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Oil up 5% Despite Crude Build as Bulls Seize Back Control of Market

(New throughout, with market settlements) By Barani Krishnan and Liz Moyer AiVIF.com -- Oil prices jumped 5% on Wednesday, rising even after a surprise build in crude...
Oil up 5% Despite Crude Build as Bulls Seize Back Control of Market © Reuters.

(New throughout, with market settlements)

By Barani Krishnan and Liz Moyer

AiVIF.com -- Oil prices jumped 5% on Wednesday, rising even after a surprise build in crude stockpiles that snapped eight weeks of declines, as bulls seized back control of the market after a plunge earlier in the week.

Crude inventories showed a build of 2.108 million barrels during the week ended July 16, the Energy Information Administration said, wrong-footing analysts who had expected a draw of 4.466 million barrels.

It was the first build since draws that began in late May, which removed more than 40 million barrels from stockpiles. The drawdowns helped send U.S. oil prices to four-year highs of almost $78 a barrel as market punters bet on record fuel consumption in an economy reopening from Covid lockdowns.

Gasoline inventories also fell less than expected last week, drawing just 121,000 barrels, according to the EIA, versus expectations for a drop of 1.043 million barrels.

Distillate stockpiles, which include diesel and heating oil, were the only numbers on the positive side for last week. These declined by 1.349 million barrels against forecasts for a build of 557,000 barrels.

New York-traded West Texas Intermediate crude, the benchmark for U.S. oil, settled up $3.10, or 4.6%, at $70.30 a barrel.

WTI tumbled 7.5% to reach under $67 a barrel on Monday for its worst sell-off in 16 months as producer group OPEC+ announced an output hike and reports of resurfacing cases of Covid-19.

London-traded Brent, the global benchmark for oil, settled up $2.88, or 4.2%, at $72.23 in the latest session. Brent lost 6.8% on Monday.

“It looks like it's payback time for the bulls as the overall rebound in risk appetite on Wall Street has put some wind behind the oil market," said John Kilduff, founding partner at New York energy hedge fund Again Capital. "But the seasonal peak in gasoline consumption is over and if the EIA continues reporting builds like this for the next few weeks amid the new Covid scare, then I doubt prices would continue trending higher."

COVID case rates have been rising in the United States, where 47 of the 50 states have reported more infections than the previous week from the highly-transmissible Delta variant.

Global cases involving the Delta variant have also surged in recent weeks, prompting some countries, including Australia and South Korea, to reintroduce restrictive measures. The United Kingdom on Saturday reported the highest number of daily Covid-19 cases since Jan 2021.

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29-03-2024 21:47:24 (UTC+7)

EUR/USD

1.0797

+0.0009 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (6)

EUR/USD

1.0797

+0.0009 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (2)

Sell (6)

GBP/USD

1.2640

+0.0018 (+0.14%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (5)

Sell (2)

USD/JPY

151.24

-0.14 (-0.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (1)

AUD/USD

0.6525

+0.0009 (+0.15%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

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USD/CAD

1.3544

+0.0006 (+0.04%)

Summary

Neutral

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Buy (6)

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EUR/JPY

163.24

-0.01 (-0.01%)

Summary

Neutral

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EUR/CHF

0.9735

+0.0008 (+0.08%)

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Gold Futures

2,254.80

42.10 (1.90%)

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Silver Futures

25.100

+0.002 (+0.01%)

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

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↑ Buy

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

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US Coffee C Futures

188.53

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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S&P 500

5,254.35

+5.86 (+0.11%)

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18,504.51

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16,541.42

0.00 (0.00%)

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Neutral

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US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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Neutral

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11,074.60

-36.70 (-0.33%)

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52.930

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28.43

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277.80

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Adidas AG

207.00

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7.281

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176.96

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Deutsche Bank AG

14.582

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 EUR/USD1.0797↑ Sell
 GBP/USD1.2640↑ Buy
 USD/JPY151.24↑ Buy
 AUD/USD0.6525↑ Sell
 USD/CAD1.3544Neutral
 EUR/JPY163.24Neutral
 EUR/CHF0.9735↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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Cập nhật 29-03-2024 21:47:26
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$2,232.75-1.61-0.07%
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RON 95-V24.69025.180
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Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 18:53:13 29/03/2024
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