Implied demand was stronger over the week, driven by gasoline, which increased by 685,000 barrels a day, bringing the four-week rolling average gasoline demand just short of 9 million barrels a day, wrote analysts at ING, in a note. Product numbers, however, were more supportive, with gasoline and distillate fuel oil inventories falling by 3.2 million and 4.2 million, respectively. On average, analysts had forecast a decline of 1.8 million barrels, according to a survey by S&P Global Commodity Insights. commercial crude inventories rose by 3 million barrels for the week ending May 5. WTI snapped a three-day winning streak on Wednesday, and Brent broke a four-day string of wins on Wednesday, after the Energy Information Administration said U.S. “Those factors will continue to influence oil prices and refined products in the near term as debt ceiling woes, bank fears, and the threat of recession will all put pressure on the energy complex, while improvement in any all will provide the market with a tailwind and relief rally,” they said. debt ceiling drama, simmering regional bank worries, and inflation expectations driving a still-aggressive Federal Reserve policy outlook, which will ultimately result in a potentially deep economic recession, which would crush demand, analysts at Sevens Report Research wrote in Thursday’s newsletter. There are “multiple notable influences” on the oil market right now, including, the U.S. Settled little changed at $2.19 per million British thermal units, down less than 0.1% for the session. Brent, as well as WTI crude marked the lowest front-month settlements since May 4, according to Dow Jones Market Data.įell 1.5% to $2.46 a gallon, while June heating oil The global benchmark, lost $1.43, or 1.9%, at $74.98 on ICE Futures Europe. West Texas Intermediate crude for June deliveryįell $1.69, or 2.3%, to settle at at $70.87 a barrel on the New York Mercantile Exchange.
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