USA crude stockpiles seen rising last week, products likely down

Energy Takes a Backseat as Crude Oil Stabilizes Under $50

Crude oil prices continued to climb on Wednesday, amid hopes for additional global supply cuts, while traders eyed the release of weekly US stockpiles data due later in the day. The report showed that US crude supplies climbed by 1.4 million barrels for the week-ended September 15. As a result, there was less demand for oil from refineries and more demand for gasoline sitting in storage while less gasoline was being produced That's partly why gasoline prices spiked by almost 20 percent.

"Demand is clearly coming back, so there is a need for refining to come back online". U.S. gasoline inventories shrank last week to a level not seen since November 2015 and distillate stockpiles slid by the most since 2011, the Energy Information Administration said.

Early Wednesday, traders are showing nearly no reaction to comments from Iraq's oil minister who said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut.

Brent crude futures, the global benchmark for oil prices, were at $55.50 per barrel at 0653 GMT, up 2 cents from their last close. Official weekly data from the U.S. Energy Information Administration is expected later Wednesday.

An OPEC committee concluded the cartel and allied oil producers last month overshot production curbs called for in their agreement, according to two delegates.

West Texas Intermediate for October delivery, which expires Wednesday, rose as much as 62 cents to $50.10 a barrel on the New York Mercantile Exchange, after sliding 43 cents on Tuesday.

Here's How To Watch Canelo vs
I am ready for him and whatever he comes with. "I think the first couple of rounds will be very close. Golovkin is coming in 37-0 with 33 wins by knockout, whereas Alvarez is 49-1-1 with 34 wins by KO.

Brent for November settlement advanced $1.03 to $56.17 a barrel on the London-based ICE Futures Europe exchange.

Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl. The global benchmark crude traded at a premium of $US5.60 to November WTI.

In the previous week, crude stocks climbed 5.9 million barrels, but gasoline inventories plunged by 8.4 million barrels.

"Any increase in the production from the spring of 2018 would...generate renewed oversupply in the oil market and put prices under pressure", the analysts wrote in a note Wednesday.

Although the front-month gasoline futures contract that expires next week was little changed at $1.6498 a gallon, later-dated contracts including the more-heavily traded November futures rose.

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