U.S. oil stockpiles grow 4.6 million barrels

Oil prices waver amid refinery work

The increase was the first in four weeks.Hedge funds and other money managers cut their bullish bets on U.S. crude futures and options in the week to September 12, the U.S. Commodity Futures Trading Commission reported on Friday. That's less than half the projected 3.9 million-barrel increase the government is forecast to report Wednesday.

Futures jumped 1.9 per cent in NY.

The pace at which refiners processed crude rose by the most since 2008, yet distillate supplies slid by 5.69 million barrels and gasoline stockpiles fell by 2.13 million barrels. Analysts at Panmure Gordon shared that the prices are now increasing since the last weeks as forecasts stated of increased demands from both the IEA and OPEC along with anticipated high demands from the U.S.as the oil refineries will resume their operations after Hurricane Harvey. Earlier this week, Iraqi Oil Minister Jabbar al-Luaibi said he and ministers from other oil-producing nations think production should be reduced by an additional one per cent.

Prices were supported after the American Petroleum Institute said on Tuesday that US crude stocks rose last week, while gasoline and distillate stocks decreased. At the same time, the Organization of Petroleum Exporting Countries and its allies are said to be discussing extending by more than three months the output cuts that expire in March.

Both reports are expected to show a build in USA crude inventories as imports resume and refineries were still restarting after a recent shutdown in the Texas Gulf Coast region due to Hurricane Harvey.




Brent for November settlement advanced $1.03 to $56.17 a barrel on the London-based ICE Futures Europe exchange. Prices lost 34 cents to $55.14 on Tuesday.

Global crude oil prices slipped slightly Monday but stayed close to multimonth highs as traders braced for a potential stockpile build, expected later this week.

U.S. crude oil stockpiles jumped last week as imports and production increased, the U.S. Energy Information Administration said, as operations resumed from the impact of Hurricane Harvey which hit the Gulf Coast on August 25.

Gasoline inventories fell by 2.1 million barrels and distillate fuels, which include diesel and heating oil, dropped by 5.7 million barrels.

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