Finance

Oil Prices Slide On Major Gasoline Build

Oil Prices Slide On Major Gasoline Build

United States gasoline stockpiles built sharply during the latest reference week, resulting in a sharp drop in crude oil inventories. The EIA will release the crude oil inventory report today (December 6, 2017).

Oil prices fell on Wednesday as a surprise drawdown in crude inventories was offset by a sharp buildup in gasoline supply. US 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.

Motor-fuel inventories climbed by 9.2 MMbbl last week, the American Petroleum Institute was said to report.

Another factor weighing on prices has been a rise in USA oil production, which has climbed by 15% since mid-2016 to 9.68 million barrels per day, close to levels of top producers Russian Federation and Saudi Arabia.

Honey, I shrunk the national monuments
However, Zinke said he believes public use is important, and the nation's lands are "for the benefit and enjoyment of the people". A "Made in Maine" solution is the federal recommendation for the Katahdin Woods and Waters National Monument.

Inventories at the Cushing, Oklahoma, site decreased by 1.951 million barrels this week. Analysts had expected a draw of 3.507 million barrels. Distillates rose by 4.26 million barrels. WTI Crude is now trading at $56.84 per barrel, down 1.35% on the day.

Meanwhile, West Texas Intermediate (WTI) crude lost 0.42 per cent to Dollars 57.38, while Brent crude, the European benchmark, fell 0.38 per cent to USD 62.62 a barrel at the New York Mercantile Exchange today. Refineries were running at 93.8% of capacity, with daily input averaging 17.2 million barrels a day, about 192,000 barrels a day more than the previous week's average.

According to AAA, the current national average pump price per gallon of regular gasoline is $2.478, down about two cents from $2.499 a week ago and up about five cents per gallon compared with the month-ago price. That price is near unchanged levels on the trading day.

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.


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