News Oil 

EIA reports a surprise weekly climb of nearly 6 million barrels in U.S. crude supplies

“The U.S. Energy Information Administration reported Wednesday that crude supplies climbed by 5.8 million barrels for the week ended May 18” writes Markets Commodities Reporter for marketwatch.com. Gasoline stockpiles also rose by 1.9 million barrels for the week, while distillate stockpiles fell 1 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines 620,000 barrels for gasoline and 1 million barrels for distillates. July crude CLN8, -0.94% was down 84 cents, or 1.2%, to $71.36 a barrel on the New York Mercantile Exchange, down from $72.01…

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News Oil 

Oil settles 3% higher on U.S. exit from Iran deal

“Oil futures settled 3% higher on Wednesday, as the U.S. exit from the Iran nuclear deal raised the risk to Middle East crude supplies” writes Markets Commodities Reporter for marketwatch.com. A bigger-than-expected weekly decline in U.S. crude stockpiles also contributed to oil’s price rise.June West Texas Intermediate crude CLM8, +2.98% rose $2.08, or 3%, to settle at $71.14 a barrel on the New York Mercantile Exchange. Source: marketwatch.com Share This:

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Futures News Oil 

OIL PRICE HIGHEST SINCE OBAMA…

“The weekly figures also showed gasoline demand rose to 9.86 million barrels a day ahead of the summer driving season” writes Matthew Staver for cnbc.com. Oil price extended gains Thursday, rising to the highest levels in more than three years as U.S. crude stockpiles continued to drop and gasoline demand hit a record.U.S. West Texas Intermediate crude futures topped out at $69.56 a barrel, the highest level since Nov. 28, 2014, when WTI hit $73.56.Crude futures surged in the previous session after the Energy Information Administration reported U.S. crude stockpiles…

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News Oil 

Oil prices rise on optimism ahead of U.S. supply data

“Front and center for traders Wednesday will be the release of weekly petroleum supply data from the Energy Information Administration” writes Markets Reporter for marketwatch.com. U.S. supply data is likely to swing more into focus as geopolitical tensions surrounding Syria have receded somewhat.June Brent LCOM8, +0.84% the global crude benchmark, gained 65 cents, or 0.9%, to $72.23 a barrel, after inching up 0.2% on Tuesday.The data also showed a decline of nearly 2.5 million barrels in gasoline stockpiles, with inventories of distillates falling by 854,000 barrels, sources said.Oil futures rose…

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News Oil Stocks 

Oil prices deepen decline as U.S. crude supplies edge up, but product stocks fall

“The U.S. Energy Information Administration early Wednesday reported that crude supplies rose by 1.6 million barrels for the week ended March 23” writes Markets Commodities Reporter for marketwatch.com. Oil prices deepened their declines on Wednesday, after failing at an attempt to turn higher in the wake of the latest weekly U.S. report on petroleum supplies.Data showed that U.S. crude inventories edged a bit higher last week and production rose, while stockpiles of both gasoline and distillates declined a bit more than expected. Source: marketwatch.com Share This:

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News Oil 

Oil prices stumble ahead of U.S. inventory data

“Gasoline stockpiles also rose 2.69 million barrels, while inventories of distillates dropped by 4.1 million barrels, sources said” writes Markets Reporter for marketwatch.com. Crude oil was facing a third-straight losing session on Wednesday, with prices pushing lower again as investors grew nervous ahead of an important update on U.S. stockpiles.However, total domestic crude production climbed by 128,000 barrels a day to 9.878 million barrels a day, according to the data. February gasoline RBG8, -0.82%  slipped 0.9% to $1.878 a gallon, while February heating oil HOG8, -0.31%  slipped 0.4%to $2.063 a…

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News 

After California pot stockpiles go up in smoke, what’s next?

“Meanwhile, stockpiles built up by retail shops before legal sales started on Jan. 1 will eventually run out” writes Michael R for seattletimes.com. LOS ANGELES (AP) — Customers are lining up to buy legal marijuana in California, but there are already concerns about keeping enough pot on the shelves. Officials say it’s too soon to judge if the supply chain is working. Source: seattletimes.com Share This:

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News Oil Stocks 

EIA reports a fall in U.S. crude supply, but gasoline stocks rise more than expected

“Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies fell 5.6 million barrels for the week ended Dec. 1” writes Markets Commodities Reporter for marketwatch.com. Gasoline stockpiles jumped by 6.8 million barrels for the week, while distillate stockpiles added 1.7 million barrels, according to the EIA. The S&P Global Platts survey forecast a supply rise of 2.7 million barrels for gasoline and an increase of 1.5 million barrels for distillates.That was bigger than the forecast for a decline of 4.1 million barrels from analysts surveyed by…

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Markets News Oil 

Oil rises to new two-year high

“Ultimately, the degree of Russia’s involvement in an extension of producer cuts will be paramount in guiding oil market expectations forward.”” reports foxbusiness.com. Disruptions to oil supply from the Keystone pipeline have also pushed prices higher.Market sentiment has vastly improved since oil fell into a bear market earlier this year, as signs of reduced supply have pushed prices to two-year highs.Oil prices rose for the third session in a row Friday, as falling stockpiles and expectations for extended supply cuts boosted optimism in the market. Source: foxbusiness.com Share This:

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News Oil 

Oil hovers near highest levels since 2015 as supply data spreads cheer

“Read: OPEC oil ministers will face this dilemma when they meet to extend production cuts” writes Markets Reporter for marketwatch.com. Growing crude production in the U.S. has been a key worry in the industry.U.S. oil prices jumped on Wednesday after the Energy Information Administration reported crude stockpiles fell by 1.9 million barrels for the week ended Nov. 17.Oil prices inched lower on Thursday, but still remained near their highest level in two-and-a-half years, a level reached after a report showed a fall in U.S. stockpiles. Source: marketwatch.com Share This:

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