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The weekly data shows that gasoline stocks in the U.S. Gulf Coast reached a seasonal high not seen since 2013, which could reflect decreased activity due to weaker demand.
Industry data showed that inventories had risen by 4.5 MMbbl in the week ending Aug. 19, rather than the expected 455,000-bbl fall, pushing WTI down more than $1 and erasing gains made in the previous session.
Iran has been boosting output after the lifting of sanctions and has refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilize production, and talks collapsed in April.
Fresh from recent Permian deal making, WPX Energy and QEP Resources have both signaled their intent to continue hunting for acquisitions.
Low crude prices and lack of gas-directed drilling bump up against growing demand. The result could be a price jump for U.S. natural gas.
U.S. West Texas Intermediate crude futures were down 9 cents at $48.13/bbl after reaching $48.75, their highest since July 5.
But it might be time for investors ‘to think about getting back into energy, industrials and healthcare,’ an analyst says.
Crude inventories fell by 2.5 MMbbl in the last week, compared with analysts' expectations for an increase of 522,000 bbl. Crude stocks at the Cushing, Okla., delivery hub fell by 724,000 bbl, the EIA said.
Prices have risen by nearly 20% in just two weeks to their highest since early July, after speculation surfaced that top producers within and outside of OPEC could finally reach a deal on freezing output.
Permian Basin deals keep the A&D market in business with support in Oklahoma and the Marcellus but oil prices continue to fluctuate, which could stifle deals.
Total U.S. crude inventories wer expected to fall by 1 million barrels in weekly reports, although market intelligence firm Genscape has reported a rise of more than 307,000 barrels at the Cushing, Okla., U.S. crude delivery hub, traders said.
Republican presidential candidate Donald Trump would impose a temporary moratorium on new federal regulations and revive Transcanada's Keystone XL pipeline project, according to an outline of an economic speech.