Gold Plunges To 7-Month Low On Robust US Supplies

Thursday, 15 Jun, 2017

"The build in gasoline stocks was a result of a further decline in gasoline demand, which marks a very subdued start into the summer driving season", said Fritsch.

Opec and 11 rival exporters including Russian Federation have agreed to extend a deal to limit supply by 1.8 million bpd to March 2018, in order to cut global inventory levels.

Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the International Energy Agency said on Wednesday.

USA petrol inventories rose by 2.1 million barrels last week, while crude oil inventories fell by only 1.7 million barrels, compared with forecasts of 2.7 million barrels, the EIA said.

The U.S. Energy Information Administration reported a smaller-than-expected decline in crude-oil stockpiles last week, pushing prices below $45 a barrel and to the lowest levels since November.

Reformulated blendstock gasoline futures dropped 3.4% to $1.449 a gallon as of 9:59 a.m. CT (14:59 GMT). The IEA said stocks were 292 million barrels above the five-year average.

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Refinery crude runs also rose 29,000 bbl/d and utilization rates rose 0.3 percentage point to 94.4% of total capacity.

After the data, the gasoline spread to crude slumped about 4% to its lowest since May 4. "The gasoline build was negative as well and that's one of the things the market has been watching", Nick Holmes, director at Tortoise Capital Advisors LLC in Leawood Kansas, which manages US$16 billion in energy-related assets, said by telephone.

Brent for August settlement fell US$1.72 to end the session at US$47 a barrel on the London-based ICE Futures Europe exchange. "Obviously again, disappointing crude draw today relative to the market consensus". The IEA expects global oil demand to rise by 1.4 million barrels a day in 2018 - but non-OPEC supply alone is set to edge up by 1.5 million barrels.

Iraq is driving up crude oil exports to the USA, the world's second-biggest import market, just as there are signs Saudi Arabia is honouring a pledge to restrict such deliveries, according to tanker-tracking data.

West Texas Intermediate crude futures, meanwhile, were down 3.4% to $44.92/bbl, the lowest intraday level since May 5.