Big oil inventories build and gasoline draw after Harvey

Casey Dawson
September 15, 2017

"OECD [Organisation for Economic Co-operation and Development] demand growth continues to be stronger than expected, particularly in Europe and the U.S.", the IEA said, adding that hurricanes Harvey and Irma are projected to slow USA oil demand growth in the third quarter.

"Impact of the 2017 Atlantic Hurricane season continues to be seen in today's report with a build observed in the commercial crude stockpile and drawdowns in refined products", said Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics in London.

From around $48.75 p/b ahead of the data, prices edged higher although the overall reaction was limited given a very mixed report and there was no net change in prices. "The focus now shifts to the post-Harvey scenario", he said. Total U.S. stocks stood at 468.2 million barrels.

Brent crude, the global benchmark futures traded 0.7 per cent higher at $54.65 per barrel at the time of writing.

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The U.S. Energy Information Administration (EIA) revised its 2017 and 2018 U.S. oil output forecasts lower to reflect, in part, the effects of Hurricane Harvey.

USA crude stocks rose sharply last week as refinery output declined further in the wake of Hurricane Harvey, causing gasoline stocks and distillate inventories to drop as well, the Energy Information Administration said on Wednesday.

The American Petroleum Institute had reported late Tuesday an increase of 6.2 million barrels, according to sources.

The global surplus of crude oil stocks over the five-year average fell to 190m barrels. West Texas Intermediate, the US benchmark for the price of oil, was up 1 percent to $48.71 per barrel.

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