Markets

US Crude Oil Draws Up Over $40

US Crude Oil Draws Up Over $40”

Futures rose as much as 0.9% in NY after slipping 5% the previous two sessions.

Worries over a supply glut have pushed oil prices to settle below US$40 a barrel for the first time in more than three months.

The supply glut is upsetting industry expectations, with BP, Royal Dutch Shell and Exxon Mobil Corp. reporting second-quarter earnings last week that were worse than estimated.

CAST...'The Mummy cast shooting on location in Namibia Jake Johnson Annabelle Wallis Tom Cruise and Courtney B Vance

The US government will issue official inventory data on Wednesday. "Now, are we out of the woods yet?"

Due to below average draws, this summer; the inventories are 30 % above the five-year averages. It hasn't closed below $40 since April 18 when it ended the day at $39.78. Total volume traded was about 46 percent below the 100-day average.

Brent crude was up 11 cents a barrel at $41.91 at 1121 GMT. Gas prices dropped to an average of $2.13 a gallon on Monday, compared with $2.66 this time previous year, according to AAA. The global benchmark traded at a premium of $1.50 to WTI for October. Bank of America Merrill Lynch head of commodities research told Bloomberg Television that oil will likely be back above $50 a barrel towards the end of this year. Oil rallied from a 12-year low near $27 in January to a 2016 high of nearly $53 in June, supported by an initiative from OPEC and outside producers including Russian Federation to freeze output and by hopes that the supply glut would ease.

Harry Potter and the Curse of Growing Up
But one reveal in particular has readers annoyed, or at least perplexed (stop here if you don't want any spoilers). There may be a new play featuring Harry Potter , which has seemingly inspired another book , his creator, J.K.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, fell by 1.12 million barrels last week, the EIA said.

International Brent crude futures were trading at.85 per barrel, up a mere 5 cents from their last close, and failing to retake and maintain.

However, other analysts said recent price falls were overblown, with Citi saying bears, who speculate on falling prices, having "gone wild in oil at United States dollars 40".

Details about Toya Wright's brother, Rudy Johnson, gunned down in New Orleans
Hip-hop star Trina wrote: "I'm praying for @ ToyaWright her mom and her family during this disgusting tragedy". The brothers were discovered inside a vehicle , shortly after midnight on Saturday in the city's 7th Ward.

West Texas Intermediate crude futures are approximately 20 percent, down from their 2016 peaks above $50 a barrel scaled in early June, technically positioning it in bear market territory, as an indication of an ongoing recovery in USA drilling activity shared with elevated stocks of fuel products weighed.

Supplies could swell further as member nations in the Organization of Petroleum Exporting Countries work to restore halted output. Already high stockpiles of these refined products rose further when the demand for the product became significantly less than it should be to consume all the gasoline that had been refined to compensate for low prices.

Texans star WR DeAndre Hopkins not at training camp
Right now, DeAndre Hopkins is making a million a year, which is an obscenely low price for a player of his caliber. Strong has looked noticeably quicker at camp while seeing increased reps with DeAndre Hopkins holding out.



Like this

Latest


03 August 2016
Nepali Congress, CPN-Maoist Centre begin preparations to form new govt.
A change in government is nothing new in Nepal, with Oli the eighth prime minister in the past 10 years. Nepal will elect a new prime minister through a parliamentary vote on Wednesday.

03 August 2016
Clinton raises $63 million for campaign
John McCain , a former prisoner of war, said Trump did not have "unfettered license to defame those who are the best among us". But when asked about Khizr Khan on Fox News Channel's "Hannity", Trump responded, "I guess it's part of my life".

02 August 2016
Lea Michele: 'I love myself, flaws and all'
Michele paid tribute to Monteith , her late boyfriend and Glee co-star, by getting his Glee character's name, Finn , tattooed. Michele says she makes "some macaroni cheese, calls my mom, pours a glass of red wine and watches some reality television".

02 August 2016
Cubs Acquire Chapman from Yankees
According to Buster Olney of ESPN, the Yankees have been "pushing" the 29-year-old in trade talks throughout the past few weeks. During his 94 games played with the team, Torres had a batting average of.275 with 9 homers, 47 RBIs and a.791 OPS.

01 August 2016
Indians acquire Andrew Miller from Yankees
In AA this season, he had a. 276 average with a. 825 OPS, 13 homers, 48 RBI and 13 steals. "He's an electric bat, " Cashman said. At some point, he'll sit with manager Terry Francona and relievers Bryan Shaw and Cody Allen to determine each pitcher's usage.

01 August 2016
Australia team safe after Rio Olympic Village fire evacuation
There are expected to be 85,000 military personnel and police across the city, double the number on the streets in London in 2012. The IWF said the doping results produced by Russian weightlifters are "extremely shocking and disappointing".

01 August 2016
Rain postpones Sprint Cup race at Pocono until Monday
This week, they will buckle up and compete on Pocono Raceway's 2.5 mile tri-oval known as the "Tricky Triangle". Gordon is racing for Dale Earnhardt Jr., who is suffering from concussion-like symptoms.

01 August 2016
Flash flood rages down historic Maryland mainstreet, kills two
Andy Barth, a representative of Howard County Executive Allan Kittleman, confirmed one death and two missing at 9:20 a.m. Police said several people were trapped in partially submerged vehicles in the Woodberry area.

31 July 2016
Donald Trump calls Clinton's DNC speech 'insulting'
Last week, it was Ivanka Trump introducing her dad, tonight it's Chelsea Clinton introducing her mom. Clinton said Trump is offering America "empty promises" and what she called "bigotry and bombast".

31 July 2016
Philippine president gives rebels deadline to declare truce
The NPA said that they would only declare a truce, if Duterte investigates his troops, who alleged violated the ceasefire order. According to CNN Philippines , PNP Chief Ronal Dela Rosa said police would follow Duterte's instructions.



Recommended