Home / TIPS / MTECHTIPS:-U.S. crude pares gains amid significant inventory build of 4 mil barrels

MTECHTIPS:-U.S. crude pares gains amid significant inventory build of 4 mil barrels

MTECHTIPS:-U.S. crude pares gains amid significant inventory build of 4 mil barrels

 U.S. crude futures inched down on Wednesday paring earlier gains, after crude inventories rose considerably last week adding to the glut of oversupply in domestic energy markets. On the New York Mercantile Exchange, WTI crude for November delivery wavered between a low of $44.69 and a high of $45.84 a barrel, before closing at $45.13, down 0.11 or 0.24% on the session. In spite of an extremely volatile month of trading, Texas Long Sweet futures only posted slight gains in September, closing the month up by approximately 1.25%. Over the last 30 days of trading, U.S. crude futures closed in a positive or negative direction by 2% in nearly a dozen different sessions. On the Intercontinental Exchange (ICE), brent crude for November delivery traded between $47.80 and $48.97 a barrel before settling at $48.36, up 0.12 or 0.18% on the day. After opening the month near $50 a barrel, brent futures fell mildly by roughly 1.5% in September. Meanwhile, the spread between the international and U.S. domestic benchmarks of crude stood at $3.23, above Tuesday’s level of $3.00 at the close of trading. In its Weekly Petroleum Status Report on Wednesday, the U.S. Energy Information Administration (EIA) said U.S. crude stockpiles rose by 4.0 million barrels for the week ending on Sept. 25, significantly above estimates for a 0.5 million draw. It halts a two week streak of draws of at least 1.9 million barrels. At 457.9 million barrels, U.S. crude inventories remain near its highest level at this time of the year in at least 80 

WWW.MTECHTIPS.COM

07489294118-119

About mtechtips

Leave a Reply

x

Check Also

“india’s no.1 crudeoil tips provider”yetersday crudeoil profit 48,000. www.tipscrudeoil.webs.com 9510294281

“india’s no.1 crudeoil tips provider”special must be seeee ...