Economy

Oil Prices Slide as Increase in Gasoline Stockpiles Offsets Crude Inventory Draw

Oil Prices Slide as Increase in Gasoline Stockpiles Offsets Crude Inventory Draw

Oil futures on Thursday rose for a second straight session to finish at a one-week high as investors wrestled with USA government data that revealed a drop in weekly crude supplies, but a larger-than-hoped jump in stockpiles of gasoline and distillates. But, the EIA report is relatively in-line with the American Petroleum Institute (API), which reported a draw of 7.4 million barrels over the previous week.

According to EIA data, distillate stockpiles, which include diesel and heating oil, rose by 10.1 million barrels, versus expectations for a 1.1-million-barrel increase.

US benchmark West Texas Intermediate crude for February delivery was down by 0.2%, trading at around $53.13, while Brent crude futures were also falling by almost 0.2% to $56.37 around noon ET.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. The group said November 30 it would curb nearly 1.2 million barrels a day but that several nations - Libya among them - didn't have to commit due to exceptional circumstances.

Goldman also said it expected Brent prices to peak at $59 US a barrel by mid-2017. "Very few respondents expect full compliance", Singapore Exchange (SGX) said on Thursday, citing results from a survey of its participants.

Homicide Charges Against Jimmy "Superfly" Snuka Have Been Dropped
Banach told the court on Tuesday that Snuka's condition was too severe and that she would need to drop the charges. Snuka also suffered from a bout of stomach cancer before he was charged in 2015.

"API Inventories show a more than expected drawdown in crude oil inventories for this week", said Jonathan Chan, oil analyst at Singapore-based brokerage Phillip Futures.

Crude oil prices are now double the price from a year ago, rising from a low of $27.88 this time last year to over $55 currently and, as the value of sterling is now some 17% lower than it was against the dollar, it is anticipated that fuel costs will rise significantly in 2017.

OPEC is reportedly holding a two-day meeting on January 21-22 to assess compliance with the pledge.

Given the supply build at Cushing and output rise in Libya, "we wouldn't be surprised if we see cheating [on the output cuts] happening sooner rather than later", said Tariq Zahir, managing member of Tyche Capital Advisors. "But this is never so simple".


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