Oil Hovers Near Two-Week High Amid Mounting Pressures
02.16.2024 By Tank Terminals - NEWS

February 16, 2024 [Economies]- Global oil prices rose in European trade on Wednesday, maintaining gains for the eighth session in a row and approaching two-week highs, while still under pressure from higher US inventory buildup according to American Petroleum Institute data.


Now traders await official inventory data later today from the EIA, expected to show another buildup.

Prices are also pressured by a dollar’s rally against major rivals, making dollar-denominated commodities costlier to holders of other currencies.

Global Prices Today

US crude rose 0.6% to $78.13 a barrel, while Brent added 0.7% to $83.12 a barrel, with a session-low at $82.35.

US crude rallied 1.15% on Tuesday, marking the seventh profit in a row, and scaling two-week highs at $78.44, as Brent rose 0.75% to $83.20, a January 29 high.

Opec Forecasts

OPEC released its monthly report today, maintaining its forecasts for global oil demand growth in 2024 at 2.25 million bpd, hitting a potential total of 104.40 million bpd.

 US Inventories

Initial data from the American Petroleum Institute showed commercial crude stocks surged 8.5 million barrels in the week ending February 9, the second weekly increase in a row, passing estimates of 3.3 million barrels.

Thus total stocks rose to 442.1 million barrels, the highest since the week ending January 12, a negative sign for demand in the US.

Now investors await official data later today from the EIA, still expected to show a buildup of 3.3 million barrels.

The Dollar

The dollar index rose 0.1% on Wednesday, extending gains for the third straight session and hitting three-month highs at 104.98 against a basket of major rivals.

The gains came after strong US consumer prices, which beat expectations for January and showed persistent inflationary pressures on Fed policymakers.

Such data reduced the odds of a US interest rate cut in March to just 9%, while the odds of such a cut in May tumbled to just 37%.


Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Oman Signs 10-Year LNG Supply Deal with Shell
04.17.2024 - NEWS
April 17, 2024 [Microsoft Start]- Oman LNG has signed a 10-year liquefied natural gas supply agre... Read More
Neuman & Esser to Build Green Hydrogen Plant in Chile
04.17.2024 - NEWS
April 17, 2024 [Gas Compression Magazine]- Neuman & Esser was awarded a contract from Empresa... Read More
Engie Buys Two Dutch Biogas Sites, Hunts for More
04.17.2024 - NEWS
April 17, 2024 [Reuters]- French energy company Engie (ENGIE.PA), opens new tab has acquired tw... Read More
Shell Named NanoVapor as Best Technology to Make a Tank Safe
04.17.2024 - NEWS
April 17, 2024 [Storage Terminals Magazine]- Shell Retail Engineering Network has recently implem... Read More