Home > Boards > Commodities > Energy > Oil & Gas - Energy - Commodities - Resources

U.S. Crude Oil Stockpiles up Unexpectedly, First Time

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
DiscoverGold Member Profile
Member Level 
Followed By 573
Posts 77,724
Boards Moderated 44
Alias Born 03/10/04
160x600 placeholder
Eargo Informed of DOJ Criminal Investigation, Shares Lower
Shares of hearing aid maker Eargo Inc. are lower in Wednesday's late-trading session, after the company said it "was informed that it is the target of a criminal investigation by the U.S. Department of Justice related to insurance-reimbursement claims the company has submitted on behalf of its customers covered by federal employee health plans."
Yum China, Lavazza Plan More Lavazza Cafes in China
Top Company News of the Day
Wheat Climbs on Speculation Russia May Restrict Exports -- Daily Grain Highlights
Bankrupt Jeweler Alex & Ani Approved For Debt-Cutting Plan
Front Month Nymex Natural Gas Unchanged at $4.8050 -- Data Talk
Front Month Nymex RBOB Gasoline Rose 0.89% to Settle at $2.1239 -- Data Talk
Incyte Says FDA Approves Jakafi in Chronic Graft-Versus-Host Disease
STOXX Europe 50 Index Ends 0.96% Higher at 3547.18 -- Data Talk
EURO STOXX 50 Index Ends 1.29% Higher at 4150.19 -- Data Talk
FTSE 100 Index Ends 1.47% Higher at 7083.37 -- Data Talk
DAX Ends 1.03% Higher at 15506.74 -- Data Talk
CAC 40 Index Ends 1.29% Higher at 6637.00 -- Data Talk
STOXX Europe 600 Index Ends 0.99% Higher at 463.20 -- Data Talk
FTSE 100 Closes Higher on Wednesday But BOE Meeting Looms
FedEx Working With Paccar, Aurora on Autonomous Truck Program
U.S. Ethanol Stocks Snap Streak
U.S. Oil Inventories Fall as Refineries Restart After Hurricane
GM, Amazon to Introduce OnStar Guardian Skill for Amazon Alexa
FedEx Down Over 8%, on Pace for Largest Percent Decrease Since March 2020 -- Data Talk
Medtronic Begins Pediatric Clinical Trial of Spinal Tether for Treatment of Scoliosis
New Home Sales on Tap -- Data Week Ahead
Bed Bath & Beyond Expands Partnership with DoorDash
VC Daily: Indian Ed-Tech Startup Boosts U.S. Expansion With Summer Deals
FTSE Rises, Halma Reports Strong Progress, But Peel Hunt Retains Reduce Rating
Pro Bankruptcy Briefing: J&J Beats Injury Lawyers on Talc Bankruptcy; Judge Questions Talc Supplier's Chapter 11 Vote
DiscoverGold Member Level  Wednesday, 07/21/21 11:10:48 AM
Re: None
Post # of 6036 
U.S. Crude Oil Stockpiles up Unexpectedly, First Time in 9 Weeks
By: Liz Moyer | July 21, 2021

Investing.com -- Stockpiles of U.S. crude oil unexpectedly rose last week, snapping eight previous weeks of drawdowns, the Energy Information Administration said on Wednesday.

Crude inventories showed a build of 2.108 million barrels last week, compared with analysts' expectations for a draw of 4.466 million barrels.

Distillate stockpiles, which include diesel and heating oil, showed a draw of 1.349 million barrels in the week against expectations for a build of 557,000 barrels, the EIA data showed.

Gasoline inventories fell 121,000 barrels last week the EIA said, compared with expectations for a draw of 1.043 million barrels.

The higher U.S. crude numbers came after eight straight weeks of drawdowns that removed more than 40 million barrels from stockpiles, sending oil priced to four-year highs.

New York-traded West Texas Intermediate crude, the benchmark for U.S. oil, tumbled 7.5% to under $67 a barrel at the start of this week for its worst sell-off in 16 months on worries about an output hike announced by producer group OPEC+ and reports of resurfacing cases of Covid-19. However, in Wednesday's session, WTI was up almost 4% at just under $70 a barrel in what appeared to be a counter-risk trade, despite the data released by the EIA.

“Well we have it now, the first U.S. crude build in nine weeks,” Investing.com analyst Barani Krishnan said. “Yet, oil prices are going the other way, probably because they have given up so much already in recent days.”

“At some point though, more builds reported by the EIA will matter, especially if the Delta variant starts inhibiting gasoline refining. For now, the variant can be shrugged off as a hype amid the still-busy reopening fervor in New York and other cities. But once authorities start reacting more seriously to the threat, i.e. reintroducing masking and social curbs, or companies start telling people to work from home again, that can’t be too good for oil market sentiment.”

COVID cases involving the Delta variant surged in recent weeks, prompting some countries, including Australia and South Korea, to reintroduce restrictive measures. The United Kingdom on Saturday reported the highest number of daily COVID-19 cases since Jan 2021.

Read Full Story »»»


Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
Current Price
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences