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U.S. crude oil inventories jumped last week even as refining utilization remained high, the EIA said on Wednesday in a majorly bearish report.
Weekly figures from EIA show that domestic crude output has dropped to 10.7 million barrels per day, since reaching 13.1 million in the second week of March.
The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.
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Output in the United States edged up by 100,000 barrels per day last week to 11.1 million barrels per day - the most since the EIA started maintaining weekly data in 1983.
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The federal government's EIA report revealed that crude inventories plunged by 9.5 million barrels for the week ending Jul 5, more than 4.5 times what energy analysts had expected.
Despite some temporary hiccups, oil prices are supported by improving fundamentals. This has helped the likes of DVN, MRO, FANG, OXY, COP and EOG notch up healthy year-to-date gains.