Oil Jumps After US Gasoline Stockpiles Plunge to 22-Month Low

Posted September 21, 2017

Analysts at Panmure Gordon shared that the prices are now increasing since the last weeks as forecasts stated of increased demands from both the IEA and OPEC along with anticipated high demands from the U.S.as the oil refineries will resume their operations after Hurricane Harvey.

United States crude stockpiles rose to 472.8 million barrels last week, while inventories at the crucial trading hub in Cushing, Oklahoma, climbed to the highest since June and crude production increased for a second straight week. The contract stated a weekly rise of 5.1 percent with its strongest form in almost two months.

"Demand is clearly coming back, so there is a need for refining to come back online".

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The U.S. Energy Information Administration's weekly inventories report is expected to show a 2.4 million barrel increase.

The news agency stated, Iraq Oil Minister Jabar al-Luaibi saying in an energy conference in the UAE that OPEC and other participating countries in the deal are planning to extend the oil curb beyond March next year, when the agreement is scheduled to end. "The report shows that we're recovering from the hurricane", Rob Haworth, who helps oversee $142 billion at U.S. Bank Wealth Management in Seattle, said by telephone.

Both reports are expected to show a build in USA crude inventories as imports resume and refineries were still restarting after a recent shutdown in the Texas Gulf Coast region due to Hurricane Harvey.

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Crude stocks at the Cushing, Oklahoma, delivery hub rose by 703,000 barrels, EIA said.

The West Texas Intermediate for October delivery increased 0.93 US dollar to settle at 50.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 1.15 dollars to close at 56.29 dollars a barrel on the London ICE Futures Exchange.

Futures jumped 1.9 per cent in NY. Total volume traded was about 2% below the 100-day average. The more-active November futures contract climbed 79 cents to $US50.69.

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November WTI Crude Oil settled at settled at $50.28, down $0.07 or -0.14% and December Brent Crude oil closed at $55.15, down $0.10 or -0.18%.