![]() ![]() read moreĪnalysts at Goldman Sachs said a return of Iranian crude supply would reduce their 2023 forecast by $5-10 per barrel from $125 per barrel. The European Union and United States said on Tuesday they were studying Iran's response to what the EU has called its "final" proposal to save the deal. On the oil supply front, the market is awaiting developments from talks to revive Iran's 2015 nuclear deal with world powers, which could eventually lead to a boost in Iranian oil exports. "There are growing downside risks as a result of the growth outlook and ongoing uncertainty around Chinese COVID restrictions," said Craig Erlam of brokerage OANDA.Īn exodus of participants, especially hedge funds and speculators, has made daily price swings far greater than in previous years. British consumer price inflation jumped to 10.1% in July, its highest since February 1982, intensifying a squeeze on households, and pushing oil prices lower earlier in the day. The Saudi move had been widely expected, while traders have cast doubt on Russia’s willingness to cut.The prospect of recession has also more recently weighed on oil prices. Other market driversĬrude prices posted a gain on Wednesday following an announcement this week, ahead of Tuesday’s Fourth of July holiday, by Saudi Arabia, which said it would extend its July production cut of 1 million barrels a day through August, while Russia said it would curb exports by 500,000 barrels a day. and world was still being heavily impacted by COVID outbreaks - for the seasonal period at just 92.5%.”ĭespite this weakness in refinery runs, “gasoline and diesel stocks are posting very modest draws amid continued softness in domestic product demand,” said Vincent. refinery utilization is now back in line with 2021 levels - when the U.S. refineries is down 400,000 year-on-year despite the fact that refinery capacity has expanded by 250,000 bpd,” he said. While there were draws across the board for petroleum supplies,” significant weakness in domestic crude demand is starting to weigh on those that were expecting massive crude draws by this time of the year,” said Troy Vincent, senior market analyst at DTN. Analysts had forecast weekly decreases of 1.7 million barrels for gasoline and 700,000 barrels for distillates.Ĭrude stocks at the Cushing, Okla., Nymex delivery hub edged down by 400,000 barrels for the week, the EIA said, while stocks in the Strategic Petroleum Reserve fell 1.5 million barrels. The EIA report also revealed weekly inventory decreases of 2.5 million barrels for gasoline and 1 million barrels for distillates. crude inventories fell by 4.4 million barrels last week, according to a source citing the data. The premium of Murban futures climbed to more than 2 a barrel over the Dubai benchmark on Thursday, a sign of tightness in a key part of the Asian crude market. Ahead of Tuesdays opening bell, Dow Jones futures, along with S&P 500 futures and Nasdaq 100 futures, were little changed vs. The American Petroleum Institute reported late Wednesday that U.S. 19 hours ago &0183 &32 Dow Jones Today: Oil Prices, Treasury Yields. On average, analysts polled by S&P Global Commodity Insights expected the report, which was released a day later than usual due to Tuesday’s Fourth of July holiday, to show a decline of 3.6 million barrels. That followed back-to-back weekly declines. commercial crude inventories fell by 1.5 million barrels for the week ended June 30. The Energy Information Administration on Thursday reported that U.S. Rose 1% to $2.5438 a gallon, while August heating oilĭeclined by 1.8% at $2.609 per million British thermal units. The global benchmark, declined by 13 cents, or 0.2%, to settle at $76.52 a barrel on ICE Futures Europe after settling Wednesday at a two-week high. Rose by a penny to settle at $71.80 a barrel on the New York Mercantile Exchange, holding ground at their highest finish since June 21, according to Dow Jones Market Data. ![]() West Texas Intermediate crude for August delivery
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |