Oil futures rose early Wednesday, lifted after industry data showed a large draw to U.S. crude inventories.
Oil futures rose early Wednesday, finding support after industry data showed a large draw to U.S. crude inventories.
Price action Market drivers The American Petroleum Institute late Tuesday said U.S. crude inventories fell by 11.5 million barrels last week, according to market sources citing the data, while gasoline inventories rose 1.4 million barrels and distillates increased by 2.5 million barrels. The Energy Information Administration will release official inventory figures Wednesday morning. Analysts surveyed by S&P Global Commodity Insights, on average, expect crude inventories to show a decline of 5.2 million barrels, on strong refinery demand and exports. Gasoline inventories are expected to show a fall of 600,000 barrels to around 217 million barrels, analysts said, while distillate stocks were seen 1.4 million barrels lower at around 115.3 million barrels.
TotalEnergies TTE, +0.99% and Maurel & Prom MAU, -18.86% are among the western oil companies with operations in the country.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How a Texas oil executive persuaded the Biden administration with ambitious ‘net zero oil’Houston-based Occidental won one of two major U.S. Department of Energy grants to develop hubs for direct air capture, or DAC. That means Occidental will be...
Read more »
Efficient oil-eating bacteria cooperate to maximize dining capacityOil spills are disastrous for the natural environment, as they lead to long lasting pollution that harms surrounding wildlife. However, certain oil-degrading bacteria thrive in oil-spill conditions and contribute remarkably to the bioremediation of oil. Although biofilms, which are communities formed by bacteria, play a crucial role in the bioremediation of oil, how biofilms engage with oil in the ocean has remained unclear.
Read more »
Closing prices for crude oil, gold and other commoditiesBenchmark U.S. crude oil for October delivery rose 27 cents to $80.10 a barrel Monday. Brent crude for October delivery fell 6 cents to $84.42 a barrel.
Read more »
Crude Oil Futures: Further consolidation in the pipelineConsidering advanced prints from CME Group for crude oil futures markets, open interest increased for the third consecutive session on Monday, now by
Read more »
Closing prices for crude oil, gold and other commoditiesBenchmark U.S. crude oil for October delivery rose $1.06 to $81.16 a barrel Tuesday. Brent crude for October delivery $1.07 to $85.49 a barrel.
Read more »
Crude Oil Futures: Extra gains now look favouredCME Group’s flash data for crude oil futures markets noted traders increased their open interest positions for the fourth session in a row on Tuesday,
Read more »