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vegassports-odds.com June 23, 2018


Oil Prices Slide On Major Gasoline Build

06 December 2017, 07:30 | Melvin Schneider

China is the second-largest economy in the world behind the United States and data published late Tuesday by the American Petroleum Institute on gasoline inventories suggested "no one traveled on Thanksgiving", Flynn said. USA output is "likely to have increased further, possibly reaching 9.7 million barrels per day for the time on a weekly data basis", the analysts wrote in a note Wednesday. Total motor gasoline supplied (the agency's proxy for demand) averaged 9.1 million barrels a day for the past four weeks, up by 0.5% compared with the same period previous year.

USA crude stocks fell last week as refineries hiked output, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.

USA crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data.

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Oil prices plummeted today, witnessing a free fall as weak equities clubbed with persistent profit selling pressure after recent gains hurt the sentiments. An Energy Information Administration report on Wednesday is forecast to show supplies fell by 2.5 million barrels, according to a Bloomberg survey. The API report showed an increase of 9.196 million barrels, compared to forecasts of a much smaller 1.145-million-barrel build.

Distillate inventories increased by 1.7 million barrels last week and remained in the lower half of the average range for this time of year. Analysts had expected a draw of 3.507 million barrels. Refineries were running at 93.8% of capacity, with daily input averaging 17.2 million barrels a day, about 192,000 barrels a day more than the previous week's average.

"Yet should the supply outlook fail to worsen, the odds are that oil prices will hover around current levels until next June", Brennock added. Over the past 12 months, Exxon stock has traded down about 5.1%.



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