Crude inventories rose 9.5-million barrels – Chesapeake Energy Corporation (NYSE:CHK), Exxon Mobil Corporation (NYSE:XOM) , Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR), Whiting Petroleum Corp (NYSE:WLL)
Chesapeake Energy Corporation (NYSE:CHK) fell -1.11% and to closed at $6.25 on Thursday Real Time (10:38AM EST). Wall Street were set to dip slightly at the open on Thursday as investors looked for fresh catalysts to keep up Wall Street’s record-setting run as the outlook for the economy brightened.
Dow e-minis were down 40 points, or 0.19 percent at 8:27 a.m. ET, with 20,531 contracts changing hands.
S&P 500 e-minis were down 5.5 points, or 0.23 percent, with 123,701 contracts traded.
Nasdaq 100 e-minis were down 4.5 points, or 0.08 percent, on volume of 19,915 contracts.
Exxon Mobil Corporation (NYSE:XOM) fell -0.18% and to closed at $83.01 on Thursday Real Time (10:42AM EST).
Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR) incline 0.46% and to closed at $11.02 on Thursday Real Time (10:43AM EST).
Whiting Petroleum Corp (NYSE:WLL) incline 0.09% and to closed at $11.30 on Thursday Real Time (10:44AM EST).
On Thursday (16-02-2017) Oil prices steadied as record crude and gasoline inventories in the US dragged on prices, though oil cartel Opec supply cuts helped support the market. Brent crude was up 15c at $55.90 a barrel by 09.20am GMT. US light crude inclined 10c to $53.21.
Opec and other exporters have agreed to cut output by almost 1.8-million barrels per day (bpd) during the first half of 2017, with industry data showing that most producers are sticking to the deal. Despite this, inventories remain bloated and supplies high, especially in the US.
Crude inventories rose 9.5-million barrels in the week to February 10, nearly three times more than analyst expectations, boosting commercial stocks to a record 518-million barrels. Gasoline stocks rose by 2.8-million barrels, compared with a forecast of a 752,000 barrel drop in a Reuters poll of analysts. That pushed gasoline inventories to a record at 259-million barrels. The bloated stocks come as US crude oil production has risen 6.5% since mid-2016 to 8.98-million bpd. Business Day