Oil as another big American bullshit bull market at Investing.com

© Reuters.

(Updates with settlement prices)

By Barani Krishna

Investing.com – Oil prices plunged for the first time in five sessions on Wednesday after the second major rally in the U.S. stock market showed that bulls were trying to show that the bulls were trying to show up.

The Energy Information Administration, which reported the figures, has raised its estimate of U.S. crude production for the second week in a row in the industry, which has produced more products for local drivers.

The U.S. crude price cap is $ 77.43 a barrel, or $ 1.9%. WTI dropped to $ 76.86 last Wednesday after hitting a seven-year high of $ 79.47. Despite the decline, US inflation was still about 60% a year.

London’s crude oil, the world’s largest oil producer, ended the meeting at $ 1.48 or 1.8% at $ 81.08. Brent rose Tuesday to $ 83.11, up 56% year-on-year.

According to the EEA, the weekly petroleum situation has increased by 2.35 million barrels over the previous week, up from September 24 to 4.58 million.

Over the past two weeks, investors have been on the mend as oil production returns to normal after a prolonged Ida hurricane in late August off the coast of Mexico in the United States.

Analysts surveyed by Investing.com were forecasting a total of 418,000 barrels of crude for the weekend.

Two weeks ago, Ida collapsed at a cost of 10 million barrels in three weeks, disrupting marine production off the Gulf of Mexico in the United States.

The hurricane first hit more than 90% of oil and gas production facilities in the Gulf before August 29. As of September 23, 16.2% of the Gulf’s production was inaccessible to refineries.

“The grief of Ida is over,” said John Kilduff, co-founder of the New York Fences Fund. Although we should note that there is no “normal” thing in this market anymore, we can see this consistent raw construction based on the regular harvest trends.

In addition to construction, he said, the EIA has increased its production from 11.1 million barrels per day to 11.3 million barrels per week to 11.3 million barrels per week.

It was the second straight week with significant adjustments to the agency’s raw materials, up from an estimated 500,000 barrels per day last week.

Filter usage is at 89.6%, which is not far from the normal 90% -92% this year.

Forecasts are not just speculations that are missed in predictions.

The EIA increased by 3.26 million barrels during the week up to October 1, with the construction of 400,000 barrels forecast. Motor fuel reserves increased by 3.48 million last week.

With diesel and the expected deficit of 750,000, 396,000 barrels fell last week.

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