- U.S. crude oil tumbled 2.9%, its biggest daily decline in more than two months, to settle at $55.96/bbl amid a big jump in U.S. inventories of refined fuel while U.S. crude production hit another weekly record.
- The latest EIA weekly data showed U.S. gasoline stocks rose by 6.8M barrels and distillate inventories added 1.7M barrels, hitting prices of both crude and products in a market that analysts say was tilting bullish and vulnerable to a selloff.
- The EIA also showed U.S. crude stocks fell by a greater than expected 5.6M barrels, but this in part was due to closure of the Keystone pipeline after a leak in mid-November, which cut flows to the Cushing, Okla., hub; the line has since reopened.
- “A solid draw to crude inventories amid higher refinery runs - nearly 800K [bbl/day] above year-ago levels - [was] offset by a whopper of a build to gasoline inventories,” says Matt Smith, director of commodity research at ClipperData.
- “The sentiment-driven support to crude oil prices has somewhat dissipated as market participants look beyond last week’s OPEC meeting,” says Abhishek Kumar at Interfax Energy’s Global Gas Analytics in London.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, XOP, SCO, OIH, BNO, DBO, ERY, DIG, UGA, DTO, BGR, XES, USL, FENY, DUG, IYE, GUSH, IEO, DRIP, FIF, DNO, IEZ, PXE, NDP, OLO, RYE, SZO, PXJ, FXN, OLEM, CRAK, DDG, NANR, OILK, WTIU, OILX, WTID, USOI, JHME, ERYY, FTXN, ERGF
- Now read: Paradigm Shift - Energy Stocks Are On The Cusp Of A Multi-Year Bull Trend
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Crude oil settles at two-week low on surprise rise in U.S. fuel stocks
Published 12/06/2017, 03:42 PM
Crude oil settles at two-week low on surprise rise in U.S. fuel stocks
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