Oil Jumps On EIA Inventory Data

Oil Jumps On EIA Inventory Data

Crude oil prices moved higher today after the Energy Information Administration today reported a modest inventory draw of 200,000 barrels for the week to September 23. This compared with an increase in oil inventories of 1.1 million barrels for the previous week. Yesterday, the American Petroleum Institute estimated a 4.15-million-barrel build in crude oil inventories … Read more

Gasoline Draw Sends Oil Prices Higher

Gasoline Draw Sends Oil Prices Higher

The American Petroleum Institute (API) reported a build this week for crude oil of 4.150 million barrels, while analysts predicted a build of 333,000 barrels. According to API data, US crude inventories have now gained 23 million barrels so far this year—a build made possible only by releasing 166 million barrels from the nation’s Strategic … Read more

API Sees Crude, Product Inventory Builds

API Sees Crude, Product Inventory Builds

The American Petroleum Institute (API) reported a build this week for crude oil of 1.035 million barrels, while analysts predicted a bigger build of 2.321 million barrels. The build comes as the Department of Energy released 6.9 million barrels from the Strategic Petroleum Reserves in the week ending September 16, leaving the SPR with 427.2 … Read more

Here’s Why Toyota Isn’t Going All-In On Electric Vehicles

Here’s Why Toyota Isn’t Going All-In On Electric Vehicles

While many automakers have committed billions of dollars in recent years to develop all-electric vehicles, Toyota has approached the technology with far more caution – opting instead to continue investing in a portfolio of hybrid “electrified” vehicles, such as the Prius. And while the Japanese automaker was a darling of US environmentalists and ‘eco-conscious’ consumers … Read more

US Producer Prices Index Drops On Lower Gasoline Prices

US Producer Prices Index Drops On Lower Gasoline Prices

The US Bureau of Labor Statistics has released a report showing the second consecutive monthly drop in producer prices, prompted by steadily declining gasoline prices. The Producer Price Index (PPI) shows final demand dropping by 0.1% in August, compared with a 0.4% drop in July. Overall, the latest PPI shows a 1.2% drop in prices … Read more

WTI Inches Higher After EIA Reports Small Crude Inventory Build

WTI Inches Higher After EIA Reports Small Crude Inventory Build

Crude oil prices inch higher today after the Energy Information Administration reported an inventory increase of 2.4 million barrels for the week to September 9. This compared with a sizeable build of 8.8 million barrels estimated for the previous week. A day before the EIA released its report, the American Petroleum Institute estimated oil inventories … Read more

Oil Prices Unmoved By Large Crude Inventory Build

Oil Prices Unmoved By Large Crude Inventory Build

The American Petroleum Institute (API) reported a build this week for crude oil of 6.035 million barrels, while analysts predicted a draw of 200,000 barrels. The build comes as the Department of Energy released a record-setting 8.4 million barrels from the Strategic Petroleum Reserves in the week ending September 9, leaving the SPR with just … Read more

Large Crude Build Sends Oil Prices Tumbling

Large Crude Build Sends Oil Prices Tumbling

Crude oil prices eased from their earlier gains after the Energy Information Administration reported inventories had added 8.8 million barrels for the week to September 2. This compared with an inventory draw of 3.3 million barrels estimated for the previous week. In gasoline, the EIA reported an inventory increase of 0.4 million barrels for the … Read more

Surprise Crude Build Weighs On Oil Prices

Surprise Crude Build Weighs On Oil Prices

The American Petroleum Institute (API) reported a build this week for crude oil of 3.645 million barrels, while analysts predicted a draw of 733,000 barrels. The build comes as the Department of Energy released 7.5 million barrels from the Strategic Petroleum Reserves in the week ending September 2, leaving the SPR with just 442.5 million … Read more

Is Dodgy Demand Data Driving Oil Prices Lower?

Is Dodgy Demand Data Driving Oil Prices Lower?

In the current month, open interest, or the total number of crude futures and options contracts that have not been settled, fell to a seven-year lowgiving rise to OPEC ministerial and analyst concerns that the veracity of oil market price signals has been compromised. Last week, the combined open interest of the four main Brent … Read more