If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. This will result in immediate suspension of the commentor and his or her account. We do not allow any sharing of private or personal contact or other information about any individual or organization. In addition, any of the above-mentioned violations may result in suspension of your account. addresses (including links to groups) will also be removed self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. NOTE : Spam and/or promotional messages and comments containing links will be removed.Comments that are written in all caps and contain excessive use of symbols will be removed. Include punctuation and upper and lower cases. Racism, sexism and other forms of discrimination will not be tolerated. Avoid profanity, slander or personal attacks directed at an author or another user. Even negative opinions can be framed positively and diplomatically. Only post material that’s relevant to the topic being discussed.īe respectful. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. crude, another important component of the weekly data, slowed to 3.433 million barrels per day (bpd) last week from the prior week’s 3.967 million bpd. Stocks of distillates - the oil variant required for making the diesel needed for trucks, buses and trains, as well as the fuel for jets - rose by 95,000 barrels, less than the rise of 530,000 that had been expected.Įxports of U.S. Inventories of gasoline, America’s top automobile fuel, climbed by a modest 333,000 barrels against expectations for a draw of 1.667 million barrels. The crude build indicated weakening demand for fuels with the winding down of the peak summer travel period.

Industry analysts tracked by had expected a crude drawdown of 250,000 barrels instead for last week. With the rebound, WTI remained 36% lower from the 14-year high of $130.50 it hit on March 7 after the West’s initial sanctions on Russian energy exports in the aftermath of Putin’s Ukraine invasion.īrent remained 56% lower than its March peak of $139.13.Ĭrude oil inventories rose by 8.844 million last week, the highest for a week since the week ended April 8, when there was a build of 9.382 million. WTI, or New York-traded West Texas Intermediate, settled up $1.60, or 2%, at $83.54 per barrel, after Wednesday’s 5.7% plunge.īrent, the London-traded global benchmark for oil, settled up $1.15, or 1.3%, at $89.15, after the previous session’s 5.2% drop. On the flip side, a rejection at $90 could again open the doors to a downside of $77.” “Yes, oversold is a good excuse and a valid one here,” said Sunil Kumar Dixit, chief technical strategist at . “But the upside for WTI seems limited at $86 and less likely to test $90. The Biden administration has been drawing down the SPR since November last year to make up the shortfall in crude supply on the domestic market for fuels.īut the best excuse seemed to be a technical rebound. Strategic Petroleum Reserve, which again saw a large outflow of 7.5 million barrels last week that brought the stockpile there to 442.5 million - its lowest since November 1984. Some used Vladimir Putin’s warning from a day ago that he will shut down all energy exports from his country should there be more clampdowns on Russian selling prices of oil and gas.

Oil bulls tried to attach a reason for Thursday’s market rebound after the Tuesday-through-Wednesday selloff that forced crude prices to settle the previous session at their lowest in seven months. fuel products gasoline and distillates also rose last week, though at levels nowhere near to expectations, the Weekly Petroleum Status Report of the Energy Information Administration showed. stockpile build in nearly five months but crude prices rose Thursday instead of plunging, as traders compensated for this week’s brutal selloff by sending the market up - albeit, modestly, given the inventory data. The oil market has had its biggest U.S. Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close

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