Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

MTECHTIPS;-Oil up after gasoline stock draw, but market bloated

Friday, February 10, 2017 1:12
% of readers think this story is Fact. Add your two cents.

(Before It's News)

MTECHTIPS;-Oil up after gasoline stock draw, but market bloated

 

MTECHTIPS:-Oil prices rose on Thursday after an unexpected draw in U.S. gasoline inventories pointed to higher demand in the world’s biggest oil market, although bloated crude supplies meant that fuel markets remain under pressure. Benchmark Brent crude (LCOc 1) was up 60 cents a barrel at $55.72 per barrel by 1435 GMT. U.S. light crude (CLc 1) was 80 cents higher at $53.14 a barrel. The U.S. Energy Information Administration (EIA) said on Wednesday gasoline inventories fell by 869,000 barrels last week to 256.2 million barrels, versus analyst expectations for a 1.1 million-barrel gain. [EIA/S] The fall in gasoline stocks suggested U.S. consumption was stronger than expected, and may be healthy enough to support prices at time when most fuel oil markets are very well stocked. “U.S. gasoline draws are supporting prices today,” said Tamas Varga, senior analyst at London brokerage PVM Oil Associates. “They are an indication of stronger U.S. demand.” The EIA report also said U.S. commercial crude inventories rose by 13.8 million barrels to 508.6 million barrels, well above analysts’ forecasts. U.S. bank Goldman Sachs (NYSE:GS) said high fuel inventories and rising U.S. crude production meant oil markets would be over-supplied for some time, but that they would drain gradually. “We do not view the recent excess U.S. builds as derailing our forecast for a gradual draw in inventories, with in fact the rest of the world already showing signs of tightness,” the bank said in a note to clients.

Apply For 2 Days Free Trails equity & commodity tips

 

WWW.MTECHTIPS.COM

 

07489294118-119

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.