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U.S. oil trims losses as crude supplies fall for third straight week

Published 10/12/2017, 12:30 PM
© Reuters.  U.S. oil trims losses as crude supplies fall for third straight week
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  • U.S. crude oil prices trim earlier losses after U.S. government data showed domestic crude stockpiles falling for the third week in a row; WTI currently -0.9% at $50.84/bbl.
  • But in more bearish news for oil prices, the International Energy Agency also says global oil supplies rose in September while demand growth slowed.
  • U.S. crude supplies fell by 2.8M barrels for the week ended Oct. 6, well above the forecast of a 400K-barrel decline by analysts surveyed by S&P Global Platts and a 1.7M-barrel decline projected by analysts in a WSJ survey; the API reported yesterday that stockpiles had increased by 3.1M barrels.
  • The EIA also forecasts U.S. crude production averaging 9.9M bbl/day in 2018, which would mark the highest annual average production in U.S. history.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: EIA's Latest STEO: Lowered U.S. Oil Production For 2017 - Again


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