Oil Prices Jump As Key U.S. Supply Data Stuns Again; Output Continues To Plunge

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

Oil prices surged after U.S. stockpile data Wednesday showed another surprise weekly decline as coronavirus lockdown restrictions continue to ease across the country.

The Energy Information Administration reported crude inventories dropped by 5 million barrels last week. Analysts polled by S&P Global Platts saw an increase of by 2.4 million barrels.

Last week, EIA stunned markets by reporting a surprise drop in U.S. crude inventories, the first since January.

U.S. crude production fell to 11.5 million barrels per day from 11.6 million bpd in the prior week, EIA said Wednesday. That’s down from a high of 13.1 million in March and the marked the seventh consecutive decrease.

Early signs were more bearish for oil prices. Late Tuesday, the American Petroleum Institute saw a 4.8 million-barrel increase in U.S. crude supplies and a 651,000-barrel decrease in gasoline stockpiles.

Oil Prices, Oil Stocks

U.S. crude futures jumped 4.5% to $33.41 per barrel, in the first day for July-delivery contracts taking over as the front month. Brent oil prices climbed 4% to $36.07 per barrel.

West Texas Intermediate contracts for June delivery expired Tuesday without a repeat of May’s shocking drop into negative territory.

Exxon Mobil (XOM) shares rallied 3% on the stock market today, as oil prices continued to rise. Chevron (CVX) rose 2.6%. Among top shale oil stocks, EOG Resources (EOG) climbed 4.8%, and Pioneer Natural Resources (PXD) added 3%.

Originally published on finance.yahoo.com/news

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Son Heung-min: Tottenham condemn ‘utterly reprehensible’ racist abuse aimed at forwardon February 19, 2023 at 10:25 pm

Tottenham call for social media companies to take action after Son Heung-min is subjected to "utterly reprehensible" racist abuse online.Tottenham call for social media...

England captain Morgan ruled out of remainder of Windies T20 series by injuryon January 27, 2022 at 6:11 pm

England captain Eoin Morgan will miss the final two matches of the Twenty20 series against the West Indies because of a thigh injury.

Respiratory illness may take up half of NHS beds this winteron October 18, 2022 at 5:38 pm

Health bosses in England are worried about the threat of flu, Covid and other respiratory illnesses.Image source, BBC NewsUp to half of all hospitals...

Canadian Grand Prix first practice ended by CCTV failure at Circuit Gilles Villeneuveon June 16, 2023 at 6:36 pm

First practice at the Canadian Grand Prix is abandoned because of a CCTV failure at the Circuit Gilles Villeneuve.First practice at the Canadian Grand...

How ‘the single best trade of all time’ netted one investor a $2.6 billion profit

Bill Ackman had a hunch back in February that the coronavirus pandemic would have a greater impact on the stock market than investors were...
Home of Science
Follow me