Thursday, 14 December, 2017

Oil Prices Slip Amid Gasoline Inventory Build-Up (USO)

Oil Dips Toward $57 on Signs US Gasoline Stockpiles Expanded Oil Price Fundamental Daily Forecast – API Reports Massive Gasoline Inventories Build
Laurie Berry | 06 December, 2017, 19:33

China is the second-largest economy in the world behind the United States and data published late Tuesday by the American Petroleum Institute on gasoline inventories suggested "no one traveled on Thanksgiving", Flynn said.

Oil slid toward $57 a barrel after industry data showed US gasoline stockpiles expanded for the first time in four weeks.

US crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.

"We were overdue a little bit of profit-taking and the build up in gasoline inventories was the ideal excuse to do just that", said Michael Hewson, chief market analyst at brokerage CMC Markets.

Terror plot to assassinate British PM foiled
Security measures were introduced in the 1970s but were increased in the 1980s as the threat from Irish republican groups grew. Four have been successful, including the May attack that killed 22 following an Ariana Grande concert at Manchester Arena.

Meanwhile, West Texas Intermediate (WTI) crude lost 0.42 per cent to Dollars 57.38, while Brent crude, the European benchmark, fell 0.38 per cent to USD 62.62 a barrel at the New York Mercantile Exchange today. Goldman Sachs Group Inc. forecast that oil prices will retain strength at least through next year. The EIA will release the crude oil inventory report today (December 6, 2017). Traders were looking for a draw of about 3.5 million barrels. Exports averaged 1.36 million barrels a day last week and have a cumulative daily average for the year of 943,000 barrels a day, a 98% increase over the year-ago export total.

Distillate inventories also saw a build this week, rising 4.259-million barrels, against a forecast of a 548,000-barrel build.

For the past week, crude imports averaged 7.2 million barrels a day, down by 127,000 barrels a day compared with the previous week. Now trade is carried out by the exchange's two divisions, the NYMEX Division and the COMEX Division, the first one designed for trades of oil, gas, platinum, palladium, ethanol, coal, electricity and carbon dioxide emissions, the second one for gold, silver, copper and aluminum. Over the past 12 months, Exxon stock has traded down about 5.1%.

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