vat一区二区三区| 国产精品天堂avav在线| 亚洲成av人片不卡无码| 1000部精品久久久久久久久 | 手机看片福利久久| 欧美丰满熟妇XXXX性ppX人交| 国产精品第六页| 亚洲午夜在线一区| 亚洲伊人久久大香线蕉结合| 欧美xxxxx喷潮| 国产成人片无码视频在线观看| 九色视频在线观看| 黄床大片30分钟免费看| 日本天堂免费观看| 国产v片成人影院在线观看| 中文字幕一区二区三区精华液 | 女人被躁到高潮嗷嗷叫游戏| 免费a级毛片在线观看| 99久久国产综合精品成人影院 | 一出一进一爽一粗一大视频免费的| 管家婆有哪些版本| 国精产品一品二品国精品69xx | 一区在线免费观看| 狠狠色丁香久久婷婷综合| 国产超清在线观看| 亚洲av无码一区二区三区国产 | 一本色道久久88亚洲精品综合| 男人和女人做爽爽视频| 在线看片无码永久免费aⅴ| 亚洲天堂岛国片| 黄色网站在线观看视频| 老司机午夜福利视频| 小帅男同志chinesecouple| 人人妻人人澡av天堂香蕉| 2020国产精品永久在线|