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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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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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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News Oil 

U.S. crude prices surge on optimism over shrinking supply

“Analysts polled by S&P Global Platts expect the EIA to report a decline of 2.1 million barrels for crude inventories” writes Markets Reporter for marketwatch.com. Oil prices shot higher on Wednesday on rising optimism that official U.S. supply data due later will show a drop in stockpiles.The data showed a rise of 869,000 barrels in gasoline stockpiles, while inventories of distillates fell by 1.7 million barrels, sources said.Still, oil prices remain rangebound ahead of a meeting of the Organization of the Petroleum Exporting Countries next week. Source: marketwatch.com Share This:

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News Oil 

Oil prices stabilize after prior day’s slump, showing little change

“The U.S. Energy Information Administration reported on Wednesday that domestic crude supplies rose by 1.9 million barrels for the week ended Nov. 10” writes Markets Writer for marketwatch.com. December West Texas Intermediate crude CLZ7, -0.09%  traded hands at $55.27 a barrel, down by 6 cents, or 0.1%, after earlier showing a small gain. Source: marketwatch.com Share This:

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Oil extends losses as EIA reports a second-straight weekly rise in U.S. crude supplies

“Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies rose by 1.9 million barrels for the week ended Nov. 10” writes Markets Commodities Reporter for marketwatch.com. December crude CLZ7, -0.97% was down 69 cents, or 1.2%, from Tuesday to $55.01 a barrel on the New York Mercantile Exchange.Gasoline stockpiles also rose by 900,000 barrels for the week, while distillate stockpiles fell 800,000 barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 1 million barrels for gasoline and 2 million barrels for…

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News Oil 

Oil prices take a sudden turn higher as traders digest latest U.S. supply report

“A climb in December gasoline RBZ7, +0.01% of 2.1 cents, or 1.2%, to $1.837 a gallon led oil prices higher” writes Markets Commodities Reporter for marketwatch.com. Oil prices took a sudden turn higher Wednesday, after falling in the immediate wake of a U.S. government report, which showed a surprise weekly rise in crude stockpiles and a climb in total domestic crude production.But the report also revealed bigger-than-expected declines in supplies of gasoline and distillate stockpiles.”The product stock draws are bullish despite the crude build,” said Troy Vincent, oil analyst at…

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Markets News Oil 

Oil slips on worries about rising U.S. crude stockpiles

“Also Thursday, the International Energy Agency said global oil supply rose in September, while demand growth slowed” writes Georgi Kantchev for marketwatch.com. The fall in prices came after the American Petroleum Institute said late Wednesday that domestic crude inventories rose by 3.1 million barrels.On Wednesday, the EIA forecast total U.S. crude oil production would average 9.2 million barrels a day in 2017 and 9.9 million barrels a day in 2018, which would mark the highest annual average production in U.S. history.Oil prices fell Thursday following a report showing an increase…

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