{"id":913,"date":"2023-02-15T16:33:14","date_gmt":"2023-02-15T21:33:14","guid":{"rendered":"https:\/\/embarrdowns.com\/oil-prices-retreat-amid-volatile-markets-and-u-s-reserve-sale\/"},"modified":"2023-02-15T16:33:15","modified_gmt":"2023-02-15T21:33:15","slug":"oil-prices-retreat-amid-volatile-markets-and-u-s-reserve-sale","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/oil-prices-retreat-amid-volatile-markets-and-u-s-reserve-sale\/","title":{"rendered":"Oil Prices Retreat Amid Volatile Markets and U.S. Reserve Sale"},"content":{"rendered":"

On Tuesday, oil prices decreased following the US’s announcement that additional inventory will be released from the Strategic Petroleum Reserve, which has already caused a high degree of instability in the worldwide supply and demand balance.[0]<\/a><\/sup> At 9:15 ET, U.S. crude futures had decreased by $2.21 (2.8%) to $77.93 per barrel, and Brent crude futures had decreased by $2.01 (2.3[1]<\/a><\/sup> The two standards are projected to experience their greatest single-day percentage drops since February 3rd.[1]<\/a><\/sup><\/p>\n

The Energy Information Administration (EIA) reported on Wednesday that U.S. crude inventories rose by 16.283 million barrels during the week ended Feb. 10, and are now 8% above the five-year average. Commercial crude-oil stockpiles increased by 16.3 million barrels, to 471.4 million barrels. The American Petroleum Institute (API) late Tuesday had reported a 10.5 million barrel rise in U.S. crude inventories.[2]<\/a><\/sup><\/p>\n

According to the API data from last week, gasoline inventories increased by 846,000 barrels, bringing the total inventory increase to 5.261 million barrels.[3]<\/a><\/sup> Distillates increased by 1.728 million barrels following an increase of 1.109 million bpd the week before.[3]<\/a><\/sup> The weekly capacity utilization rate of refinery activity declined to 86.5%, a 1.4 percentage point decrease that was unexpected and contrary to analyst predictions of a 0.2 percentage point increase.[4]<\/a><\/sup><\/p>\n

The Paris-based International Energy Agency (IEA) Wednesday raised its 2023 global oil demand forecast by +200,000 bpd to 101.9 million bpd from a prior estimate of 101.7 million bpd, citing the reopening of China’s economy.[5]<\/a><\/sup> The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday also raised its projection for global oil demand growth and pointed to a tighter market in 2023.[6]<\/a><\/sup><\/p>\n

On Tuesday, oil prices decreased further following the release of inflation data that indicated the Federal Reserve may not reduce interest rates as much as had been predicted.[7]<\/a><\/sup> Monday’s session was volatile and caused West Texas Intermediate to plummet to nearly US$79 per barrel.[8]<\/a><\/sup> In line with a budget mandate from 2015, the United States is aiming to dispose of 26 million barrels from the Strategic Petroleum Reserve.[2]<\/a><\/sup> WTI crude oil was down following the US CPI but the bulls burst back to life taking out the shorts back to the start again.[9]<\/a><\/sup><\/p>\n

0. <\/span>“Latest Oil Market News and Analysis for Feb 13” Bloomberg, 12 Feb. 2023, https:\/\/www.bloomberg.com\/news\/articles\/2023-02-12\/oil-edges-lower-as-slowdown-concerns-vie-with-russian-cutback<\/a><\/a><\/p>\n

1. <\/span>“Biden To Sell 26 Million Barrels From the Strategic Petroleum Reserve in Hopes of Preventing Summer Gas Surge” msnNOW, 14 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/biden-to-sell-26-million-barrels-from-the-strategic-petroleum-reserve-in-hopes-of-preventing-summer-gas-surge\/ar-AA17u8FD?li=BBnb7Kz<\/a><\/a><\/p>\n

2. <\/span>“Oil declines on U.S. requirement to sell more crude from the SPR” BNN Bloomberg, 14 Feb. 2023, https:\/\/www.bnnbloomberg.ca\/oil-declines-on-u-s-requirement-to-sell-more-crude-from-the-spr-1.1883387<\/a><\/a><\/p>\n

3. <\/span>“Massive Crude Build Pressures Oil Prices” OilPrice.com, 14 Feb. 2023, https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Massive-Crude-Build-Pressures-Oil-Prices.html<\/a><\/a><\/p>\n

4. <\/span>“Energy stocks stumble as U.S. crude oil inventories surge higher (NYSEARCA:USO)” Seeking Alpha, 15 Feb. 2023, https:\/\/seekingalpha.com\/news\/3936499-energy-stocks-stumble-as-us-crude-oil-inventories-surge-higher<\/a><\/a><\/p>\n

5. <\/span>“Crude Falls On Dollar Strength And Surge In EIA Crude Inventories” Barchart, 15 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14237607\/crude-falls-on-dollar-strength-and-surge-in-eia-crude-inventories<\/a><\/a><\/p>\n

6. <\/span>“WTI Oil Price Forecast: Eyeing Potential Bounce Off 50-Day MA” DailyFX, 15 Feb. 2023, https:\/\/www.dailyfx.com\/news\/forex-wti-oil-price-forecast-eyeing-potential-bounce-off-50-day-ma-20230215.html<\/a><\/a><\/p>\n

7. <\/span>“Crude Inventory 16.28M Barrels vs 1.38M Expected” Forex Factory, 15 Feb. 2023, https:\/\/www.forexfactory.com\/news\/1205830-crude-inventory-1628m-barrels-vs-138m-expected<\/a><\/a><\/p>\n

8. <\/span>“Oil Slips as US Supply Build Overshadows Stronger China Outlook” Financial Post, 15 Feb. 2023, https:\/\/financialpost.com\/pmn\/business-pmn\/oil-extends-drop-on-large-stockpile-build-and-inflation-concerns<\/a><\/a><\/p>\n

9. <\/span>“WTI Price Analysis: Bulls and bears in battle it out at key support” FXStreet, 15 Feb. 2023, https:\/\/www.fxstreet.com\/news\/wti-price-analysis-bulls-and-bears-in-battle-it-out-at-key-support-202302150018<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

On Tuesday, oil prices decreased following the US’s announcement that additional inventory will be released from the Strategic Petroleum Reserve, which has already caused a high degree of instability in the worldwide supply and demand balance.[0]<\/a><\/sup> At 9:15 ET, U.S. crude futures had decreased by $2.21 (2.8%) to $77.93 per barrel, and Brent crude futures had decreased by $2.01 (2.3[1]<\/a><\/sup> The two standards are projected to experience their greatest single-day percentage drops since February 3rd.[1]<\/a><\/sup><\/p>\n

The Energy Information Administration (EIA) reported on Wednesday that U.S. crude inventories rose by 16.283 million barrels during the week ended Feb. 10, and are now 8% above the five-year average. Commercial crude-oil stockpiles increased by 16.3 million barrels, to 471.4 million barrels. The American Petroleum Institute (API) late Tuesday had reported a 10.5 million barrel rise in U.S. crude inventories.[2]<\/a><\/sup><\/p>\n

According to the API data from last week, gasoline inventories increased by 846,000 barrels, bringing the total inventory increase to 5.261 million barrels.[3]<\/a><\/sup> Distillates increased by 1.728 million barrels following an increase of 1.109 million bpd the week before.[3]<\/a><\/sup> The weekly capacity utilization rate of refinery activity declined to 86.5%, a 1.4 percentage point decrease that was unexpected and contrary to analyst predictions of a 0.2 percentage point increase.[4]<\/a><\/sup><\/p>\n

The Paris-based International Energy Agency (IEA) Wednesday raised its 2023 global oil demand forecast by +200,000 bpd to 101.9 million bpd from a prior estimate of 101.7 million bpd, citing the reopening of China’s economy.[5]<\/a><\/sup> The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday also raised its projection for global oil demand growth and pointed to a tighter market in 2023.[6]<\/a><\/sup><\/p>\n

On Tuesday, oil prices decreased further following the release of inflation data that indicated the Federal Reserve may not reduce interest rates as much as had been predicted.[7]<\/a><\/sup> Monday’s session was volatile and caused West Texas Intermediate to plummet to nearly US$79 per barrel.[8]<\/a><\/sup> In line with a budget mandate from 2015, the United States is aiming to dispose of 26 million barrels from the Strategic Petroleum Reserve.[2]<\/a><\/sup> WTI crude oil was down following the US CPI but the bulls burst back to life taking out the shorts back to the start again.[9]<\/a><\/sup><\/p>\n

0. <\/span>“Latest Oil Market News and Analysis for Feb 13” Bloomberg, 12 Feb. 2023, https:\/\/www.bloomberg.com\/news\/articles\/2023-02-12\/oil-edges-lower-as-slowdown-concerns-vie-with-russian-cutback<\/a><\/a><\/p>\n

1. <\/span>“Biden To Sell 26 Million Barrels From the Strategic Petroleum Reserve in Hopes of Preventing Summer Gas Surge” msnNOW, 14 Feb. 2023, https:\/\/www.msn.com\/en-us\/money\/markets\/biden-to-sell-26-million-barrels-from-the-strategic-petroleum-reserve-in-hopes-of-preventing-summer-gas-surge\/ar-AA17u8FD?li=BBnb7Kz<\/a><\/a><\/p>\n

2. <\/span>“Oil declines on U.S. requirement to sell more crude from the SPR” BNN Bloomberg, 14 Feb. 2023, https:\/\/www.bnnbloomberg.ca\/oil-declines-on-u-s-requirement-to-sell-more-crude-from-the-spr-1.1883387<\/a><\/a><\/p>\n

3. <\/span>“Massive Crude Build Pressures Oil Prices” OilPrice.com, 14 Feb. 2023, https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Massive-Crude-Build-Pressures-Oil-Prices.html<\/a><\/a><\/p>\n

4. <\/span>“Energy stocks stumble as U.S. crude oil inventories surge higher (NYSEARCA:USO)” Seeking Alpha, 15 Feb. 2023, https:\/\/seekingalpha.com\/news\/3936499-energy-stocks-stumble-as-us-crude-oil-inventories-surge-higher<\/a><\/a><\/p>\n

5. <\/span>“Crude Falls On Dollar Strength And Surge In EIA Crude Inventories” Barchart, 15 Feb. 2023, https:\/\/www.barchart.com\/story\/news\/14237607\/crude-falls-on-dollar-strength-and-surge-in-eia-crude-inventories<\/a><\/a><\/p>\n

6. <\/span>“WTI Oil Price Forecast: Eyeing Potential Bounce Off 50-Day MA” DailyFX, 15 Feb. 2023, https:\/\/www.dailyfx.com\/news\/forex-wti-oil-price-forecast-eyeing-potential-bounce-off-50-day-ma-20230215.html<\/a><\/a><\/p>\n

7. <\/span>“Crude Inventory 16.28M Barrels vs 1.38M Expected” Forex Factory, 15 Feb. 2023, https:\/\/www.forexfactory.com\/news\/1205830-crude-inventory-1628m-barrels-vs-138m-expected<\/a><\/a><\/p>\n

8. <\/span>“Oil Slips as US Supply Build Overshadows Stronger China Outlook” Financial Post, 15 Feb. 2023, https:\/\/financialpost.com\/pmn\/business-pmn\/oil-extends-drop-on-large-stockpile-build-and-inflation-concerns<\/a><\/a><\/p>\n

9. <\/span>“WTI Price Analysis: Bulls and bears in battle it out at key support” FXStreet, 15 Feb. 2023, https:\/\/www.fxstreet.com\/news\/wti-price-analysis-bulls-and-bears-in-battle-it-out-at-key-support-202302150018<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":912,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/913"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=913"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/912"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}