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.

Investors should be aware that past performance is not a reliable indicator of future results and that the price of shares and other investments, may fall as well as rise and the amount realised may be less than the original sum invested.


Walker Crips Group plc (Old Change House, 128 Queen Victoria Street, London EC4V 4BJ), registered in England, registered number 1432059, incorporates the following companies which are authorised and regulated by the Financial Conduct Authority: Walker Crips Investment Management Limited registered in England number 4774117 member of the London Stock Exchange, Walker Crips Wealth Management Limited registered in England number 3790291, Ebor Trustees Limited registered in England number 3514268, Barker Poland Asset Management LLP registered in England and Wales number OC341149.