Oil Pares Declines Despite Big US Supply Rise -- Market Talk
18 October 2019 - 2:53AM
Dow Jones News
11:22 ET - Oil prices reduce earlier declines and are now only
slightly lower despite a mostly bearish weekly EIA report.
"Inventories have built by a whopping 9.3M bbls, led by the
refinery utilization rate dropping to its lowest since hurricane
Harvey in September 2017," says Matt Smith at ClipperData. "One
saving grace for the bulls is that the drop to such a lowly level
of refining activity has helped to encourage solid draws to both
gasoline and distillate inventories. Last night's API report [which
showed an even larger 10.5M-bbl rise] also helped soften the blow
of such a large crude build today." WTI was recently 0.2% lower at
$53.28/bbl. (dan.molinski@wsj.com)
(END) Dow Jones Newswires
October 17, 2019 11:38 ET (15:38 GMT)
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