Thursday, 15 September 2016

Oil Futures End Near 2-Week Low

Oil futures end near 2-week low as traders focus on rising output  
Oil futures settled at a nearly two-week low on Wednesday, as traders looked past an unexpected decline in a weekly tally of crude stockpiles to focus on an increase in output. Futures tumbled a day earlier after a report from the International Energy Agency suggested that the global crude glut could last longer than expected.  
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October West Texas Intermediate crude CLV6, +0.28% fell by $1.32, or 2.9%, to settle at $43.58 a barrel on the New York Mercantile Exchange. The contract traded at $44.44 before the supply data, shot up past $45 afterward, then retreated to the session low. November Brent crude LCOX6, +0.55% on London’s ICE Futures exchange lost $1.25, or 2.7%, to $45.85 a barrel after similar volatile moves. The settlements for both grades of crude were the lowest since Sept. 1, FactSet data show.  

The U.S. Energy Information Administration early Wednesday reported that domestic crude supplies fell by 600,000 barrels in the week ended Sept. 9. But a 3.3 million-barrel climb was expected by analysts polled by S&P Global Platts and the American Petroleum Institute late Tuesday reported an increase of 1.4 million barrels.  

The EIA had previously reported a whopping 14.5 million-barrel drop in supplies for the week ended Sept. 2, with analysts attributing the decline to storm-related disruptions to deliveries in the Gulf of Mexico. Traders were expecting supplies to rebound from that in the latest week.  

The market has not seen the “bounce back” in the supply data yet, said Tyler Richey, co-editor of The 7:00’s Report. Supply should build in the coming weeks as imports continue to rebound to pre-storm levels, he said. The report also showed that total domestic crude production rose by 35,000 barrels a day to 8.493 million barrels a day.

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