Trump departs the White House for a trip to Miami Florida in Washington D.C
23 September, 2018, 19:00
US crude inventories fell last week for the fifth straight week by 2.1 million barrels, according to the Energy Information Administration's weekly data reported on Wednesday.
U.S. crude oil stockpiles fell for a fifth straight week to three-and-a-half-year year lows in the week to 14 September, while gasoline inventories also showed a larger than expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday. While Brent crude for November delivery increased 0.5 percent.
Refinery crude runs fell by 442,000 barrels per day, EIA data showed.
Capital expenditures alsoincreased year on year in Q2-by 2 percent to US$70 billion, the EIA review of 76 USA energy companies, 13 Canadian firms, 9 European, and 9 other companies showed. For the same period, analysts expected crude inventories to decrease by about 2.7 million barrels.
Distillate stockpiles, which include diesel and heating oil, rose by 839,000 barrels, versus expectations for a 651,000-barrel increase, the EIA data showed.
In the range-bound market, Trump's tweets may drive prices down slightly, said Tyche's Zahir, predicting that such tweets would probably continue with US midterm elections approaching. Distillate fuel inventories increased 0.8 million barrels last week, 0.9 percent above the levels of the same week past year.
Oil prices have increased from about $50 a barrel last September to more than $70 a barrel today, with a rebalancing of supply and demand in the market as well as major weather and geopolitical events playing a part. Over the past four weeks, jet fuel supplied averaged 1.81 million barrels per day, up 5.0 percent from the same period a year ago.
For the past week, crude imports averaged 8 million barrels a day, up by 433,000 compared with the previous week.
Continuing declines in supply from Venezuela and Iran remain the main reason for rising crude oil prices.
Prices dipped as low at $70 in London in August, but have since risen as American sanctions began to significantly curb Iran's oil exports. While the average productivity for the United States is higher since drillers have taken the benefits of higher production and lower costs.
Saudi officials believe there is insufficient oil demand so far to justify raising Saudi output much beyond the roughly 400,000 bpd that it has pumped above its 10 million bpd target, OPEC and industry sourcestoldReuters.
Chevron Corp. (NYSE: CVX) traded up about 1.2%, at $119.52 in a 52-week range of $108.02 to $133.88. Oil remains is still up about 1.8% over the past week.
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