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By: Jack Money The Oklahoman – Pandemic fears and a global energy war are poised to wreak havoc on Oklahoma’s oil and...
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The U.S. Energy Information Administration reported weekly supply declines of 5.7 million barrels for U.S. gasoline and 1.6 million barrels for distillates. Analysts surveyed by Platts, part of S&P Global Commodity Insights, had forecast a supply decline of 1.6 million barrels for gasoline and an increase of 180,000 barrels for distillates. Demand for gasoline, meanwhile, climbed, with total finished motor gasoline supplied, a proxy for demand, at 9.182 million barrels per day in the latest week, versus 8.877 million bpd from a week earlier.
Commercial crude inventories climbed by 1.4 million barrels for the week that ended March 7, the EIA said. The data were expected to show a rise of 2 million barrels on average, according to the Platts survey. Late Tuesday, the American Petroleum Institute reported a crude inventory rise of 4.25 million barrels, according to a source citing the data.
Oil futures settled higher Wednesday, finding support from overall weakness in U.S. dollar, as well as data from the Energy Information Administration showing a notable weekly rise in gasoline demand and a nearly 6-million-barrel drop in supplies of the motor fuel.
The rise in gasoline demand helped offset global economic growth worries as investors navigated intensifying trade tensions.
U.S. stocks finished mostly higher on Wednesday afternoon after February's consumer-price index report showed inflation cooled more than expected last month.
The Nasdaq Composite surged 212.35 points, or 1.2%, to end at 17,648.45 after two days of heavy losses, according to FactSet data. Gains for tech heavyweights, including Nvidia Corp., Tesla Inc. and others helped lift the index, which remains down 3% so far this week.
The S&P 500 gained 27.23 points, or 0.5%, to finish at 5,599.30, after back-to-back losses.
The Dow Jones Industrial Average notched a third straight loss, falling 82.55 points, or 0.2%, to 41,350.93.
February's CPI report showed inflation rose 0.2% last month and 2.8% from a year ago. Excluding volatile food and energy prices, core CPI also rose 0.2% for the month and was at 3.1% on a 12-month basis.
Despite the rebound in technology stocks, uncertainty around President Donald Trump’s trade policies continued to weigh on market sentiment on Wednesday. The president officially imposed sweeping 25% tariffs on all steel and aluminum imported into the U.S. on Wednesday, while Canada said it will impose 25% tariffs on more than $20 billion worth of U.S. products.
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