Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Supply Chain Updates
  • Global News
  • Contact Us
  • Home
  • Supply Chain Updates
  • Global News
  • Contact Us
No Result
View All Result
No Result
View All Result
Home Supply Chain Updates

Oil Prices Steady On Small Inventory Build

usscmc by usscmc
January 21, 2021
Oil Prices Steady On Small Inventory Build
Share on FacebookShare on Twitter

The American Petroleum Institute (API) reported on Tuesday a build in crude oil inventories of 2.562 million barrels for the week ending January 15.

Analysts had predicted an inventory draw of 1.167 million barrels for the week.

In the previous week, the API reported a draw in oil inventories of 5.821-million barrels, after analysts had predicted a draw of 2.266 million barrels.

Oil prices were mixed on Wednesday ahead of the data release, with WTI up and Brent down.  A widespread lockdown in China that has sequestered millions of residents out of concern for an increase in coronavirus cases there, the IEA’s grim outlook on oil demand, a slow global rollout of the coronavirus vaccine that has been plagued with technical problems as well as reports of adverse effects, and a lingering U.S. stimulus high as investors dream of increased economic activities and are emboldened to sink money into riskier endeavors—like oil—all contributed to a muddy-water effect for the commodity.

An hour before Wednesday’s data release, WTI had risen by $0.30 on the day (+0.57%) to $53.28, up a modest $.015 since last week.

The Brent crude benchmark, on the other hand, had fallen on the day $0.05 at that time (-0.09%) to $56.55—down $0.70 on the week.

U.S. oil production has stagnated at 11.0 million bpd, according to the latest data provided by the Energy Information Administration, and there is unlikely to be any significant increase to U.S. oil production while stocks remain high—higher than a few million barrel draw could correct.

The API reported a build in gasoline inventories of 1.129 million barrels for the week ending January 15—compared to the previous week’s 1.876-million-barrel build. Analysts had expected a 2.771-million-barrel build for the week.

Finishing off the inventory builds for the week is distillates, which saw an increase of 816,000 barrels for the week, adding onto last week’s 4.433-million-barrel increase, while Cushing inventories saw the only decrease this week, falling by 4.285 million barrels.

At 4:34 p.m. EDT, the WTI benchmark was trading at $53.28, while Brent crude was trading at $55.97.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

usscmc

usscmc

No Result
View All Result

Recent Posts

  • US Ports: Gateways to Global Trade
  • Ports of Prosperity: How US Ports Rule the Global Trade Game
  • Sustainable Supply Chain Practices in the US
  • Challenges Facing the American Trucking Industry
  • The American Warehouse Revolution: The Role of Automation in US Warehouses

Recent Comments

  • Top 5 Supply Chain Certifications that are in high demand | Top 5 Certifications on Top 5 Globally Recognized Supply Chain Certifications
  • 3 Best Procurement Certifications that are most valuable | Procurement Newz on Top 5 Globally Recognized Supply Chain Certifications

Archives

  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • September 2019

Categories

  • Global News
  • Supply Chain Updates

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor

Pages

  • Home
  • Terms of Use
  • Privacy Policy
  • Disclaimer
  • Antispam
  • Contact Us

Categories

  • Global News
  • Supply Chain Updates
slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor slot gacor slot slot gacor 2023 slot 2023 slot gacor terbaru slot gacor terpercaya slot gacor

Tags

APICS E-commerce Boom and Its Disruptive Impact on US Logistics ecommerce Globally Recognized Supply Chain Certifications IIPMR Certifications International Institute for Procurement and Market Research (IIPMR) ISM logistics Next Level Purchasing procurement Supply Chain Supply Chain Industry supply chain industry in usa The changing landscape of Supply Chain Industry and how companies need to ride the tide Top 5 Supply Chain Certifications top supply chain certifications USA US Ports and Their Role in Global Trade US Supply Chain Industry warehousing

Trending

No Content Available
  • Antispam
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy
  • Terms of Use

© 2023 www.usscmc.com

No Result
View All Result
  • Home
  • Supply Chain Updates
  • Global News
  • Contact Us

© 2023 www.usscmc.com

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT