office – City Stars Global Oil https://csgpetrol.com Co.LLC Tue, 07 Dec 2021 21:30:20 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://csgpetrol.com/wp-content/uploads/2022/08/cropped-WhatsApp-Image-2022-08-09-at-6.54.21-PM-32x32.jpeg office – City Stars Global Oil https://csgpetrol.com 32 32 Crude oil, energy stocks slide as U.S. inventories take surprise turn higher https://csgpetrol.com/2018/08/20/wrap-up-the-japan-sweden-business-summit/ https://csgpetrol.com/2018/08/20/wrap-up-the-japan-sweden-business-summit/#comments Mon, 20 Aug 2018 09:31:51 +0000 http://localhost/bigger/?p=20
  • Crude oil losses accelerate after the weekly report from the Energy Information Administration showed a surprise increase in U.S. crude stockpiles to the highest levels since August.
  • The data showed a 1M-barrel increase in domestic crude inventories but also a surprisingly large decline in supplies of both gasoline and diesel fuels.
  • Meanwhile, yields and the dollar are rising on news of hotter than expected inflation, lifting the yield on five-year Treasuries by more than 10 bps.
  • WTI December crude (CL1:COM) -2.6% to $81.98/bbl, and January Brent crude (CO1:COM) -1.7% to $83.30/bbl.
  • ETFs: USO, UCO, SCO, BNO, DBO, USL, USOI
  • Energy stocks (XLE -1.9%) are dragged down along with oil, and the sector is now today’s worst performer on the S&P 500.
  • Among today’s notable decliners: CTRA -4.3%, OXY -3.5%, FANG -3.2%, XOM -2.9%, MRO -2.8%, COP -2.5%.
  • Oil services stocks (NYSEARCA:OIH) are hit especially hard, including OIS -11%, DRQ -7.3%, OII -7.2%, GLNG -6.9%.
  • Despite today’s price pullback, Tyche Capital’s Tariq Zahir sees “many factors that will restart the bullish momentum in the coming days and weeks,” particularly the quickening pace of inflation, which jumped to a 21-year high 6.2% in October.
  • “Even with the threat of Biden releasing oil from the [Strategic Petroleum Reserve], we feel that will be a very short-lasting weakness in energy prices,” Zahir tells MarketWatch.
  • Yesterday’s Short-Term Energy Outlook from the EIA projects the global oil market will become oversupplied and lead to lower prices early next year.
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