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Oil prices rise on hefty decline in US stockpiles
Source: Agencies |
August 23, 2012, Thursday
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THE price of oil is rising after US crude inventories dropped more than expected for a fourth consecutive week.
Benchmark oil rose 27 cents to US$97.11 per barrel Wednesday in New York.
The government said crude inventories fell 5.4 million barrels to 360.7 million barrels last week. That's more than twice as much as the 2-million barrel decline predicted by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. Stockpiles remain plentiful.
The decline isn't necessarily because of an uptick in demand. Production has been affected by some US refinery and pipeline problems. And refineries are cutting production as they prepare to switch next month to processing winter blends of fuel.
Benchmark oil prices are up about US$8 per barrel since Aug. 1. There concerns about supply disruptions from any regional conflict in the Middle East. And traders are hopeful that Europe, the US and China will take more steps to promote growth in their respective countries. That, in turn, would improve demand for oil.
Yet, oil demand remains sluggish. The International Energy Agency earlier this month reduced its 2012 forecast for global crude demand to 89.6 million barrels a day from 89.9 million a day.
"The jury is way out on whether demand is, you know, truly improving," Jefferies Bache LLC energy analyst Andrew Lebow said.
At the pump, the national average for gasoline fell less than a penny overnight to US$3.716 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's about a quarter more than a month ago and about 15 cents higher than a year ago.
In other trading, Brent crude, which is used to price international varieties of oil, rose 5 cents to US$114.69 per barrel in London.
Other futures prices on the New York Mercantile Exchange:
- Heating oil was unchanged at US$3.13 per gallon.
- Wholesale gasoline rose 2 cents to US$3.08 per gallon.
- Natural gas increased 2 cents to US$2.80 per gallon.
Benchmark oil rose 27 cents to US$97.11 per barrel Wednesday in New York.
The government said crude inventories fell 5.4 million barrels to 360.7 million barrels last week. That's more than twice as much as the 2-million barrel decline predicted by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. Stockpiles remain plentiful.
The decline isn't necessarily because of an uptick in demand. Production has been affected by some US refinery and pipeline problems. And refineries are cutting production as they prepare to switch next month to processing winter blends of fuel.
Benchmark oil prices are up about US$8 per barrel since Aug. 1. There concerns about supply disruptions from any regional conflict in the Middle East. And traders are hopeful that Europe, the US and China will take more steps to promote growth in their respective countries. That, in turn, would improve demand for oil.
Yet, oil demand remains sluggish. The International Energy Agency earlier this month reduced its 2012 forecast for global crude demand to 89.6 million barrels a day from 89.9 million a day.
"The jury is way out on whether demand is, you know, truly improving," Jefferies Bache LLC energy analyst Andrew Lebow said.
At the pump, the national average for gasoline fell less than a penny overnight to US$3.716 per gallon, according to AAA, Wright Express and the Oil Price Information Service. That's about a quarter more than a month ago and about 15 cents higher than a year ago.
In other trading, Brent crude, which is used to price international varieties of oil, rose 5 cents to US$114.69 per barrel in London.
Other futures prices on the New York Mercantile Exchange:
- Heating oil was unchanged at US$3.13 per gallon.
- Wholesale gasoline rose 2 cents to US$3.08 per gallon.
- Natural gas increased 2 cents to US$2.80 per gallon.
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