![]() Supply concerns have mounted this week after a fire temporarily halted flows through an oil pipeline running from Iraq's Kirkuk to the Turkish port of Ceyhan on Tuesday. ![]() product supplies, a proxy for demand in the world's largest consumer, reaching 21.2 million bpd over the past four weeks, ahead of the pre-pandemic pace. In the meantime, demand remains steady, with U.S. Trading has been dominated by supply concerns, from short-term issues like a temporary halt to flows in an Iraq-to-Turkey pipeline to a consistent shortfall from OPEC+ members in reaching targeted supply increases. We're going to need refiners to continue to refine to meet gasoline demand in the summer driving seasons - that is one of the reasons the market is still supported despite the build in gasoline supplies," said Phil Flynn, senior analyst at Price Futures Group. "I don't think the build in gasoline supplies is a bull killer. The more active March WTI contract settled at $85.55 a barrel, down 25 cents.Ĭrude stocks rose by 515,000 barrels last week while gasoline inventories rose by 5.9 million barrels, boosting those inventories to their highest in a year, according to the U.S. West Texas Intermediate (WTI) crude futures for February delivery lost 6 cents to $86.90 a barrelon the last day of the contract's life. The global benchmark rose to $89.17 on Wednesday, its highest level since October 2014 the benchmark is up 13% on the year so far. ![]() ![]() NEW YORK, Jan 20 (Reuters) - Oil edged lower on Thursday, posting slim losses after several days of strength that pushed benchmarks to seven-year highs due to concerns about tight supply.īrent crude futures settled down 6 cents to $88.38 a barrel. crude oil and gasoline stocks rose last week - EIA OPEC+ well short of targeted increases - IEA.Demand outpacing supply, bolstering rally. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |