EIA disclosed that US crude oil inventories fell by 559,000 barrels

Oil

  • Buz Traders Tagged Watch US crude oil inventories fell The commodity is trading at $43.72 per barrel at 09:40 GMT this morning, 0.09% lower from the New York close. Crude oil witnessed a high of $43.85 per barrel and a low of $43.32 per barrel during the session.
  • In the New York session yesterday, crude oil fell 1.88% to close at $43.76 per barrel.
  • However, losses in crude prices were trimmed, after the EIA disclosed that US crude oil inventories fell by 559,000 barrels to 510.8 million barrels during the week ended 09 September 2016. Immediate downside, the first support level is seen at $42.95 per barrel, while on the upside, the first resistance level is at $44.87 per barrel.

US crude oil inventories fell US oil settles at $43.58 a barrel

EIA disclosed that US crude oil inventories fell by 559,000 barrels

US crude oil inventories fell  Oil prices fell about 2 percent on Wednesday as data showing large weekly builds in U.S. petroleum products offset a surprise draw in crude stockpiles.

READ  Oil steadies but rattled by concern about OPEC's clout

The U.S. Energy Information Administration reported that crude inventories fell 559,000 barrels during the week ended Sept. 9. Analysts had expected a build of 3.8 million barrels.

But the EIA also reported that inventories of distillates, which include diesel and heating oil, rose by 4.6 million barrels in the week to Sept. 9, versus analysts’ expectations of an increase of 1.5 million barrels. That build weighed on broader market sentiment, forcing crude futures to reverse gains.

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Brent crude futures were down 92 cents, or 2 percent, at 46.18 per barrel at 1:44 p.m. ET (1744 GMT). U.S. West Texas Intermediate futuresfuture fell 93 cents, or 2.1 percent, to $43.97 a barrel.

Both Brent and WTI rose briefly after the EIA reported the latest crude drawdown, which followed the previous week’s surprise decline of 14.5 million barrels. That earlier draw, the most for a week since 1999, was due to Tropical Storm Hermine delaying oil arrivals into the U.S. Gulf Coast for several days.

READ  Oil prices continued to fall on Wednesday

“So, the million-dollar question is really a 14.5 million barrel question … as in where did all those barrels go to? The market was expecting some sort of a ‘make up call’ after last week’s storm affected mega-draw,” said David Thompson, executive vice president at commodities-focused broker Powerhouse in Washington.

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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