Oil prices rose by as much as $1 per barrel on Sept. 8 after dropping below key technical support levels...
Oil prices rose by as much as $1 per barrel on Sept. 8 after dropping below key technical support levels in the previous session, as an energy standoff between Europe and Russia focused investor minds on how tight fuel supply may become.
Brent crude futures gained 63 cents, or 0.7%, to $88.63/bbl by 6:28 GMT after closing at their lowest since early February in the previous session. U.S. crude futures were up 70 cents, or 0.9%, at $82.64/bbl.
Prices drew support from Russian President Vladimir Putin's threat to halt the country's oil and gas exports if price caps are imposed by European buyers.
The American Petroleum Institute (API) reported a build this week...
The American Petroleum Institute (API) reported a build this week for crude oil of 3.645 million barrels, while analysts predicted a draw of 733,000 barrels.
The build comes as the Department of Energy released 7.5 million barrels from the Strategic Petroleum Reserves in the week ending September 2, leaving the SPR with just 442.5 million barrels.
In the week prior, the API reported a build in crude oil inventories of 593,000 barrels after analysts had predicted a draw of 633,000 barrels.
The government’s latest report shows crude oil storage at the Cushing...
The government’s latest report shows crude oil storage at the Cushing hub in Oklahomacontinued to drop after a slight gain from two weeks ago.
The U.S. Energy Information Administrationreported that as of August 26, Cushing maintained a total of 25,284,000 barrels of crude oil in storage. It was a decline of more than one-half million barrels of oil from the 25,807,000 million barrels reported in storage on August 19.
The latest report is still higher than the July 22 total of 23,540,000 barrels in storage at the northern Oklahoma site. However, the lowest amount reported so far in 2022 by the EIA was 21,261,000 million barrels on June 24.
The highest total held at the Cushing hub in 2022 was 34,838,000 million barrelsrecorded on January 7.
Benchmark U.S. crude oil for October delivery fell $4.94 to $81.94 a barrel Wednesday. Brent crude for November delivery fell $4.83 to $88 a barrel.
Wholesale gasolinefor October delivery fell 11 cents to $2.31 a gallon. October heating oil rose 2 cents to $3.59 a gallon. October natural gas fell 31 cents to $7.84 per 1,000 cubic feet.
