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$XLE Crude oil shoots higher on signs of

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eFinanceMarkets   Wednesday, 09/13/17 02:33:10 PM
Re: HERMES8 post# 142
Post # of 156 
$XLE Crude oil shoots higher on signs of tightening supply

Crude oil futures enjoy solid gains in today's trade, supported by the biggest-ever weekly drop in U.S. gasoline inventories and signs that market supply and demand are coming back into balance.

U.S. crude for October delivery currently +1.6% at $49/bbl in New York, with the global Brent benchmark +1.2% to $54.92, near a five-month high.

The U.S. Energy Information Administration reported that gasoline stockpiles fell by 8.4M barrels in the week ended Sept. 8, while stocks of distillates fell by 3.2M barrels, also exceeding analyst expectations; meanwhile, U.S. refineries ran at at only 78% of operable capacity, allowing commercial crude oil stocks to rise by 5.9M barrels to 468.2M.

Earlier today, the International Energy Agency said August global oil supplies fell for the first time in four months, while also upwardly revising its 2017 oil demand estimate to 1.6M bbl/day from its July estimate of 1.5M bbl/day.

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