Oil Price Pullback on July 16
Posted: Tue Jul 16, 2019 6:57 pm
Oil prices started off the week on a quiet note, but retreated on Tuesday afternoon after Secretary of State Mike Pompeo said that Iran is ready to negotiate its missile program. NOTHING WILL HAPPEN QUICKLY WITH IRAN SINCE THEY CANNOT BE TRUSTED.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.4 million barrels for the week ended July 12, according to sources. The API also reportedly showed a stockpile decline of 476,000 barrels for gasoline, but distillate inventories jumped by 6.2 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 4.2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a fall of 1.5 million barrels for gasoline and an increase of 300,000 barrels for distillate supplies.
KEEP IN MIND THAT HURRICANE BERRY WILL MAKE THE NEXT TWO STORAGE REPORTS EVEN MORE "WILD ASS GUESSES" THAN USUAL. Hurricanes impact production, shipping and processing.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 1.4 million barrels for the week ended July 12, according to sources. The API also reportedly showed a stockpile decline of 476,000 barrels for gasoline, but distillate inventories jumped by 6.2 million barrels. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories down by 4.2 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast a fall of 1.5 million barrels for gasoline and an increase of 300,000 barrels for distillate supplies.
KEEP IN MIND THAT HURRICANE BERRY WILL MAKE THE NEXT TWO STORAGE REPORTS EVEN MORE "WILD ASS GUESSES" THAN USUAL. Hurricanes impact production, shipping and processing.