Oil Steadies On US Rig Count Drop, Small Crude Build
Oil prices rebounded after the U.S. Energy Information Administration said crude stocks across the country rose 961,000 barrels last week. A preliminary inventory report by industry group American Petroleum Institute had anticipated a 2.6-million barrel rise while a Reuters poll of analysts forecast a 1.2 million build.
Oil services firm Baker Hughes said the U.S. oil rig count fell by nine this week. Oil drillers have cut rigs in 12 of the past 13 weeks, Baker Hughes data showed.
Not all oil-related data on Wednesday was positive.
The EIA said gasoline stockpiles rose 2.5 million barrels, versus the 938,000-barrel build forecast in the Reuters poll.
Inventories of distillates, which include diesel and heating oil, rose by 1.0 million barrels, versus expectations for a 417,000 barrels drop.
While U.S. crude stocks as a whole rose by less than 1 million barrels, the Cushing, Oklahoma, delivery hub for WTI futures alone had a 1.74 million-barrel build, the EIA said. Big Cushing builds tend to have longer-term bearish impact on prices.
"We suspect rallies, if any, will be rather short-lived," said Tariq Zahir, a trader in crude oil spreads at Tyche Capital Advisors in Long Island, New York.
123
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Oil Falls as US Inventories Increase
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call