Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
Oil extends losses as other markets fall, inventories rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


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Oil prices climb amid fall in US stockpiles, supply worries

Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday. Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels. U.S. sanctions aff


Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday. Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels. U.S. sanctions aff
Oil prices climb amid fall in US stockpiles, supply worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-20
Keywords: news, cnbc, companies, worries, week, stockpiles, million, inventories, supply, fall, climb, producers, prices, crude, survey, oil, amid, strong, supplythe


Oil prices climb amid fall in US stockpiles, supply worries

Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices.

Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday.

U.S. West Texas Intermediate crude was up 60 cents, or 0.8 percent, at $71.72 a barrel, after rising nearly 2 percent the previous session.

U.S. crude oil stockpiles fell for a fifth straight week to 3.5-year lows in the week to Sept. 14, while gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.

Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels.

“The bulls are back in charge, even more so after traders were conveying a high degree of resistance to the unexpected build on the API survey,” said Stephen Innes, head of trading for Asia-Pacific at OANDA in Singapore.

He was referring to the weekly survey from the oil industry group the American Petroleum Institute (API) on Tuesday that indicated U.S. stocks had risen by 1.2 million barrels last week.

U.S. sanctions affecting Iran’s oil exports come into force on Nov. 4 and many buyers have already scaled back Iranian purchases. But it is unclear how easily other producers can compensate for any lost supply.

The Organization of the Petroleum Exporting Countries and other producers including Russia meet on Sunday in Algeria to discuss how to allocate supply increases within their quota framework to offset the loss of Iranian supply.

“The current market betting line suggests price levels rather than global supply levels will be the key determinant on turning on the oil taps,” Innes said.

OPEC sources have told Reuters no immediate action was planned and producers would discuss how to share a previously agreed output increase.


Company: cnbc, Activity: cnbc, Date: 2018-09-20
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Oil steady as US crude inventories fall, products gain

Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in U.S. crude inventories to the lowest level since 2015. U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday. Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1


Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in U.S. crude inventories to the lowest level since 2015. U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday. Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1
Oil steady as US crude inventories fall, products gain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: istock, getty images
Keywords: news, cnbc, companies, season, rise, stocks, oil, week, barrels, level, inventories, steady, gain, million, products, fall, crude, refined


Oil steady as US crude inventories fall, products gain

Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in U.S. crude inventories to the lowest level since 2015.

Brent crude futures edged up 17 cents to $76.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures was flat at $67.77 per barrel.

U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.

But sentiment suffered due to a rise in refined product stocks coupled with relatively weak demand for fuel during this summer’s U.S. driving season – when consumption normally peaks.

Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA said.

“(Gasoline) stocks … are now 3.5 percent above the year-ago level. More worryingly, the surplus to the five-year norm now stands at 5.4 percent, the highest since June 2017,” Stephen Brennock of London brokerage PVM said.

“This bears all the hallmarks of a disappointing summer driving season. As a result, the alarm bells are now ringing that a gasoline glut will persist for the foreseeable future,” he added.

On the supply side, U.S. crude oil production last week remained at a record 11 million barrels per day (bpd), a level it has largely been at since July.


Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: istock, getty images
Keywords: news, cnbc, companies, season, rise, stocks, oil, week, barrels, level, inventories, steady, gain, million, products, fall, crude, refined


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International oil prices slip amid escalation of US-China trade spat; drop in US crude inventories offers support

International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support. International benchmark Brent crude oil futures were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude invento


International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support. International benchmark Brent crude oil futures were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude invento
International oil prices slip amid escalation of US-China trade spat; drop in US crude inventories offers support Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-23
Keywords: news, cnbc, companies, futures, united, oil, uschina, prices, slip, offers, crude, states, decline, trade, spat, inventories, million, eia, international, support


International oil prices slip amid escalation of US-China trade spat; drop in US crude inventories offers support

International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support.

International benchmark Brent crude oil futures were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close.

West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude inventories.

International markets weakened as the intensifying trade spat between the United States and China was seen as a drag on economic growth.

The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of the other’s goods. Washington is holding hearings this week on a proposed list of an additional $200 billion worth of Chinese imports to face duties.

“These (overall) measures are expected to shave up to 0.3-0.5 percentage points from China’s real GDP growth in 2019,” said rating agency Moody’s Investor Service.

“For the U.S. … trade restrictions will trim off about one quarter of a percentage point from real GDP growth to 2.3 percent in 2019.”.

In U.S. oil markets, a decline in commercial crude inventories provided WTI with stronger support than Brent.

Greg McKenna, chief market strategist at futures brokerage AxiTrader said the U.S. crude price support came “as the EIA inventory data showed a big draw in U.S. crude and a solid run rate of 98.1 percent for refineries”.

U.S. commercial crude oil inventories fell by 5.8 million barrels in the week to Aug. 17 to 408.36 million barrels, the Energy Information Administration (EIA) said on Wednesday.

In production, U.S. crude oil output rose back to 11 million barrels per day, the EIA report said.

That means the world’s three top producers, Russia, the United States and Saudi Arabia, now all churn out around 11 million bpd, meeting a third of global demand.


Company: cnbc, Activity: cnbc, Date: 2018-08-23
Keywords: news, cnbc, companies, futures, united, oil, uschina, prices, slip, offers, crude, states, decline, trade, spat, inventories, million, eia, international, support


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Oil prices increase amid decline in US crude inventories

Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions. Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel. U.S. crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6


Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions. Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel. U.S. crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6
Oil prices increase amid decline in US crude inventories Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-22
Keywords: news, cnbc, companies, inventories, decline, increase, futures, crude, amid, million, week, prices, barrels, oil, dollar, weaker, trade


Oil prices increase amid decline in US crude inventories

Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions.

Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel.

U.S. crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6 million barrels, ahead of analysts’ forecasts for a fall of 1.5 million barrels, according to data from industry group the American Petroleum Institute. [API/S]

Official data from the U.S. Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

“Investors are also confident that (official) inventories in the United States will decrease this week,” ANZ Bank said in a note.

Signs of slowing U.S. crude output growth and a weaker U.S. dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.

The U.S. dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 percent the previous day, weighed by U.S. President Trump’s comments on monetary policy.

A weaker U.S. dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.

The U.S. Energy Information Administration last week cut its 2018 U.S. crude production growth to 10.68 million barrels per day (bpd), from 10.79 million bpd amid lower crude prices.

Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand growth could weaken amid a trade disputes between the United States and China, the world’s two biggest economies.

“The Iran issue continues to occupy traders’ minds,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC’s third-largest oil producer, said earlier this week no other OPEC member should be allowed to take over its share of oil exports.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the U.S. side. But signs of a thaw were unlikely as U.S. President Donald Trump told Reuters in an interview on Monday that he did not expect much progress.


Company: cnbc, Activity: cnbc, Date: 2018-08-22
Keywords: news, cnbc, companies, inventories, decline, increase, futures, crude, amid, million, week, prices, barrels, oil, dollar, weaker, trade


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Oil prices fall on rising US crude inventories, darkening economic outlook

Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand. Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said


Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand. Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said
Oil prices fall on rising US crude inventories, darkening economic outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: getty images
Keywords: news, cnbc, companies, inventories, prices, barrels, futures, rose, api, million, week, fall, stocks, economic, crude, darkening, oil, outlook, rising


Oil prices fall on rising US crude inventories, darkening economic outlook

Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand.

Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel.

U.S. crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels, private industry group the American Petroleum Institute (API) said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said.

“Oil prices … fell after the API inventory data showed an unexpected crude build last week,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.


Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: getty images
Keywords: news, cnbc, companies, inventories, prices, barrels, futures, rose, api, million, week, fall, stocks, economic, crude, darkening, oil, outlook, rising


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Oil supported as new hedges placed, but rising global supplies weigh

Oil prices were steady on Friday, supported by traders placing new hedges in the futures market in anticipation of a decline in U.S. crude inventories, but held back from advancing by the prospect of rising global supplies. U.S. West Texas Intermediate (WTI) crude futures were at $69.06 per barrel at 0421 GMT, up 10 cents from their last settlement. Brent crude futures were at $73.40 per barrel, down 5 cents from their last close. “Hedges (are) thought to be a factor in oil prices being well bid


Oil prices were steady on Friday, supported by traders placing new hedges in the futures market in anticipation of a decline in U.S. crude inventories, but held back from advancing by the prospect of rising global supplies. U.S. West Texas Intermediate (WTI) crude futures were at $69.06 per barrel at 0421 GMT, up 10 cents from their last settlement. Brent crude futures were at $73.40 per barrel, down 5 cents from their last close. “Hedges (are) thought to be a factor in oil prices being well bid
Oil supported as new hedges placed, but rising global supplies weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: getty images
Keywords: news, cnbc, companies, million, global, barrels, crude, prices, supplies, inventories, placed, hedges, supported, rising, futures, weigh, weeks, oil, cushing


Oil supported as new hedges placed, but rising global supplies weigh

Oil prices were steady on Friday, supported by traders placing new hedges in the futures market in anticipation of a decline in U.S. crude inventories, but held back from advancing by the prospect of rising global supplies.

U.S. West Texas Intermediate (WTI) crude futures were at $69.06 per barrel at 0421 GMT, up 10 cents from their last settlement.

Brent crude futures were at $73.40 per barrel, down 5 cents from their last close.

Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels, according to data from the Energy Information Administration (EIA), however stocks at the key Cushing storage hub in Oklahoma fell by 1.3 million barrels, the EIA data showed.

“Hedges (are) thought to be a factor in oil prices being well bid,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

“There’s increasing chatter about … Cushing inventories (being) down … This primary U.S. oil hub’s inventory now sits at the lowest levels since 2014,” he said.

ANZ bank said on Friday in a note the drop in Cushing inventories were a driver for rising crude oil prices “amid signs that last week’s (overall) build in inventories won’t last very long.”

Even with last week’s rise, overall U.S. crude inventories are below the 5-year average of around 420 million barrels.


Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: getty images
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business inventories may

U.S. business inventories rose steadily in May and sales recorded their biggest increase in eight months, government data showed on Monday. The Commerce Department said business inventories increased 0.4 percent after an unrevised 0.3 percent gain in April. Retail inventories increased 0.4 percent in May as reported in an advance estimate published last month. Retail inventories rose 0.4 percent in April. Auto inventories rose 0.8 percent in April.


U.S. business inventories rose steadily in May and sales recorded their biggest increase in eight months, government data showed on Monday. The Commerce Department said business inventories increased 0.4 percent after an unrevised 0.3 percent gain in April. Retail inventories increased 0.4 percent in May as reported in an advance estimate published last month. Retail inventories rose 0.4 percent in April. Auto inventories rose 0.8 percent in April.
business inventories may Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-13  Authors: daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, months, rose, 04, inventories, month, sales, business, increased, mays, gain, reported


business inventories may

U.S. business inventories rose steadily in May and sales recorded their biggest increase in eight months, government data showed on Monday.

The Commerce Department said business inventories increased 0.4 percent after an unrevised 0.3 percent gain in April. May’s rise in inventories, which are a key component of gross domestic product, was in line with economists’ expectations.

Retail inventories increased 0.4 percent in May as reported in an advance estimate published last month. Retail inventories rose 0.4 percent in April.

Motor vehicle inventories increased 0.9 percent in May and not 1.0 percent as reported last month. Auto inventories rose 0.8 percent in April.

Retail inventories excluding autos, which go into the calculation of GDP, edged up 0.1 percent in May as reported last month. They gained 0.2 percent in April.

Inventory investment was neutral to first-quarter economic growth. Economists expect a modest contribution from inventory accumulation to second-quarter growth.

Business sales jumped 1.4 percent in May, the biggest gain since September 2017, after increasing 0.6 percent in April.

At May’s sales pace, it would take 1.34 months for businesses to clear shelves. That was the smallest inventories/sales ratio since December 2014 and was down from 1.35 months in April.


Company: cnbc, Activity: cnbc, Date: 2018-07-13  Authors: daniel acker, bloomberg, getty images
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wholesale trade may

U.S. wholesale inventories were a bit higher than initially estimated in May amid strong increases in the stocks of machinery and a range of other goods. The Commerce Department said on Wednesday wholesale inventories increased 0.6 percent instead of the 0.5 percent gain it reported last month. The component of wholesale inventories that goes into the calculation of gross domestic product – wholesale stocks excluding autos – increased 0.8 percent in May. There were increases in wholesale stocks


U.S. wholesale inventories were a bit higher than initially estimated in May amid strong increases in the stocks of machinery and a range of other goods. The Commerce Department said on Wednesday wholesale inventories increased 0.6 percent instead of the 0.5 percent gain it reported last month. The component of wholesale inventories that goes into the calculation of gross domestic product – wholesale stocks excluding autos – increased 0.8 percent in May. There were increases in wholesale stocks
wholesale trade may Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-11  Authors: luke sharrett, bloomberg, getty images
Keywords: news, cnbc, companies, inventories, wholesale, trade, pace, quarter, rising, months, stocks, sales, rose, wholesalers


wholesale trade may

U.S. wholesale inventories were a bit higher than initially estimated in May amid strong increases in the stocks of machinery and a range of other goods.

The Commerce Department said on Wednesday wholesale inventories increased 0.6 percent instead of the 0.5 percent gain it reported last month. Stocks at wholesalers edged up 0.1 percent in April. They rose 5.9 percent year-on-year in May.

The component of wholesale inventories that goes into the calculation of gross domestic product – wholesale stocks excluding autos – increased 0.8 percent in May.

Inventory investment was neutral to GDP growth in the first quarter. The economy grew at a 2.0 percent annualized pace during the January-March period.

Economists expect the pace of inventory accumulation to pick up slightly in the second quarter. A sharp slowdown in domestic demand in the first quarter likely left businesses cautious about accumulating too much inventory.

Wholesale auto inventories fell 1.2 percent in May after increasing 0.2 percent in April. Machinery inventories jumped 1.5 percent in May after rising 0.4 percent in April. There were increases in wholesale stocks of professional and computer equipment as well as electrical equipment, metals, lumber, furniture and hardware.

Wholesale petroleum inventories stocks rose 2.7 percent in May after surging 4.0 percent in the prior month.

Sales at wholesalers accelerated 2.5 percent in May, the biggest increase since March 2011, after rising 1.4 percent in April. Sales of motor vehicles rebounded 2.9 percent after falling 0.4 percent in April.

At May’s sales pace it would take wholesalers 1.24 months to clear shelves, the lowest since November 2014, down from 1.27 months in April.


Company: cnbc, Activity: cnbc, Date: 2018-07-11  Authors: luke sharrett, bloomberg, getty images
Keywords: news, cnbc, companies, inventories, wholesale, trade, pace, quarter, rising, months, stocks, sales, rose, wholesalers


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Oil prices climb on tightening US market

Oil prices edged up on Wednesday, lifted by a report of declining U.S. fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States. U.S. West Texas Intermediate (WTI) crude futures were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement. Brent crude futures were at $77.82 per barrel, up 6 cents from their last close. U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 4


Oil prices edged up on Wednesday, lifted by a report of declining U.S. fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States. U.S. West Texas Intermediate (WTI) crude futures were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement. Brent crude futures were at $77.82 per barrel, up 6 cents from their last close. U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 4
Oil prices climb on tightening US market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-04  Authors: getty images
Keywords: news, cnbc, companies, syncrude, outage, million, crude, barrels, wti, prices, inventories, tightening, futures, market, day, climb, oil


Oil prices climb on tightening US market

Oil prices edged up on Wednesday, lifted by a report of declining U.S. fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.

U.S. West Texas Intermediate (WTI) crude futures were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement. WTI the previous day hit its highest since November 2014 at $75.27 a barrel.

Brent crude futures were at $77.82 per barrel, up 6 cents from their last close.

Trading activity is expected to by limited on Wednesday due to the U.S. Independence Day holiday.

U.S. crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million barrels, according to the American Petroleum Institute (API) on Tuesday. Gasoline and distillate stocks, which include diesel and heating oil, were also down, the API said.

Traders said the decline in fuel inventories was largely down to the outage at Syncrude Canada’s 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, which is expected to last through July.


Company: cnbc, Activity: cnbc, Date: 2018-07-04  Authors: getty images
Keywords: news, cnbc, companies, syncrude, outage, million, crude, barrels, wti, prices, inventories, tightening, futures, market, day, climb, oil


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