DOE
Stay in step with market opportunities and get insights, actionable trade ideas and dedicated support.
Sort by:
- Newest
- Popular
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude steady as DoE oil stocks build lower than API estimate
Crude oil prices have been on a roller-coaster ride to absolutely nowhere in recent weeks. It appears as though the buying and selling pressure in finely balanced. Bullish speculators are encouraged to remain in the game because of the OPEC’s efforts to reduce supply. Bearish traders are encouraged by signs of renewed rise in oil production in the US.
WTI crude drops to $40 as oil stocks jump
WTI crude oil fell on the back of data from the US Department of Energy which showed US oil stockpiles rose by a sharp 9.4 million barrels last week. This more or less confirmed the data that was released by the American Petroleum Institute (API) the night before, but it still disappointed the expectations of a much smaller build. However crude stocks at Cushing fell, while gasoline inventories declined by a sharp 4.6 million barrels. So it wasn’t as bad a report as the headline figure made it out to be. Stockpiles have been rising relentlessly despite signs of lower oil output in recent months. But it should be noted that during this time of the year when refineries carry out their maintenance works ahead of the driving season, inventories do tend to rise. Thus, the build is not too much of a surprise. US oil inventories should begin to fall once the driving season starts, while the potential deal between Russia and the OPEC to freeze oil production should also help to reduce the imbalance between demand and supply in the oil market. For that reason, I don’t expect this to be the start of another major downward trend.
Why trade with FOREX.com?
Tight spreads from 0.5 pts on FX and 1 pt on indices.
Award-winning platforms with fast and secure execution.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 1 pt on indices.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
Crude oil slumps
A correction of some sort in crude oil prices seemed inevitable and this may well have started today with both contracts falling nearly 4% each.
StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.
This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.