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 retreats as surprise jump in U.S. stockpiles hints at glut

Pubdate:2019-03-07 14:37 Source:liyanping Click:

NEW YORK (Bloomberg) -- Oil retreated for the second day in a row after U.S. crude stockpiles ballooned, casting a shadow over OPEC’s efforts to avert a global glut.

Futures in New York closed 0.6% lower on Wednesday after the U.S. Energy Information Administration said domestic oil inventories grew by 7.07 MMbbl, exceeding every estimate in a Bloomberg survey. A larger-than-expected draw-down in refined products eased some fears about demand but wasn’t enough to bolster the market.

Crude prices rallied more than 25% through mid-February as the Organization of Petroleum Exporting Countries and its partners curbed output. But the rally’s stalled since then, as traders fretted about a fragile global economy and the U.S.-China trade spat. The Organization for Economic Cooperation and Development trimmed its growth outlook earlier in the day.

“We’re still in this place where we’re kind of like an airplane circling, waiting to see what happens,” said Ellen Wald, president and Transversal Consulting, an energy and geopolitics consultancy in Jacksonville, Florida.

The result was a split decision for the world’s two major oil markets. West Texas Intermediate for April delivery slipped 34 cents to $56.22/bbl at the close of trading on the New York Mercantile Exchange.

Global benchmark Brent crude was at $65.99/bbl for May settlement, up 13 cents, on London’s ICE Futures Europe exchange. Brent’s premium over WTI for the same month was $9.37/bbl.

U.S. crude stockpiles fell more than expected in last week’s EIA report, but the decline was at least partly due to fog that delayed imports in Houston and has since subsided. In the latest data, Saudi shipments more than doubled from the previous period.

Saudi Arabia’s energy minister, Khalid Al-Falih, said last week that American inventories are “brimming” and the the OPEC leader is leaning toward extending production curbs beyond June.

Still, stockpiles of gasoline, propane and distillates -- the class of fuel that includes home heating oil -- fell by even more than those for crude rose, according to the EIA. Gasoline futures rose 1.2% to $1.7890/gal, their highest close since Oct. 30.

“Demand remains pretty strong," said Matt Sallee, a portfolio manager who helps oversee $16 billion in energy investments at Kansas-based Tortoise. “We’re starting to get those gasoline inventories worked down, and that’s been a big headwind for the market."

Investors are also looking for a breakthrough on U.S.-China trade talks that have dragged on for the past several weeks. While the nations are said to be close to an agreement, American Secretary of State Mike Pompeo said Tuesday that President Donald Trump is ready to walk away unless he secures a “perfect deal.”

主站蜘蛛池模板: 日批视频网址免费观看| 伊人久久精品午夜| 久久夜色精品国产亚洲AV动态图| **实干一级毛片aa免费| 欧美精品亚洲精品| 国产黄三级高清在线观看播放| 伊人久久精品亚洲午夜| chinese国产xxxx实拍| 精品一区二区三区影院在线午夜| 小受被强攻按做到哭男男| 午夜理论影院第九电影院| 一级毛片试看60分钟免费播放| 精品欧美同性videosbest| 幻女free性俄罗斯第一次摘花| 免费黄色网址在线观看| chinesektv直男少爷| 波多野结衣中文字幕一区二区三区 | 最好看的2018中文字幕国语免费| 国产特级毛片aaaaaaa高清| 五月开心播播网| 领导边摸边吃奶边做爽在线观看 | 亚洲最大的黄色网| 18成人片黄网站www| 榴莲榴莲榴莲榴莲官网| 国产小视频在线看| 久久99精品国产99久久6| 美女被a到爽视频在线观看 | 特级毛片免费播放| 国产超碰人人做人人爽av| 亚洲大尺度无码无码专区| 欧美jlzz18性欧美| 日本一区二区三区不卡在线视频| 国产91精品新入口| h小视频在线观看| 欧美成在线观看| 国产另类ts人妖一区二区| 中文字幕免费在线看线人| 男女一进一出抽搐免费视频| 国内精品久久久久影院一蜜桃| 亚洲一区二区三区在线观看蜜桃| 香港特级三A毛片免费观看|