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Trade Service
News on September 9, traders got rid of the pressure of a sharp increase in domestic crude oil supply and a slight increase in oil product inventories, and crude oil futures rebounded from one-month lows to close higher
.
October futures for West Texas Intermediate crude on the New York Mercantile Exchange rose $1.
60, or nearly 2 percent, to close at $83.
54 a barrel and settled Wednesday at $81.
94, the lowest
since Jan.
11.
ICE Futures Europe Brent crude oil futures for November rose $1.
15, or 1.
3 percent
, to $89.
15 a barrel.
Gasoline prices on the New York Mercantile Exchange rose 1.
7 percent to $2.
3461 a gallon in October, while heating oil prices fell 1.
3 percent to $
3.
5401 a gallon in October.
Natural gas rose 0.
9% to $7.
915/MMBtu in
October.
Tyler Richey, co-editor of Sevens Report Research, said, "Official U.
S.
government data shows a massive weekly increase in U.
S.
commercial crude oil inventories, leading to a reflexive decline
in oil prices.
However, the market quickly stabilized as futures were already short-term oversold after falling a few percentage points to multi-month lows on Wednesday
.
Concerns about the outlook for energy demand weighed on crude prices, with U.
S.
benchmark crude futures down 5.
7 percent
on Wednesday.
"The strength we've seen on the dollar is not helping oil or the broader commodity complex, along with clear demand concerns," Warren Patterson, head of commodity strategy at ING, said
in a note.
U.
S.
benchmark WTI crude fell to a "support zone between $79 and $85"
on Wednesday, Ritchie said.
"Despite some deterioration in concerns about global economic growth and demand, we will continue to expect the market to stabilize
at $80 lows as investors digest the latest fundamental changes," he said.
Oil prices rose
despite data released Thursday by the U.
S.
Energy Information Administration showing an unexpected across-the-board increase in domestic oil inventories.
The administration reported that U.
S.
crude inventories increased by 8.
8 million barrels
in the week ended Sept.
2.
The increase was due to a 7.
5 million barrel
reduction in SPR crude inventories, EIA data showed.
Since Monday is the US Labor Day holiday, the data was released
a day later than usual.
Troy Vincent, senior market analyst at DTN, said: "Weak domestic demand and continued SPR releases are setting the stage for
strong exports and the build-up of domestic crude inventories ahead of the refinery turnaround season.
"
According to a survey conducted by S&P Global Commodity Insights, analysts on average expect the EIA to report a 1.
8 million barrel
reduction in U.
S.
crude supply in the week ended Sept.
2.
The American Petroleum Institute said late Wednesday that U.
S.
crude inventories rose by 3.
6 million barrels
last week, according to sources and news reports.
Gasoline inventories rose by 400,000 barrels last week, while distillate inventories edged up 100,000 barrels
, the EIA said.
According to S&P Global Commodity Insights, gasoline inventories are expected to fall by 1.
5 million barrels and distillate inventories by 1.
1 million barrels
.
Crude oil inventories
in Cushing, Oklahoma.
The EIA said the New York Mercantile Exchange (Nymex) delivery center fell by 500,000 barrels
this week.
Separately, the EIA reported on Thursday that U.
S.
domestic natural gas supplies increased by 54 billion cubic feet
in the week ended Sept.
2.
That's roughly in line with the average analyst forecast for an S&P Global Commodity Watch survey of 55 billion cubic feet
of addition.