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Crude-oil price falls, risks snapping win streak, as oversupply concerns bubble again
Published: June 28, 2017 8:05 a.m. ET
Estimates by American Petroleum Institute showed crude inventories increasing 800,000 barrels, not the drawdown that other industry forecasters had expected
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By
RACHEL
KONING BEALS
NEWS EDITOR
Crude-oil prices slipped Wednesday, threatening a streak of four straight gains as traders again absorbed signs of expanding U.S. supplies.
Oil prices got a short-lived jolt higher very early Wednesday on reports that the latest global cyberattacks had extended to major Russian oil producer PAO Rosneft. But that extra lift to prices eventually fizzled.
August West Texas Intermediate crude CLQ7, -0.25% slipped 14 cents, or 0.3%, to $44.10 a barrel in electronic trading on the New York Mercantile Exchange, while Brent oil for August delivery LCOQ7, -0.02% was little changed, down 2 cents, or less than 0.1%, to $46.63 a barrel. Month to date, WTI and Brent have trimmed their sharp losses to a still substantial 8.4% and 6.7%, respectively, according to FactSet data.
Read: OPEC, have no fear: The U.S. oil-shale output crash is here
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Estimates out late Tuesday by industry group American Petroleum Institute showed crude inventories increasing 800,000 barrels, not the drawdown that industry forecasters had expected. The U.S. Energy Information Administration’s more closely watched report on inventories is on tap for Wednesday morning. Analysts polled by S&P Global Platts forecast a decline of 3.25 million barrels in crude stockpiles in the EIA data. Supplies had fallen for two weeks in a row.
The unexpected result could “add fuel to doubts that any process of market tightening is underway,” said Carsten Fritsch, commodities analyst at Commerzbank, in a note. “That said, in recent weeks the API reports have repeatedly proved to be a poor indicator of the official inventory data. The possibility of this being the case again this time round cannot be excluded.”
“After all, tropical storm Cindy, which last week caused 16% of U.S. oil production in the Gulf of Mexico to be shut down and hampered the unloading of ships at import terminals, appears to have played no role in the API’s statistics,” he added.
The S&P Global Platts forecasts also call for a fall of 900,000 barrels in gasoline inventories and an increase of 500,000 barrels for distillates, which include heating oil.
Investor concerns about rising production from OPEC members that are exempt from the supply cut deal and other producers including the U.S. have pushed oil into bear market territory. Crude has lost more than 20% of its value over the past six months.
Despite falling prices, American producers have continued to ramp up output.
According to the oil-services firm Baker Hughes Inc. the U.S. oil rig count rose by 11 in the latest week’s data, reaching a 26-month high of 758.
Additionally, U.S. energy secretary Rick Perry this week touted an acceleration of U.S. oil output and exports as part of the Trump administration’s agenda to boost the domestic oil industry. His comments were taken negatively by some market participants, who say that rapidly increasing U.S. production at a time of stubborn oversupply will end up hurting shale producers.
Meanwhile, Russian state-oil colossus PAO Rosneft and several other global firms were affected by a cyberattack that resulted in a short-lived oil rally, reported The Wall Street Journal.
The attack on Tuesday, which security experts dubbed Petya, originated in the Ukraine and spread rapidly to Russia, other European countries and the U.S.
On Nymex, July gasoline RBN7, -0.55% fell 1 cent, or 0.7%, to $1.45 a gallon and July heating oil HON7, -0.02% fell less than half a cent, or 0.1%, to $1.41 a gallon.
Read: Drivers may pay the lowest July 4 gasoline prices in 12 years
July natural gas NGN17, +1.05% which expires at Wednesday’s settlement, traded at $3.074 per million British thermal units, up 3 cents, or 1.2%.