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Oil up 4% as Bulls Storm Back In on Hurricane, Crude Draw and Dollar Drop

By Barani Krishnan AiVIF.com -- It never rains but it pours.  The saying about a bunch of bad things all happening at once can be applied in the reverse too. Such was the case...
Oil up 4% as Bulls Storm Back In on Hurricane, Crude Draw and Dollar Drop  © Reuters.
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By Barani Krishnan

AiVIF.com -- It never rains but it pours. 

The saying about a bunch of bad things all happening at once can be applied in the reverse too. Such was the case on Wednesday for oil bulls, who caught a break from their miserable run through most of September as output shut-ins over a hurricane combined with friendly U.S. inventory data on energy and a weaker dollar to send crude prices up about 4% on the day.

Oil bulls were also leveraged on expectations that global oil producing alliance OPEC+ will announce an output cut next week to try and put an end to the worst market selloff in two years.

New York-traded West Texas Intermediate, which serves as the U.S. crude benchmark, settled at $82.15 per barrel, up $3.65, or 4.7%, on the day, to extend Tuesday’s 2.3%. Combined, the two-day rally put WTI up just over 4% on the week, after a near 16% drop over three four previous weeks.

Brent, the London-traded global benchmark for oil, settled at $89.32, up $3.05, or 3.5% on the day, after Tuesday’s 2.6% gain. For the week, Brent showed a gain of 2%, after a 15% plunge over four previous weeks.

“Oil is back above the $80 level on seasonal stockpiling, some resilience in the economy that are delaying recession risks, and mostly on expectations OPEC+ will cut production between 500k or 1 million barrels per day,” said Ed Moya, analyst at online trading platform OANDA.

Oil had rebounded since Tuesday on reports of precautionary shutdowns in production on the Gulf of Mexico by Chevron (NYSE:CVX) and BP (NYSE:BP) in anticipation of damage feared from Hurricane Ian. The Bureau of Safety and Environmental Enforcement said as of Wednesday some 157,706 barrels per day in production, amounting to 9.12% of the Gulf’s output, had been shut-in.

The shut-ins were followed by news that crude oil stockpiles fell last week for their first weekly decline in four.

Crude stockpiles fell by 251,000 barrels during the week ended September 23, versus forecasts by industry analysts for a build of 2 million and against the previous week’s rise of 1.14 million, the ​​Energy Information Administration said in its Weekly Petroleum Status Report.

Prior to the decline, crude stocks had risen non-stop for three weeks, growing by nearly 12 million barrels.

U.S. fuel inventories also fell last week, the report showed.

Stockpiles of gasoline, America’s top automobile fuel, fell by 2.422 million barrels last week against expectations for a build of 500,000. In the previous week, gasoline inventories rose by 1.569 million barrels.

Inventories of distillates — the oil variant required for making the diesel needed for trucks, buses and trains, as well as the fuel for jets — fell by 2.891 million barrels last week, versus forecasts for a build of 600,000. In the previous week, distillate stockpiles rose by 1.231 million barrels.

The cherry topping on the bulls’ cake came from the dollar’s sharpest one-day drop in three months. The Dollar Index, which pits the U.S. currency against the euro and four other rivals, hovered at 112.5 on Wednesday — down 1.3% on the day for its sharpest tumble since the 1.45% drop on June 16.

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28-03-2024 23:38:17 (UTC+7)

EUR/USD

1.0803

-0.0023 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

EUR/USD

1.0803

-0.0023 (-0.21%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (1)

GBP/USD

1.2641

+0.0003 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (7)

Sell (1)

USD/JPY

151.27

-0.04 (-0.03%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6525

-0.0008 (-0.12%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (2)

USD/CAD

1.3534

-0.0034 (-0.25%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

EUR/JPY

163.37

-0.38 (-0.23%)

Summary

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EUR/CHF

0.9728

-0.0058 (-0.59%)

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Gold Futures

2,243.20

+30.50 (+1.38%)

Summary

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Silver Futures

24.983

+0.231 (+0.93%)

Summary

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Moving Avg:

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Copper Futures

4.0088

+0.0088 (+0.22%)

Summary

Neutral

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Indicators:

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Crude Oil WTI Futures

82.79

+1.44 (+1.77%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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Brent Oil Futures

86.63

+1.22 (+1.43%)

Summary

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Natural Gas Futures

1.726

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Summary

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US Coffee C Futures

189.28

-1.37 (-0.72%)

Summary

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

Summary

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Moving Avg:

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Sell (12)

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Buy (2)

Sell (6)

S&P 500

5,251.24

+2.75 (+0.05%)

Summary

↑ Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (8)

DAX

18,501.15

+26.09 (+0.14%)

Summary

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Indicators:

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Sell (1)

FTSE 100

7,957.30

+25.32 (+0.32%)

Summary

Sell

Moving Avg:

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Sell (11)

Indicators:

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Sell (5)

Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (1)

US Small Cap 2000

2,128.95

+14.60 (+0.69%)

Summary

↑ Sell

Moving Avg:

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Sell (10)

Indicators:

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Sell (9)

IBEX 35

11,073.58

-37.72 (-0.34%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (5)

BASF SE NA O.N.

52.910

-0.340 (-0.64%)

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Moving Avg:

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Bayer AG NA

28.41

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Summary

Buy

Moving Avg:

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Sell (1)

Allianz SE VNA O.N.

277.83

+0.38 (+0.14%)

Summary

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Adidas AG

207.43

+2.73 (+1.33%)

Summary

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Deutsche Lufthansa AG

7.288

+0.111 (+1.55%)

Summary

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Sell (8)

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Siemens AG Class N

176.98

+0.06 (+0.03%)

Summary

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Deutsche Bank AG

14.595

-0.017 (-0.12%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

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Sell (1)

    EUR/USD 1.0803 ↑ Buy  
    GBP/USD 1.2641 ↑ Buy  
    USD/JPY 151.27 ↑ Buy  
    AUD/USD 0.6525 ↑ Buy  
    USD/CAD 1.3534 ↑ Sell  
    EUR/JPY 163.37 ↑ Buy  
    EUR/CHF 0.9728 ↑ Sell  
    Gold 2,243.20 ↑ Buy  
    Silver 24.983 ↑ Buy  
    Copper 4.0088 Neutral  
    Crude Oil WTI 82.79 ↑ Buy  
    Brent Oil 86.63 ↑ Buy  
    Natural Gas 1.726 ↑ Sell  
    US Coffee C 189.28 ↑ Sell  
    Euro Stoxx 50 5,082.85 ↑ Sell  
    S&P 500 5,251.24 ↑ Sell  
    DAX 18,501.15 ↑ Buy  
    FTSE 100 7,957.30 Sell  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,128.95 ↑ Sell  
    IBEX 35 11,073.58 ↑ Sell  
    BASF 52.910 ↑ Buy  
    Bayer 28.41 Buy  
    Allianz 277.83 ↑ Buy  
    Adidas 207.43 ↑ Buy  
    Lufthansa 7.288 ↑ Sell  
    Siemens AG 176.98 ↑ Buy  
    Deutsche Bank AG 14.595 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,880/ 8,050
(0/ 0) # 1,398
SJC HCM7,900/ 8,100
(10/ 10) # 1,450
SJC Hanoi7,900/ 8,102
(10/ 10) # 1,452
SJC Danang7,900/ 8,102
(10/ 10) # 1,452
SJC Nhatrang7,900/ 8,102
(10/ 10) # 1,452
SJC Cantho7,900/ 8,102
(10/ 10) # 1,452
Cập nhật 28-03-2024 23:38:19
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ↀ Giá vàng thế giới
$2,219.83 +28.81 1.31%
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Sản phẩm Vùng 1 Vùng 2
RON 95-V24.69025.180
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E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
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Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI $82.48 +5.04 0.07%
Brent $86.49 +4.85 0.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.950,00
EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 18:53:18 28/03/2024
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