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Oil Hits 6-Month High on Crude Inventory Draw
Oilprice.com ^ | 11-05-2016 | Charles

Posted on 05/11/2016 3:27:10 PM PDT by bananaman22

Crude oil futures rose 3.5 percent in mid-afternoon trading on Wednesday, following official data earlier in the day showing a 3.4-million drop in crude inventories and a fall in crude output to 8.8 million barrels per day, the lowest since the fourth quarter of 2014.

June deliveries of West Texas Intermediate (WTI) were up US$1.57, or 3.5 percent, settling at US$46.23 per barrel on the New York exchange.

This jump is higher than any closing price the commodity has seen since November of last year.

(Excerpt) Read more at oilprice.com ...


TOPICS: Business/Economy
KEYWORDS: demand; energy; etf; inventories; methane; oil; oilprice; opec; panic; peak; petroleum; supply; trading

1 posted on 05/11/2016 3:27:10 PM PDT by bananaman22
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To: bananaman22

Fire in Alberta oil sand region is probably having impact as well....

Many of the producers are hunkering down and taking precautions to keep fire out of their operations

Also many of the workers and family have left


2 posted on 05/11/2016 3:37:40 PM PDT by njslim
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To: bananaman22

More news here. Worldwide production has been falling to get closer to demand, so supply disruptions are noticed more.

http://oilprice.com/


3 posted on 05/11/2016 4:00:57 PM PDT by familyop ("Welcome to Costco. I love you." --Costco greeter in the movie, "Idiocracy")
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To: njslim

My tactical Diesel reserve is now set at ~20 weeks.


4 posted on 05/11/2016 4:03:37 PM PDT by Paladin2 (Live Free or Die.)
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To: bananaman22

Enough to put domestic fracking back on track? If so I’ll not complain too much.


5 posted on 05/11/2016 4:04:11 PM PDT by RegulatorCountry
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To: Paladin2

Are you using biocide?

Watch out for those microbials.


6 posted on 05/11/2016 4:06:14 PM PDT by nascarnation
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To: nascarnation

No issues to date over 10 years of supplying two turbo diesel vw’s with a reserve fuel supply of ~24 5 gal “cans”.


7 posted on 05/11/2016 4:25:55 PM PDT by Paladin2 (Live Free or Die.)
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To: Paladin2

Very good. Sounds like you’re highly experienced at the process.


8 posted on 05/11/2016 4:28:51 PM PDT by nascarnation
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To: RegulatorCountry

Which should keep price in check. OPEC has real competition now.


9 posted on 05/11/2016 4:30:16 PM PDT by AlmaKing
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To: njslim

About 1 million bpd was halted due to the fire, but Albian Sands has started producing today, though not up to their 225k bpd capacity. Syncrude (315k bpd capacity) is planning on restarting production shortly.

Cooler weather and winds are moving the fires to the scarcely populated East, so other facilities will be ramping up soon.


10 posted on 05/11/2016 4:54:58 PM PDT by A Formerly Proud Canadian (I once was blind but now I see...)
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