US crude stockpiles probably declined by 2.5 million barrels last week, according to the median estimate in a Bloomberg survey before an Energy Information Administration report scheduled to be released on Wednesday. Traders have been at odds over frequent discrepancies between the API, which is also the oil and gas industry's main lobby, and the U.S. Energy Information Administration, an independent division of the Energy Department.
This week's unexpectedly large build in gasoline inventories is likely to put downward pressure on oil prices. 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.
Meanwhile, those of crude oil shrank by 5.6m barrels to reach 448.1m barrels while stockpiles of distillates increased by 1.7m barrels.
USA gasoline demand fell by 871,000 bpd (barrels per day) or 9% to 8,724,000 bpd on November 17-24, according to the EIA. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed. Total volume traded was about 42 percent below the 100-day average.
PM Narendra Modi says Congress feels only one family won India's freedom
Addressing a public gathering here, the Prime Minister said, "The Congress feels only one family won India's freedom. When Pandit Nehru's influence on the Congress was complete, the Congress ensured that Dr.
Optum To Buy DaVita Medical Group For About $4.9 Bln In Cash
This deal, which is expected to close in 2018, is aimed to help expand UnitedHealth's primary and urgent care services. The group employs around 2,200 health-care providers, including doctors, nurse practitioners and physician assistants.
High of 36 today in Boulder with snow expected by Thursday morning
It's still too soon to say with any certainty, according to the National Weather Service . Northwest wind 5 to 10 miles per hour , with gusts as high as 15 miles per hour .
Last week's announcement from OPEC and its allies that production cuts would continue through to the end of 2018 had already been priced into crude.
Analysts said a weak trend in global markets, where oil prices dropped, mainly led to fall in crude prices at futures trade here.
Exxon Mobil Corp. (NYSE: XOM) traded up less than 0.1%, at $82.90 in a 52-week range of $76.05 to $93.22. As of last night's close, Chevron shares are trading up about 6.4% over the past 12 months.