Tausi Insider

U.S. crude stocks fell by more than 5 million barrels in the most recent week, while fuel stocks rose as refiners boosted output to deal with high demand and low inventories. Crude inventories fell by 5.4 million barrels in the week ended Nov. 11 to 435.4 million barrels, the U.S. Energy Information Administration said on Wednesday, compared with expectations in a Reuters poll for a 440,000-barrel drop. “The drawdown in crude supplies is substantial. The crude supply is still very tight, heating oil supply is still below average,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “My gut feeling is it’s a very supportive report, it shows supplies are very tight.” Refinery crude runs picked up in the most recent week, rising by 63,000 barrels per day to bring refinery utilization rates to 92.9 per cent of overall capacity, up 0.8 percentage points. Fuel stocks rose across the board, a salve for end-users worried about low inventories that have persisted for several mo...

Oil fell by more than $1 a barrel on Thursday in choppy trade as the impact of tighter U.S. crude stocks due to a winter storm in the United States was outweighed by fears that Federal Reserve interest rate hikes and China’s rising COVID-19 cases would dent demand. Brent crude futures were down $1.41, or 1.7%, to $80.79 by 1 p.m. EST (1800 GMT), after gaining around 2.7% from the previous session. U.S. West Texas Intermediate (WTI) crude futures fell $1.18, or 1.5%, to $77.11 a barrel. Oil gave up its daily gains after the release of U.S. economic data showed the number of people filing new claims for unemployment benefits increased less than expected last week and the economy rebounded faster than previously estimated in the third quarter. The rosy data increased concerns the Fed would become more likely to intensify its rate hikes in a move that could slow the economy and hamper fuel consumption. “That started to ruin the momentum because of fears the Fed would be back chopping dow...

Oil prices settled largely unchanged on Wednesday after government data showed a smaller-than-anticipated build in U.S. crude inventories, countering weak economic data from Tuesday. Brent crude futures settled at $86.12 a barrel, down a cent, while the U.S. West Texas Intermediate (WTI) crude futures settled at $80.15 a barrel, up by 2 cents. The Brent benchmark had dropped 2.3% and WTI futures slipped 1.8% in Tuesday’s session after data showed U.S. business activity contracted in January for the seventh straight month, raising concerns about an economic slowdown. “End of the day here, the market is starting to get a little more anxious about the economy and things along those lines,” Mizuho analyst Robert Yawger said. “Main worry at this point is demand destruction due to an economic slowdown.” WTI prices briefly rose by over $1 per barrel on Wednesday after the Energy Information Administration (EIA) said that U.S. crude inventories rose by 533,000 barrels in the last week to 448...

U.S. crude and gasoline inventories rose, the Energy Information Administration (EIA) said on Wednesday, on weaker demand for fuel products. Crude inventories rose by a less-than-expected 533,000 barrels in the last week to 448.5 million barrels, compared with forecasts for a million-barrel rise. “The increase was much smaller than anticipated and that’s raising concerns about tightness in supply,” said Phil Flynn, analyst at Price Futures Group. U.S. gasoline stocks rose by 1.8 million barrels in the week to 232 million barrels, the EIA said.​ Total product supplied, a proxy for fuel demand, fell 867,000 barrels per day, EIA data showed. Meanwhile, refinery utilization rates rose by 0.8 percentage point, bringing the rate above 80% after falling to the lowest levels lowest since March 2021 the week prior. Refinery crude runs rose by 128,000 barrels per day in the last week, the EIA said, as refiners ramped back up after a winter storm caused plants to idle some production. Distillat...