US Crude Oil Inventories See Sharp Drawdown, Bolstering Market Confidence
The American Petroleum Institute (API) estimated...
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell sharply, by 10.133 million barrels in the week ending June 13 after analysts had estimated a 600,000-barrel draw. The API reported a 337,000 barrel inventory decrease in the prior week.
So far this year, crude oil inventories are up 7.6 million barrels, according to Oilprice calculations of API data.
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 200,000 barrels to 402.3 million barrels in the week ending June 13. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
Gasoline inventories also fell in the week ending June 13, by 202,000 barrels, after rising by 2.969 million barrels in the week prior. As of last week, gasoline inventories were 2% below the five-year average for this time of year, according to the latest EIA data.
Distillate inventories were up this week, by 318,000 barrels. In the week prior, distillate inventories rose 3.712 million barrels. Distillate inventories were already a starting 17% below the five-year average as of the week ending June 6, the latest EIA data shows.
Cushing inventories—the benchmark crude stored and traded at the key delivery point for U.S. futures contracts in Cushing, Oklahoma—fell 800,000 barrels in the week after falling 728,000 barrels in the week prior.
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Oil prices rise more than 4% as Iran-Israel conflict escalates
(Reuters) - Oil prices climbed over 4% on Tuesday as the ...
(Reuters) - Oil prices climbed over 4% on Tuesday as the Iran-Israel conflict raged with no end in sight, though major oil and gas infrastructure and flows have so far been spared from substantial impact.
Brent crude futures settled at $76.45 a barrel, up $3.22, or 4.4%. U.S. West Texas Intermediate crude finished at $74.84 a barrel, up $3.07or 4.28%.
While there was no noticeable interruption to oil flows, Iran partially suspended gas production at the South Pars field it shares with Qatar after an Israeli strike started a fire there on Saturday. Israel also hit the Shahran oil depot in Iran.
The continuing exchange of airstrikes between Israel and Iran returned geopolitical risk to oil markets already aware of a tight supply and demand balance, said Phil Flynn, senior analyst with the Price Futures Group.
"This is not a one-and-done; it's probably much more similar to Russia and Ukraine," Flynn said.
U.S. stocks finish lower after Trump calls for Iran's 'unconditional surrender'
U.S. stocks finished lower on Tuesday, giving back most...
U.S. stocks finished lower on Tuesday, giving back most gains from the previous session, as investors feared that an escalation of tensions between Israel and Iran could trigger deeper U.S. involvement in the Middle East conflict.
The Dow Jones Industrial Average fell nearly 300 points, or 0.7%, to end near 42,215, according to preliminary data from FactSet.
The S&P 500 was off 0.8%, to finish at around 5,982.
The Nasdaq Composite slumped 0.9%, ending near 19,521.
U.S. President Donald Trump on Tuesday called on Iran to surrender without conditions to bring an end to the conflict with Israel, fueling fresh worries on Wall Street that the White House is on the verge of joining Tel Aviv's military strikes against Tehran.
The surge in oil prices picked up steam on Tuesday. West Texas Intermediate crude for July delivery was up over 4% to trade at $74.84 a barrel, while August Brent crude, the global benchmark, also rose around 4.4%, at $76.45 a barrel, according to FactSet data.
