Wednesday, July 6, 2022
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS
Financial Street
No Result
View All Result

Oil prices in fresh blow following US inventories rise

Financial Street by Financial Street
May 6, 2020
in BUSINESS & ECONOMY, Energy, Front Page
0
Nigeria ranks second in energy, utilities market opportunities
0
SHARES
36
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

What was seen as a multi-day streak of gains in the oil sector ended in prices crash on Wednesday after the United States’ crude inventories rose beyond expectation, courtesy of the demand slump.

The US West Texas Intermediate (WTI) crude futures fell as much as 2.1% to $24.05 a barrel and were down 14 cents at $24.41 a barrel at 0201 GMT, while WTI snapped a five-day winning streak.

READ ALSO

Nigeria to benefit from local Content in petroleum sector

Public and private sectors’ role in financing climate change needs

Brent crude futures were flat at $30.97 a barrel and prices climbed 13.9% in the previous session, part of a six-day rise.

Read Also:

  • Public and private sectors' role in financing climate change needs
    Public and private sectors' role in financing climate change…
  • APCON and war against false adverts
    APCON and war against false adverts
  • Nigeria to benefit from local Content in petroleum sector
    Nigeria to benefit from local Content in petroleum sector

Investors may be hesitant to increase their purchases of Brent as the contract has climbed too much over the past streak.

Brent’s relative strength index, a technical measure used to track the future’s trading momentum, was at 72.93 on Wednesday, indicating it was overbought after the recent gains.

WTI also slipped after a report showed that the US crude inventories rose 8.4 million barrels last week, more than expected, according to data from the American Petroleum Institute late on Tuesday.

Oil prices had gained recently as European and Asian countries had ended their lockdowns to halt the coronavirus spread and as producers had axed supply after the demand crunch.

But analysts cautioned the rebalancing of the market would be choppy.

“We’re talking about normalization of supply and demand but we’ve got a long way to go,” said Lachlan Shaw, National Australia Bank’s head of commodity strategy.

“There are a lot of supply cuts that have come through. That combined with some early signs of demand lifting has meant the rate of inventory build is slowing.”

But analysts also pointed to comments by the US shale producer Diamondback Energy saying it will consider reviving drilling plans if WTI held above $30 a barrel as a sign that producers will not want to shut in production for long.

“When (prices) start to hold on to those gains, there’ll be a point where producers start to reverse those well shut-ins,” Shaw said.

Gasoline stocks in the US, the world’s biggest producer and consumer of oil, fell by 2.2 million barrels, API reported, compared with analysts’ expectations in a Reuters poll for a 43,000 barrel increase, and refinery crude runs rose.

Traders will be looking for further confirmation of the inventory data when the Energy Information Administration comes out later on Wednesday.

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn

Tags: EnergyOil and gas

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Financial Street

Financial Street

Related Posts

Nigeria to benefit from local Content in petroleum sector
Energy

Nigeria to benefit from local Content in petroleum sector

July 5, 2022
climate change
ENVIRONMENT

Public and private sectors’ role in financing climate change needs

July 4, 2022
Nigeria's gas reserves hit 62 million barrels
Energy

Spike in cooking gas, kerosene prices and crave for substitutes

June 27, 2022
how forex impacts economies
BUSINESS & ECONOMY

How forex trading impacts economies

June 20, 2022
NGX index, market cap depreciates by 2.18%
Front Page

Bearish sentiment returns as index NGX dips by 0.13%

June 20, 2022
Is cybercrime here to stay?
Front Page

Is cybercrime here to stay?

June 13, 2022
Next Post
FG: Abacha loot to fund Lagos-Ibadan expressway, second Niger bridge

FG: Abacha loot to fund Lagos-Ibadan expressway, second Niger bridge


Naira4Dollar Rates
ADVERTISEMENT

RECENT STORIES

Nigeria to benefit from local Content in petroleum sector

Nigeria to benefit from local Content in petroleum sector

July 5, 2022
Cybersecurity: All you need to know

Cybersecurity: All you need to know

July 5, 2022
climate change

Public and private sectors’ role in financing climate change needs

July 4, 2022
NGX index, market cap depreciates by 2.18%

NGX ASI appreciates by 0.24% to halt two weeks’ bearish sentiment

July 4, 2022
APCON and war against false adverts

APCON and war against false adverts

July 2, 2022
Uber Eats celebrates fourth anniversary with 5.2% growth in Kenya

Uber Eats celebrates fourth anniversary with 5.2% growth in Kenya

June 28, 2022
Role of coop in tech startups empowerment

Role of coop in tech startups empowerment

June 28, 2022

TRENDING

  • 40 Nigerian students to get Nexford, Piggyvest scholarships

    40 Nigerian students to get Nexford, Piggyvest scholarships

    0 shares
    Share 0 Tweet 0
  • Uber Eats celebrates fourth anniversary with 5.2% growth in Kenya

    2 shares
    Share 0 Tweet 0
  • APCON and war against false adverts

    0 shares
    Share 0 Tweet 0
  • Public and private sectors’ role in financing climate change needs

    2 shares
    Share 0 Tweet 0
  • Duty call as Anambra Governor

    0 shares
    Share 0 Tweet 0
Financial Street

© Financial Street 2021. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • HOME
  • CONSUMER PERSPECTIVE
  • PERSONAL FINANCE
  • MARKETS & COMPANIES
    • APPOINTMENTS
    • COMMODITIES
    • COMPANIES
  • BUSINESS & ECONOMY
    • AGRICULTURAL ECONOMY
    • AGRO-ECONOMY
    • AVIATION
    • BRANDS
    • CONSUMER GOODS
    • ECONOMY
    • ENERGY
    • ENVIRONMENT
    • FINANCIAL INCLUSION
    • INSURANCE & PENSIONS
    • INVESTMENT
    • MANUFACTURING
    • MARITIME
    • MONEY
    • MSMEs
    • PRODUCT REVIEW
    • STARTUPS
  • CULTURAL CURRENTS
  • EMPIRE
  • CORPORATE RENDEZVOUS
Posting....