U.S. crude stocks rise, product inventories dip - EIA | Forex Factory

  • U.S. crude stocks rise, product inventories dip - EIA

    From indiatimes.com

    U.S. crude stocks rose last week as refineries hiked output, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.6 million barrels in the last week, compared with analyst expectations for a decrease of 435,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.4 million barrels, EIA said. Refinery crude runs rose by 203,000 barrels per day, EIA data showed. Refinery utilization rates rose by 1.5 percentage points. Gasoline stocks fell by 618,000 barrels, compared with analysts' expectations in a ... (full story)

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Tony112
Apr 5, 2017 7:44am
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Sold, huge glut.
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smikester
Apr 5, 2017 9:51am
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Quoting diana91
{quote} Right? I am wondering how far will this go. Last week we had a small increase in crude inventories, but moderate decrease in distillates inventories. This gave confidence to the oil bulls that inventories are being used at faster pace, and that we might see a decline in crude inventories, but no! Inventories keep rising and rising. And now amid expectations of decline. I am wondering if OPEC will be able to do anything without hurting themselves too much, and if we are seriously underestimating US shale producers. If this trend continues,...

What we are seeing is the stabilisation of the oil price. There is no oil shortage. On the other hand certain methods of extraction can be expensive. Take a look at what they are doing in the North Sea, for example. When the price goes up, more oil is pumped and sold, causing the price to fall. When the price goes down, the more expensive extraction procedures are attenuated.
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diana91
Apr 5, 2017 7:56am
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Quoting Tony112
Sold, huge glut.
Right? I am wondering how far will this go. Last week we had a small increase in crude inventories, but moderate decrease in distillates inventories. This gave confidence to the oil bulls that inventories are being used at faster pace, and that we might see a decline in crude inventories, but no! Inventories keep rising and rising. And now amid expectations of decline.

I am wondering if OPEC will be able to do anything without hurting themselves too much, and if we are seriously underestimating US shale producers. If this trend continues, oil will be worthless soon. There will be enough of it for the world to swim in it.
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ChinaTraderz
Apr 5, 2017 8:13am
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I am looking forward to see how heavy it will gotten sold today. 1.3% gained from the whole day totally wipe off so far. Looking forward to see maybe another 1% lower probably. I strongly believe the figures still lots of hidden and I don't think they can get rid those inventories so fast that hoarding since 2016.
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ChinaTraderz
Apr 5, 2017 12:00pm
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Quoting smikester
{quote} What we are seeing is the stabilisation of the oil price. There is no oil shortage. On the other hand certain methods of extraction can be expensive. Take a look at what they are doing in the North Sea, for example. When the price goes up, more oil is pumped and sold, causing the price to fall. When the price goes down, the more expensive extraction procedures are attenuated.
I think I should agree on your view. OPEC agreement is for price stabilization instead of making oil expensive again. Many wild guesses that oil will get back to USD 60 after agreement. In fact if someone notice, if the price fall, then all those rumors will come out from OPEC and Non-OPEC that they will highly likely to extend or whatever that can make the price goes up, for instance which which producer has lower how many hundred k barrel per day etc., then the price goes up. Once the price they think is good, they will start to dump again. They repeating doing exact the same thing for the 3-4 months.
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diana91
Apr 5, 2017 8:42am
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Quoting acampher
anyone think cl crude will rice above 51.40 today?
It already was there.
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ChinaTraderz
Apr 5, 2017 12:03pm
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By repeating doing this, those producers are selling with an average of good price. Who will get hurt? Retails speculators and traders of course.
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AiWoZhongHua
Apr 5, 2017 7:53am
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Oil down, CAD down.

Get ready for another ride under $50
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acampher
Apr 5, 2017 8:34am
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anyone think cl crude will rice above 51.40 today?
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Trader#60E3
Apr 5, 2017 8:44am
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I'd say the probability is very low. If we are going to try to get up to $55 again then it may need to consolidate between $51 and $49.

$51.35 is exactly 50% of the previous range down so it's a very strong resistance point and we may keep finding resistance there today until the bulls feel safe to come in again
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acampher
Apr 5, 2017 8:49am
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thanks,then I better get out of my buy-trade before things get worse
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