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Oil prices flat in choppy trade, rising U.S. production weighs
22 April 2017, 01:09 | Jan Cross
The US government's Energy Information Administration Wednesday reported a drawdown in commercial crude inventories for the week ended April 14, which should have been a bullish influence, but was overshadowed by a bearish build of 1.57 million barrels in gasoline stocks, against analyst expectations of a 2-million-barrel decline.
Based on China's National Bureau of Statistics, the country's March gasoline output surge 2.5 percent on a year over year basis to 11.24 million tonnes, marking its all-time high since April 2014.
The price increases on Thursday followed a more than 3.5% drop in both crude benchmarks during the previous session after the EIA reported surging petrol inventories as well as another rise in U.S. crude oil production to 9.25-million barrels a day, up nearly 10% since mid-2016.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 4 cents at $52.37 a barrel.
U.S. distillate production rose by 90,000 bpd (barrels per day) to 5,150,000 bpd on April 7-14, 2017. Gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity.
"The glaring rise in USA gasoline refined product inventories, in combination with persistent lower-48 production growth, keeps us cautious on oil prices", said Chris Kettenmann, chief energy strategist at Macro Risk Advisors LLC in NY. And OPEC, in the wake of its production-freeze agreement late a year ago, appears to be once again losing market share - the recapturing of which was the reason the oil sheiks engaged in their price war in 2014 in the first place.
Aaron Hernandez found hanged in cell
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Service charge in hotels, restaurants not mandatory
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Ibrahimovic ruled out for rest of season
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Bill O'Reilly Leaves Fox News, Tucker Carlson Takes His Slot
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Police Officer Killed, Two Injured In Shooting
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Lowry bounces back as Raptors even series with Bucks
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Paris terror attack will affect French elections
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Women confess to killing man accused of blasphemy
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