{"id":6203,"date":"2023-09-03T10:51:36","date_gmt":"2023-09-03T10:51:36","guid":{"rendered":"https:\/\/prosfunds.com\/investing\/oil-prices-end-at-a-more-than-2-week-high-as-u-s-crude-supplies-post-a-nearly-11-million-barrel-weekly-drop\/"},"modified":"2023-09-03T10:51:37","modified_gmt":"2023-09-03T10:51:37","slug":"oil-prices-end-at-a-more-than-2-week-high-as-u-s-crude-supplies-post-a-nearly-11-million-barrel-weekly-drop","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=6203","title":{"rendered":"Oil prices end at a more than 2-week high as U.S. crude supplies post a nearly 11 million-barrel weekly drop"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002452628\" role=\"document\">\n<p>Oil futures on Wednesday settled at their highest in over two weeks, with U.S. prices marking their longest streak of daily gains since March after the U.S. government reported a weekly drop in U.S. crude inventories of nearly 11 million barrels. <\/p>\n<p>Traders also awaited news on Hurricane Idalia\u2019s impact on energy operations and demand along the Gulf Coast near Florida, and monitored developments tied to a military coup in Gabon \u2014 one of Africa\u2019s largest oil producers and a member of the Organization of the Petroleum Exporting Countries, or OPEC.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for October delivery<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+0.58%<\/bg-quote><\/p>\n<p>        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+0.58%<\/bg-quote><\/p>\n<p>        CLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209726813\/delayed\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n       rose 47 cents, or 0.6%, to settle at $81.63 a barrel on the New York Mercantile Exchange. Prices tallied a fifth straight session climb, the longest since March, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      October Brent crude<br \/>\n        BRNV23<span><\/span><br \/>\n       added 37 cents, or 0.4%, at $85.86 a barrel on ICE Futures Europe. The front-month contracts for the global benchmark and WTI settled at their highest since Aug. 14. November Brent<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"positive\">+0.50%<\/bg-quote><\/p>\n<p>        BRNX23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705773\/delayed\" class=\"positive\">+0.50%<\/bg-quote><span>,<\/span><br \/>\n       the most actively traded contract, gained 33 cents, or 0.4%, to $85.24 a barrel.<\/p>\n<\/li>\n<li>\n      September gasoline<br \/>\n        RBU23<span><\/span><br \/>\n       added 0.7% to $2.81 a gallon, while September heating oil<br \/>\n        HOU23<span><\/span><br \/>\n       settled at $3.10 a gallon, down 3.5%.<\/p>\n<\/li>\n<li>\n      October natural gas<br \/>\n        NGV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210194586\/delayed\" class=\"negative\">-0.14%<\/bg-quote><br \/>\n       tacked on 5% to $2.80 per million British thermal units, prompting prices to turn higher month to date.<\/p>\n<\/li>\n<\/ul>\n<h2>Supply data<\/h2>\n<p>The Energy Information Administration on Wednesday reported that U.S. commercial crude inventories fell by 10.6 million barrels for the week ending Aug. 25. <\/p>\n<p>That was the third-straight weekly decline reported by the government agency and the largest since the week ended July 28. <\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights expected the report to show a decrease of 5.2 million barrels. The American Petroleum Institute said late Tuesday that U.S. crude inventories fell by 11.5 million barrels last week, according to market sources citing the data.<\/p>\n<p>\u201cOngoing strength\u00a0in crude exports and refinery runs have yielded a very sturdy draw to crude inventories,\u201d said said Matt Smith, lead oil analyst, Americas, at Kpler, in emailed commentary. <\/p>\n<p>The EIA report also revealed a supply decline of 200,000 barrels for gasoline, while distillate stockpiles edged up by 1.2 million barrels. Analysts had forecast weekly inventory declines of 600,000 barrels for gasoline and 1.4 million barrels for distillates. <\/p>\n<p>\u201cRefinery issues will work their way into next week\u2019s numbers, while hurricane activity should have little influence, perhaps bolstering product demand\u201d as consumers likely made efforts to front-run Hurricane Idalia in Florida and fill up gas tanks and emergency generators, said Smith.<\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.5 million barrels for the week, the EIA said, while stocks in the Strategic Petroleum Reserve rose by 600,000 barrels.<\/p>\n<h2>Hurricane Idalia and Gabon coup<\/h2>\n<p>Meanwhile, Hurricane Idalia moved across southeastern Georgia Wednesday afternoon after making landfall on Florida\u2019s west coast as a Category 3 storm.<\/p>\n<p>Oil producer Chevron Corp.<br \/>\n        CVX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205871374\/composite\" class=\"positive\">+1.99%<\/bg-quote><br \/>\n       on Tuesday said it evacuated nonessential personnel from two Gulf of Mexico oil platforms and all personnel from a third as Idalia approached, according to news reports. <\/p>\n<p><strong>Read:<\/strong> Why Hurricane Idalia hasn\u2019t supported U.S. natural-gas prices<\/p>\n<p>\u201cWhile some oil operations in the Gulf of Mexico saw some action to evacuate some personnel out of an abundance of caution, the track of the storm suggests there may be no measurable impact on refineries or production,\u201d Phil Flynn, senior market analyst at The Price Futures Group, said in a report Wednesday. <\/p>\n<p>In Gabon, there were no signs of disruption to oil production so far, analysts said. Soldiers in the African country said they were overturning the results of a presidential election.  <\/p>\n<p>TotalEnergies<br \/>\n        TTE,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201824152\/composite\" class=\"positive\">+1.54%<\/bg-quote><br \/>\n       and Maurel &amp; Prom<br \/>\n        MAU,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203651956\/delayed\" class=\"positive\">+1.86%<\/bg-quote><br \/>\n       are among the western oil companies with operations in the country.<\/p>\n<p>\u201cGiven that Gabon\u2019s oil production is small, with no particular market, the impact on global oil markets is limited if any,\u201d Anas Alhajji, an independent energy expert and managing partner at Energy Outlook Advisors, said in a Wednesday newsletter.  <\/p>\n<p>\u201cThe fact that recent cuts by Saudi Arabia and others are voluntary means any reduction in cuts will compensate for Gabon\u2019s oil exports,\u201d he said. \u201cHowever, the impact will be felt in Israel.\u00a0Israel now needs to find another supplier.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-rise-as-industry-data-shows-big-drop-in-crude-inventories-a145fe17?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures on Wednesday settled at their highest in over two weeks, with U.S. prices marking their longest streak of daily gains since March after the U.S. government reported a weekly drop in U.S. crude inventories of nearly 11 million barrels. Traders also awaited news on Hurricane Idalia\u2019s impact on energy operations and demand along [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[32],"tags":[],"class_list":{"0":"post-6203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices end at a more than 2-week high as U.S. crude supplies post a nearly 11 million-barrel weekly drop | Prosfunds<\/title>\n<meta name=\"description\" content=\"Oil futures on Wednesday settled at their highest in over two weeks, with U.S. prices marking their longest streak of daily gains since March after the\" \/>\n<meta name=\"robots\" content=\"index, follow, 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