finance
Oil prices continue lower after EIA supply data
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By Myra P. Saefong
SAN FRANCISCO (MarketWatch) - Oil futures continued to trade lower Wednesday, though pared some losses briefly after the U.S. Energy Information Administration reported a fall of 1.4 million barrels in crude stockpiles for the week ended Aug. 16. Analysts polled by Platts were looking for a 1 million-barrel decline. Gasoline supplies dropped by 4 million barrels, while distillate stockpiles rose 900,000 barrels, the EIA said. Gasoline stockpiles were expected to decline by 1.5 million barrels, while forecasts called for an increase of 1 million barrels for distillates. Following the latest data, October crude traded at $104.56 a barrel on the New York Mercantile Exchange, down 55 cents, or 0.5%. It was trading at $104.74 shortly before the report. It climbed closer to $105 right after the data, then fell back toward the session's lows.
Read the full story:
Oil falls below $105 ahead of Fed minutes Arab Oil Embargo of 1973
Description:
• In 1973, several Arab nations, angered at U.S. support of Israel in the 1973 Arab-Israeli War, instituted an oil embargo against the United States and Holland. The Arab oil embargo came at a time of declining domestic crude oil production, rising demand, and increasing imports. The embargo was accompanied by decreased OPEC production, and with minimal global excess production capacity available outside OPEC, created short-term shortages and price increases. (7) When Arab production was restored and the embargo lifted six months later, world crude oil prices had tripled from the 1973 average to about $12 per barrel, and OPEC was firmly in control of the world oil market.
Industry Action/Reaction:
• U.S. refiners made short-term changes in oil purchasing and began importing crude oil from any
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• Stock futures rise as jobs data supports Fed
• The IBM earnings machine is stalling
• 11 car insurance discounts worth asking for
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) - Oil futures continued to trade lower Wednesday, though pared some losses briefly after the U.S. Energy Information Administration reported a fall of 1.4 million barrels in crude stockpiles for the week ended Aug. 16. Analysts polled by Platts were looking for a 1 million-barrel decline. Gasoline supplies dropped by 4 million barrels, while distillate stockpiles rose 900,000 barrels, the EIA said. Gasoline stockpiles were expected to decline by 1.5 million barrels, while forecasts called for an increase of 1 million barrels for distillates. Following the latest data, October crude traded at $104.56 a barrel on the New York Mercantile Exchange, down 55 cents, or 0.5%. It was trading at $104.74 shortly before the report. It climbed closer to $105 right after the data, then fell back toward the session's lows.
Read the full story:
Oil falls below $105 ahead of Fed minutes Arab Oil Embargo of 1973
Description:
• In 1973, several Arab nations, angered at U.S. support of Israel in the 1973 Arab-Israeli War, instituted an oil embargo against the United States and Holland. The Arab oil embargo came at a time of declining domestic crude oil production, rising demand, and increasing imports. The embargo was accompanied by decreased OPEC production, and with minimal global excess production capacity available outside OPEC, created short-term shortages and price increases. (7) When Arab production was restored and the embargo lifted six months later, world crude oil prices had tripled from the 1973 average to about $12 per barrel, and OPEC was firmly in control of the world oil market.
Industry Action/Reaction:
• U.S. refiners made short-term changes in oil purchasing and began importing crude oil from any