United States crude posts 5.1% weekly gain to settle at $49.89

According to the U.S. Energy Information Administration, U.S. stockpiles jumped the week-ending September 15 as imports and production increased, as operations resumed from the impact of Hurricane Harvey which hit the Texas Gulf Coast on August 25.

Futures jumped as much as 2.4% in NY.

Gasoline stockpiles were down 2.1 million barrels for the week, while distillate stockpiles fell 5.7 million barrels, according to the EIA. As a result, there was less demand for oil from refineries and more demand for gasoline sitting in storage while less gasoline was being produced That's partly why gasoline prices spiked by almost 20 percent.

US crude imports rose last week by 734,000 barrels per day.

More news: Delhi woman arrested for slapping army officer

Oil was up Wednesday ahead of USA production and stockpile data, after Iraq hinted at a possible extension of the current OPEC and non-OPEC production deal.

OPEC is due to meet in Vienna on Friday to discuss extending its deal to cut production along with non-OPEC oil producers that has been in place since January.

If OPEC doesn't extend the supply curbs beyond their current expiry at the end of March, the market will return to oversupply again, forecasts from the International Energy Agency indicate.

US benchmark October West Texas Intermediate crude, which expires at the day's settlement, rose 87 cents, or 1.8%, to $50.35 a barrel on the New York Mercantile Exchange, headed for its highest settlement since late May.

More news: American allegedly fighting for ISIS now in military custody as 'enemy combatant'

At 8:27am EST, WTI was topping the US$50 mark, rising 1.07 percent at * a href="http://oilprice.com/commodity-price-charts?1&page=chart&sym=CL*1" *US$50.01, while Brent was up 1.03 percent at US$55.71.

At $55.50 a barrel, Benchmark Brent crude was up 3 cents at 2:03 p.m. ET (1803 GMT), in an unstable session that made it stretch from a high of $55.75 a barrel to an intraday low of $54.86. Brent crude, the worldwide benchmark, closed at the highest level since March on Wednesday as the world's bloated fuel inventories shrink.

"There's a little bit of something in the report for everyone this week".

It was the third consecutive week crude inventories increased in the USA, as heavy flooding due to storm Harvey knocked out almost quarter of the nation's refining capacity in August, pressuring demand for crude oil, the primary input at refineries.

More news: Mass Evacuations in Russian Cities Continue After Bomb Threats

Still, "refinery runs rebounded a solid 1.2 million barrels per day, in whole part due to returning refining activity on the U.S. Gulf", he said.


Popular
  • Manchester City hit six against Watford to go top

    Three points tomorrow would be a real statement from Watford and put to bed a long, fruitless spell of games against City. They shouldn't be slept on in the Premier League and they'll cause problems for this Manchester City squad.
    AL power crews to help restoration efforts in FL

    AL power crews to help restoration efforts in FL

    Crews from five other electric cooperatives are heading to a variety of places in Georgia and SC . Missouri's electric cooperatives are no strangers to helping out in hurricane zones.
    Surgery likely for Arizona Cardinals running back David Johnson after wrist injury

    Surgery likely for Arizona Cardinals running back David Johnson after wrist injury

    When asked about Chris Johnson, Arians said the return of the former Cardinals running back is a possibility . From GMFB: The #AZCardinals await MRI results on star RB David Johnson , who sprained his wrist yesterday.
  • How Jackie Hoffman Won the Internet When Laura Dern Won the Emmy

    How Jackie Hoffman Won the Internet When Laura Dern Won the Emmy

    No, Jackie Hoffman's reaction to losing an Emmy was a much more honest , much more hilarious reaction. But Laura Dern is truly unbelievable , and there's no shame in losing to her.
    Jacksonville Jaguars are worth over $2 billion

    Jacksonville Jaguars are worth over $2 billion

    Rounding out the global top five, according to Forbes , is Manchested United ($3.69 billion) and FC Barcelona ($3.64 billion). The league owes this success to new stadium investments, stadium renovations and exuberating rights fees.
    Hurricane Irma shifts track, delaying SC evacuation plans

    Hurricane Irma shifts track, delaying SC evacuation plans

    Here is a list of open shelters: Colleton County: Colleton Middle School, 1379 Tuskegee Airmen Drive in Walterboro. Bulletin High School and Battery Creak High School in Beaufort County will open as shelters at 9 a.m.
  • 'Veep' Sees Third Comedy Series Emmy Win in Penultimate Season

    'Veep' Sees Third Comedy Series Emmy Win in Penultimate Season

    It was her 10th Emmy win overall, including producing credits on " Seinfeld ", "Old Christine" and " Veep ". She is now holding the record for having the most wins in the lead actress category with seven awards.
    First official U.S.  military base opens on Israeli soil

    First official U.S. military base opens on Israeli soil

    The new base opens as Israeli Prime Minister Benjamin Netanyahu and USA president Donald Trump plan to meet before the U.N. And now, with the opening of this site, these crucial interactions will occur every day.
    Pakistan condoles loss of lives in Mexico natural disaster

    Pakistan condoles loss of lives in Mexico natural disaster

    The natural disaster also plunged many Cities into darkness as electricity was cut, and many Schools were forced to shut down. The last major quake to have shaken up Mexico was the 1985 tremor, which has resulted in the death of thousands of people.
  • Kenya court blames electoral commission over annulled election

    Kenya court blames electoral commission over annulled election

    The Standard reports that he was addressing a delegation of more than 15 000 members of the Abagusii community at State House. Several people were injured as police clashed with youths who blocked roads in the south-western city and threw stones.
    Crystal Palace boss Roy Hodgson: We must improve players we have

    Crystal Palace boss Roy Hodgson: We must improve players we have

    Looking at Palace's squad, they have enough players who will understand that, and they will suit Hodgson's approach quite well. Roy Hodgson is confident of turning Crystal Palace's fortunes around - but admits things may get worse before they get better.
    Day bags hole-in-one, shares BMW lead

    Day bags hole-in-one, shares BMW lead

    Marc Leishman opened up a three-stroke lead after two rounds of the BMW Championship as Rory McIlroy's FedEx Cup hopes faded. In 36 holes played, he has made a remarkable 18 birdies, his relentless pace stringing out the field in behind.

CONNECT