Oil jumps to a 3-year high as US stockpiles drop
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Posted On: 04/18/2018 3:24:20 PM
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Oil jumps to a 3-year high as US stockpiles drop
Crude rose Wednesday as the U.S. government reported across-the-board declines in domestic stockpiles of oil, gasoline, diesel and jet fuel.
Futures in New York briefly surged almost 3 percent on Wednesday to the highest since 2014. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia.
“We continue to see extremely strong compliance” by OPEC nations to self-imposed supply limits, said Nick Holmes, an analyst at Tortoise in Leawood, Kansas, which manages $16 billion in energy-related assets. “It’s a multitude of factors that are contributing to that tighter inventory picture. Globally, we are seeing strong crude demand.”
Crude is trading at levels last seen more than three years ago ahead of an April 20 meeting of major oil producers in the Saudi city of Jeddah to discuss market cooperation. OPEC wants to lure more producers to join the output-reduction deal, U.A.E. Energy Minister Suhail Al Mazrouei said in a Bloomberg Television interview.
U.S. West Texas Intermediate crude futures ended Wednesday's session up $1.95, or 2.9 percent at $68.47, the best settle since Dec. 1, 2014. The contract hit an intraday high going back to Dec. 2, 2014.
Brent crude oil futures rose $1.78, or 2.5 percent, to $73.36 a barrel by 2:20 p.m. ET. It earlier hit a new intraday high going back to November 2014.
The EIA reported U.S. crude stockpiles dropped 1.07 million barrels last week, while supplies at the Cushing, Oklahoma, pipeline hub dropped by 1.12 million. Gasoline supplies fell 2.97 million barrels and distillate stocks slid 3.11 million barrels to the lowest level since November.
source
https://www.msn.com/en-us/money/markets/oil-j...li=BBnb7Kz
Crude rose Wednesday as the U.S. government reported across-the-board declines in domestic stockpiles of oil, gasoline, diesel and jet fuel.
Futures in New York briefly surged almost 3 percent on Wednesday to the highest since 2014. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia.
“We continue to see extremely strong compliance” by OPEC nations to self-imposed supply limits, said Nick Holmes, an analyst at Tortoise in Leawood, Kansas, which manages $16 billion in energy-related assets. “It’s a multitude of factors that are contributing to that tighter inventory picture. Globally, we are seeing strong crude demand.”
Crude is trading at levels last seen more than three years ago ahead of an April 20 meeting of major oil producers in the Saudi city of Jeddah to discuss market cooperation. OPEC wants to lure more producers to join the output-reduction deal, U.A.E. Energy Minister Suhail Al Mazrouei said in a Bloomberg Television interview.
U.S. West Texas Intermediate crude futures ended Wednesday's session up $1.95, or 2.9 percent at $68.47, the best settle since Dec. 1, 2014. The contract hit an intraday high going back to Dec. 2, 2014.
Brent crude oil futures rose $1.78, or 2.5 percent, to $73.36 a barrel by 2:20 p.m. ET. It earlier hit a new intraday high going back to November 2014.
The EIA reported U.S. crude stockpiles dropped 1.07 million barrels last week, while supplies at the Cushing, Oklahoma, pipeline hub dropped by 1.12 million. Gasoline supplies fell 2.97 million barrels and distillate stocks slid 3.11 million barrels to the lowest level since November.
source
https://www.msn.com/en-us/money/markets/oil-j...li=BBnb7Kz
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