{"id":11615,"date":"2023-12-21T20:35:47","date_gmt":"2023-12-21T20:35:47","guid":{"rendered":"https:\/\/connectwithfund.com\/investment\/oil-prices-finish-lower-as-u-s-crude-supplies-mark-a-2-week-climb-of-more-than-17-million-barrels\/"},"modified":"2023-12-21T20:35:48","modified_gmt":"2023-12-21T20:35:48","slug":"oil-prices-finish-lower-as-u-s-crude-supplies-mark-a-2-week-climb-of-more-than-17-million-barrels","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=11615","title":{"rendered":"Oil prices finish lower as U.S. crude supplies mark a 2-week climb of more than 17 million barrels"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002730189\" role=\"document\">\n<p>Oil futures finished lower on Wednesday, with U.S. benchmark prices posting their first loss in five sessions after government data revealed a more than 17 million-barrel climb in domestic commercial inventories over the past two weeks. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude<br \/>\n        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"negative\">-0.54%<\/bg-quote><br \/>\n       for December delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.54%<\/bg-quote><\/p>\n<p>        CLZ23<span><\/span><br \/>\n       fell $1.60, or 2%, to settle at $76.66 a barrel on the New York Mercantile Exchange. Prices settled flat Tuesday after tallying three consecutive session gains. <\/p>\n<\/li>\n<li>\n      January Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.11%<\/bg-quote><\/p>\n<p>        BRNF24<span>,<\/span><br \/>\n       the global benchmark, declined $1.29, or 1.6%, to $81.18 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      December gasoline<br \/>\n        RBZ23<span><\/span><br \/>\n       declined by 0.9% to $2.20 a gallon, while December heating oil added 1.1% to $2.87 a gallon.<\/p>\n<\/li>\n<li>\n      Natural gas for December delivery<br \/>\n        NGZ23<span><\/span><br \/>\n       settled at $3.19 per million British thermal units, up 2.7%<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>The Energy Information Administration on Wednesday released two weeks of U.S. petroleum supply data, after having delayed last weeks\u2019 numbers due to planned system updates. <\/p>\n<div class=\"paywall\">\n<p>The government agency reported that U.S. commercial crude inventories rose by 3.6 million barrels for the week ended Nov. 10 to total 439.4 million barrels. <\/p>\n<p>Using the commercial crude supply totals it provided in its data, supplies had climbed from 421.9 million barrels in the week ended Oct. 27 to 435.8 million barrels in the week ended Nov. 3 \u2014 showing an increase of 13.9 million barrels. Added to the latest week\u2019s rise, commercial crude supplies rose by 17.5 million barrels over the two-week period ended Nov. 10.<\/p>\n<p>On average, analysts polled by S&amp;P Global Commodity Insights expected the report to show an increase of 4.5 million barrels for the two weeks ended Nov. 10.<\/p>\n<p>For the week ended Nov. 10, the EIA report also revealed supply declines of 1.5 million barrels to 215.7 million barrels for gasoline and 1.4 million to 106.6 million barrels for distillates. <\/p>\n<p>Crude stocks at the Cushing, Okla., Nymex delivery hub fell by 1.9 million barrels last week, the EIA said, and domestic petroleum production remained unchanged at 13.2 million barrels a day.<\/p>\n<p>The EIA has also said it\u2019s made changes to the way it collects some of its data. <\/p>\n<p><strong>Read:<\/strong> Why the U.S. government is changing the way it collects data on the oil market<\/p>\n<p>In this case, however, Troy Vincent, senior market analyst at DTN, doesn\u2019t believe the big crude-supply climb had anything to do with those adjustments. <\/p>\n<p>The big build is in line with what the American Petroleum Institute reported for the week ended Nov. 3. The trade group reported on Nov. 7 that domestic commercial crude supplies for the week ended Nov. 3 climbed by 11.9 million barrels, according to sources. <\/p>\n<p>The supply gain \u201csimply reflects rising imports amid a very deep refinery maintenance season,\u201d said Vincent. <\/p>\n<p><strong>Also see<\/strong> Drop in U.S. gasoline prices will lead to more than $1 billion in Thanksgiving travel savings: report<\/p>\n<p>WTI crude-oil futures had been trading lower ahead of the inventory data as investors digested a \u201cterrible\u201d New York Empire State Manufacturing release, said Tyler Richey, co-editor at Sevens Report Research.<\/p>\n<p>The economic data \u201cpoured some cold water on soft economic landing hopes, while the ongoing conflict between Israel and Hamas has yet to have a meaningful impact on the global oil markets,\u201d he told MarketWatch.<\/p>\n<p>\u201cAs such, the fear-bid in oil has been slowly but steadily unwinding over the last month,\u201d he said.<\/p>\n<p><strong>Also read:<\/strong> Here are the biggest clean-energy transition challenges and investment opportunities<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-prices-edge-lower-ahead-of-data-on-u-s-crude-supplies-8a3f7f0b?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil futures finished lower on Wednesday, with U.S. benchmark prices posting their first loss in five sessions after government data revealed a more than 17 million-barrel climb in domestic commercial inventories over the past two weeks. Price action West Texas Intermediate crude CL00, -0.54% for December delivery CL.1, -0.54% CLZ23 fell $1.60, or 2%, to settle at $76.66 a barrel on the New York Mercantile Exchange. Prices settled flat Tuesday after tallying three consecutive session gains. January Brent crude BRN00, -0.11% BRNF24, the global benchmark, declined $1.29, or 1.6%, to $81.18 a barrel on ICE Futures Europe. December gasoline RBZ23<\/p>\n","protected":false},"author":1,"featured_media":11616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[],"class_list":["post-11615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices finish lower as U.S. crude supplies mark a 2-week climb of more than 17 million barrels | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Oil futures finished lower on Wednesday, with U.S. benchmark prices posting their first loss in five sessions after government data revealed a more than\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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