Commodities Analysis by OilPrice.com (Tsvetana Paraskova) covering: Brent Oil Futures, Crude Oil WTI Futures. Read OilPrice.com (Tsvetana Paraskova)'s latest article on Investing.com
Kemp: Between June 21 and July 19, commercial crude inventories in the United States fell by a total of 24 million barrels.
While rising tensions in the Middle East have kept prices from collapsing, gains have been limited by concerns about weaker demand in China and signs that the physical crude market is not as tight as many analysts had expected at the start of the summer. This compared with a build of 3.3 million barrels for the previous week when production averaged 9.5 million bpd.
“Although the latest EIA weekly stocks data have helped flip the month-to-date July observable on-land stocks trends from a build to a small overall draw, while recent US gasoline demand has looked much stronger, oil markets remain in risk-off mood,” analysts at consultancy FGE wrote in a note on Friday.
“As such, without further evidence yet of sustained stockdraws, any upside for crude prices and structure may be limited in the immediate short-term,” FGE said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. oil prices fall for third straight day as oil infrastructure recovers from Tropical Storm BerylOil infrastructure on the Gulf Coast appears to have avoided substantial damage from the storm.
Read more »
U.S. oil prices fall for third straight day as oil infrastructure recovers from Tropical Storm BerylOil infrastructure on the Gulf Coast appears to have avoided substantial damage from the storm.
Read more »
U.S. oil prices fall for third straight day as oil infrastructure recovers from Tropical Storm BerylOil infrastructure on the Gulf Coast appears to have avoided substantial damage from the storm.
Read more »
Marathon Oil agrees to record penalty for oil and gas pollutionThe $64.5 million penalty, which comes on top of a $177 million investment to reduce pollution, is the largest ever for Clean Air Act violations involving stationary sources.
Read more »
Marathon Oil agrees to record penalty for oil and gas pollution on North Dakota Indian reservationThe federal government announced a $241.5 million settlement with Marathon Oil on Thursday for alleged air quality violations.
Read more »
US announces record oil and gas pollution penalty against Marathon OilUS announces record oil and gas pollution penalty against Marathon Oil
Read more »