Original title: US crude oil inventories increase, oil prices fall
According to a report from the World Oil website on October 6th, oil prices have fallen the most in two weeks after increasing inventories in the United States and Russia’s expressed readiness to help alleviate the global energy crisis.
New York futures fell 1.9% on Wednesday, and oil prices continued to fall after the Financial Times reported that the United States was increasing the possibility of releasing emergency oil reserves. With US government data showing that crude oil inventories continue to increase, and Russia said that the country will increase natural gas exports to stabilize the energy market, oil prices have weakened.
Ed Moya, senior market analyst at Oanda Corp, said: “Considering the use of U.S. reserves may indicate that we will not see oil prices run out of control.”
Oil closed on Tuesday at its highest point since 2014, as soaring natural gas prices stimulated greater demand for crude oil and petroleum products before the winter. OPEC+ continued to inject more supply into the market. In the days leading up to the organization’s Monday meeting, the United States pushed producers to increase crude oil production, and at the same time heightened concerns about the tightening of global energy supplies.
“Financial Times” quoted comments at the Energy Summit on Wednesday that US Secretary of Energy Jennifer Granholm raised the possibility of releasing crude oil from the Strategic Petroleum Reserve and said that “all countermeasures are on the table.” “Financial Times” reported that Granholm did not rule out the ban on crude oil exports.
price:
The November delivery price of New York West Texas Intermediate crude oil fell by US$1.50 to US$77.43 per barrel;
The price of Brent crude oil for December delivery on the European Intercontinental Exchange fell 1.48 US dollars to 81.08 US dollars per barrel.
Wang Lei, translated from World Petroleum
The original text is as follows:
Oil prices dive on increasing U.S. crude inventories
Oil declined by the most in two weeks in the wake of growing U.S. inventories and after Russia signaled it is ready to help ease a global energy crisis.
Futures in New York slid 1.9% on Wednesday and extended declines late in the session after the Financial Times reported that the U.S. is raising the prospect of releasing emergency oil reserves. Prices were weaker with U.S. government data showing growing crude stockpiles and amid Russia’s indications that the country will ramp up gas exports to stabilize energy markets.
“The consideration of tapping reserves in the U.S. is likely to signal that we are not going to see oil prices get out of hand,” said Ed Moya, senior market analyst at Oanda Corp.
Oil closed at the highest since 2014 on Tuesday as surging natural gas prices spur greater demand for crude and oil products ahead of winter, while OPEC+ continues to only drip-feed additional supply into the market. In the days leading up to the group’s Monday meeting, the Administration had made a push for producers to boost crude output amid intensifying fears about tightening global energy supplies.
U.S. energy secretary Jennifer Granholm raised the prospect of releasing crude oil from the strategic petroleum reserve and said that “all tools are on the table,” the Financial Times reported, citing comments made at an energy summit on Wednesday. Granholm did not rule out a crude oil export ban, the FT said.
Prices:
West Texas Intermediate for November delivery fell $1.50 to settle at $77.43 a barrel in New York
Brent for December settlement dropped $1.48 to end the session at $81.08 a barrel on the ICE Futures Europe exchange
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