Crude oil slipped on Wednesday after a report yesterday showed U.S. crude stockpiles remained near the highest level in more than 30 years, indicating that despite the start of the driving season demand remains weak.
The American Petroleum Institute showed that inventories slid only 28,000 barrels last week; the Energy Information Administration report today may show inventories fell 1.75 million barrels. If inventories will fail to drop that would be a concern and might push oil prices even lower.
- Crude is trading around $94.42 a barrel after falling $0.90
- Brent is trading around $100.68 a barrel after falling $0.58
The strong economic data, which supports the Federal Reserve’s plans to cut stimulus later this year, is pushing the U.S. dollar higher. Data showed strong gains in orders for U.S. durable goods, improved consumer confidence and the largest annual rise in house prices in seven years.
Weak economic signals from China and Europe continue to trigger uncertainties over global fuel demand, which is also weighing on oil prices; yet, markets will be closely watching today the final reading of the U.S.’s third quarter gross domestic product which might show the economy grew an annualized 2.4% in Q1.
- Natural gas is trading at $3.64 per cubic feet being almost unchanged from today’s opening
- Gasoline is trading at $2.7151 a gallon after falling 0.81%
- Heating oil is trading at $2.8461 a gallon after falling 0.43%
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Crude Falls As US Stockpiles Remain High
Published 06/26/2013, 06:10 AM
Updated 07/09/2023, 06:31 AM
Crude Falls As US Stockpiles Remain High
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