Market News

US oil inventories slip as exports jump, DoE says

16/05/2018 16:27

(Sharecast News) - Inventories of crude oil and its derivative products in the States were lower across the board last week amid rising exports. According to the Energy Information Administration, the US Department of Energy's statistical arm, net imports fell by 411,000 barrels a day over the week ending on 11 May. That was chiefly the result of a 689,000 b/d jump in the nation's exports. Domestic US oil outout was also higher as were imports, but not by enough to offset the increase in sales to buyers overseas. Production of crude oil increased by 20,000 b/d to reach 10.723m b/d, while imports increased by 278,000 b/d to hit 7.6m b/d. Combined, the above saw crude oil stockpiles run down by 1.4m barrels from the week before, while those of gasoline fell by 3.8m, alongside a decrease in inventories of distillates of 0.1m. In parallel, last week refineries operated at 91.1% of their capacity. Following the release of the data and as of 1622 BST, front month West Texas Intermediate crude oil futures were 0.294% lower to $78.18 a barrel on the NYMEX.

It is important to remember that the value of investments can go down as well as up and it is possible to get back less than you invested, especially in the early years. Past performance is no guarantee of future returns and interest rates and dividends are variable and cannot be guaranteed in the future. Any tax treatment mentioned is based on personal circumstances and current legislation which is subject to change. In the event of a client having a complaint about our services we will do our best to resolve that complaint promptly and to the client's satisfaction. However if we are unable to do so, the client may have the right to complain to the Financial Ombudsman Service. Further information can be found on the Financial Ombudsman Services's Website at