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

Shale Is Bouncing Back One Well at a Time With Oil Above $30

Early signs of a shale rebound are becoming evident as crude prices emerge from their dramatic collapse earlier this year. EOG Resources Inc., America’s largest...

A Brief History of Seven Killings by Billie Eilish

What I like about Billie Eilish's novel, A Brief History of Seven Killings, is that there is an order to the madness. The characters...

Top TV Shows of 2020

The hottest shows of 2020 might be influenced by the popular shows of last year but also, some new shows will rise to the...

Colombia extends coronavirus quarantine by two weeks

BOGOTA, April 6 (Reuters) - Colombia will extend a nationwide quarantine meant to stem the transmission of the coronavirus until April 27, President Ivan Duque said...

What Is Amazon.com?

I recently attended an American Bar Association convention, where the topic of Amazon.com's website of the same name was one of the subjects being...
Home of Science
Follow me