United States crude posts 5.1% weekly gain to settle at $49.89
01:19, Sep 23, 2017
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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.
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.
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.
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