Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

MTECHTIPS:-Crude settles lower after EIA reports spike in US crude stockpiles

Thursday, February 16, 2017 2:15
% of readers think this story is Fact. Add your two cents.

Headline: Bitcoin & Blockchain Searches Exceed Trump! Blockchain Stocks Are Next!

MTECHTIPS:-Crude settles lower after EIA reports spike in US crude stockpiles

 

MTECHTIPS- Crude futures struggled for direction on Wednesday but ultimately settled lower after the U.S. Energy Information Administration (EIA) reported a larger-than-expected rise in crude inventories. The U.S. Energy Information Administration’s (EIA) latest drilling productivity report revealed that U.S. crude stocks rose 9.5 million barrels last week, nearly three times more than forecast. Total U.S. crude inventories rose to 518.12 million barrels, which is at the upper limit of the average range for this time of the year, according to EIA, while gasoline inventories rose to a record high of 2.8 million. However, the glut in crude inventories was offset by a decline in crude oil imports and a drop of 689,000 barrels in distillate inventories. On the New York Mercantile Exchange Crude Oil Futures for March delivery settled at $53.11 a barrel, down 9 cents, while on London’s Intercontinental Exchange, Brent shed 24 cents to settle at $55.73 a barrel. Moves in crude prices were volatile throughout the session, as the EIA’s latest report does little to calm fears that increased drilling activity from both U.S. crude and shale oil producers will underpinned OPEC and other producers’ efforts to combat the demand and supply imbalance in the industry.

 

mtechtips- Apply For 2 Days Free Trails  Equity & Commodity tips

WWW.MTECHTIPS.COM

07489294118-119b

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.