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vegassports-odds.com April 24, 2017


Don't Believe The Hype: Oil Markets Far From Recovery

21 April 2017, 01:22 | Melvin Schneider

The price increases on Thursday followed a more than 3.5 percent drop in both crude benchmarks during the previous session after the EIA reported surging gasoline inventories as well as another rise in USA crude oil production to 9.25 million barrels per day (bpd), up nearly 10 percent since mid-2016.

Gasoline inventories rose 1.54 million barrels last week, surprising analysts surveyed by Bloomberg who projected the Energy Information Administration data would show a 2-million-barrel decline.

A surprise build in gasoline inventories despite heavier refining activity, along with an increase in USA crude production, pushed prices lower.

"The U.S. has now entered a seasonal period in which stockpiles are reduced during the summer driving season, hence the unexpected miss weighed heavily on prices", James Wood, investment analyst with Rivkin Securities, said in a note.

The dollar index, which tracks the greenback against six major peers, was up 0.23 percent at 99.731 in late trading on Wednesday.

West Texas Intermediate for May delivery dropped $1.97, or 3.8 percent, to settle at $50.44 a barrel on the New York Mercantile Exchange. Crude inventories fell 1.03 million bbl to 532.3 million last week, the agency reported Wednesday.

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Oil had rallied above $53 a barrel after some members of the Organization of Petroleum Exporting Countries voiced support for prolonging cuts past June, but rising USA output is undermining the effort to trim a global glut.

Brent for June settlement fell $1.96, or 3.6 percent, to $52.93 a barrel on the London-based ICE Futures Europe exchange. Inventories are at record highs. Its production, however, rose to 10 million bpd in February, up from 9.75 million bpd in January, as domestic refiners processed more oil.

Gasoline stocks were up by 1.5 million barrels, compared with expectations in a Reuters poll for a 1.9 million-barrel drop.

USA crude for May expires Thursday, and traders are dumping their oil contracts ahead of that, one analyst also noted.

Crude fell in the previous two sessions, but it received a boost from comments on Wednesday by the secretary-general of the Organization of the Petroleum Exporting Countries that the group was committed to cutting inventories to the five-year average.



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