{"id":3826,"date":"2022-01-06T09:01:18","date_gmt":"2022-01-06T13:01:18","guid":{"rendered":"https:\/\/energiesnet.com\/espanol\/?p=3826"},"modified":"2022-01-06T09:01:20","modified_gmt":"2022-01-06T13:01:20","slug":"myra-saefong-marketwatch-oil-settles-at-a-6-week-high-as-u-s-crude-supplies-fall-but-gasoline-stocks-surge","status":"publish","type":"post","link":"https:\/\/energiesnet.com\/espanol\/myra-saefong-marketwatch-oil-settles-at-a-6-week-high-as-u-s-crude-supplies-fall-but-gasoline-stocks-surge\/","title":{"rendered":"Myra Saefong\/MarketWatch -Oil settles at a 6-week high as U.S. crude supplies fall, but gasoline stocks surge"},"content":{"rendered":"\n
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Analysts says the supply changes are tied to end-of-the year tax moves<\/figcaption><\/figure>\n\n\n\n

By Myra Saefong and Williams Watts\/MarketWatch<\/p>\n\n\n\n

SAN FRANCISCO
EnergiesNety.com 01 05 2022<\/p>\n\n\n\n

Oil futures rose sharply on Wednesday, with the U.S. benchmark posting its highest finish since late November after government data revealed a sixth consecutive weekly decline in domestic crude supplies, along with a more than 10 million-barrel climb in gasoline inventories.<\/p>\n\n\n\n

\u201cThe draw in crude was a little less than expected, [but] we saw an eye-opening build in gasoline and a very large build\u201d at the Cushing, Okla., delivery hub, Tariq Zahir, managing member at Tyche Capital Advisors, told MarketWatch.<\/p>\n\n\n\n

\u201cAt this time of year, we usually see draws in crude and also builds in the product markets for tax consequence reasons,\u201d he explained. That tax is assessed based on the volume and price of crude-oil inventories, so oil companies look to shed these taxable assets from their books as the year\u2019s end approaches.<\/p>\n\n\n\n

The Energy Information Administration on Wednesday reported that U.S. crude inventories fell<\/a> by 2.1 million barrels for the week ended Dec. 31. That marked a sixth weekly decline in a row. On average, analysts had forecast a fall of 4.4 million barrels, according to a poll conducted by S&P Global Platts.<\/p>\n\n\n\n

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 6.4 million barrels<\/a> last week.<\/p>\n\n\n\n

The EIA, however, also reported weekly inventory increases of 10.1 million barrels for gasoline and 4.4 million barrels for distillates. The numbers were well above the average 1.9 million barrels each for the gasoline and distillate categories forecast by analysts polled by S&P Global Platts.<\/p>\n\n\n\n

Oil largely shrugged off the larger-than-expected builds in petroleum product supplies for the week ended Dec. 31 amid a \u201cgrowing market consensus that the latest wave of COVID and accompanying decline in demand will be short-lived\u201d and growing concerns over OPEC\u2019s ability to delivery on their production goals, said Troy Vincent, senior market analyst at DTN.<\/p>\n\n\n\n

West Texas Intermediate crude <\/strong>for February delivery\u00a0CL00,\u00a01.72%<\/a>\u00a0CLG22,\u00a01.73%<\/a>\u00a0rose 86 cents<\/span><\/strong>, or 1.1%, to settle at $77.85 <\/span><\/strong>a barrel on the New York Mercantile Exchange. Prices based on the front month ended off the day\u2019s high of $78.58, but still finished at the highest since Nov. 24, according to Dow Jones Market Data.<\/p>\n\n\n\n

March Brent crude\u00a0<\/strong>BRN00,\u00a01.47%<\/a>\u00a0BRNH22,\u00a01.47%<\/a>,\u00a0the global benchmark, added 80 cents<\/span>,<\/strong> or 1%, to $80.80<\/span><\/strong> a barrel \u2014 the highest settlement since Nov. 25.<\/p>\n\n\n\n

\u201cThe ongoing theme of subdued U.S. Gulf Coast imports due to ad valorem tax considerations\u2026carried through to the last week of the year, helping to draw down U.S. Gulf Coast inventories by 3.4 million barrels,\u201d said Matt Smith, lead oil analyst, Americas, at Kpler.<\/p>\n\n\n\n

The market, however, also saw \u201ca massive build to gasoline inventories, as implied demand tanked after the pre-holiday ramp up,\u201d he said in emailed comments.<\/p>\n\n\n\n

On Wednesday, February gasoline\u00a0RBG22,<\/a><\/strong>\u00a00.72%<\/a>\u00a0settled at $2.292<\/strong><\/span> a gallon, up 0.7%, while February heating oil\u00a0HOG22<\/a><\/strong>,\u00a01.18%<\/a>\u00a0rose 1.5% to $2.446 <\/strong><\/span>a gallon.<\/p>\n\n\n\n

Crude stocks at the Cushing, Okla., Nymex delivery hub edged up by 2.6 million barrels last week, the EIA reported, though total domestic petroleum production<\/a> was unchanged at 11.8 million barrels per day.<\/p>\n\n\n\n

Crude supplies in the U.S. Strategic Petroleum Reserve fell 1.3 million barrels for the week to 593.7 million barrels, according to EIA data.<\/p>\n\n\n\n

Crude prices had climbed on Tuesday<\/a> after the Organization of the Petroleum Exporting Countries and its allies \u2014 known together as OPEC+ \u2014 held to plans to boost output by 400,000 barrels a day in February.<\/p>\n\n\n\n

\u201cThe move from OPEC+ provides some comfort to the market as it signals that they are confident with the demand outlook in the coming months,\u201d said Warren Patterson, head of commodities strategy at ING, in a note.<\/p>\n\n\n\n

While oil has bounced back from the selloff sparked by the discovery of the omicron variant of the coronavirus that causes COVID-19 in late November, the market might not be out of the woods, he said. China put a second city \u2014 Yuzhou, with a population of 1.1 million \u2014 under lockdown<\/a> after discovering three asymptomatic cases of COVID-19, according to reports. The 13 million residents of Xi\u2019an have been under lockdown restrictions since Dec. 23.<\/p>\n\n\n\n

\u201cClearly, China continues to pursue its zero-COVID policy and if we were to see more widespread lockdowns domestically that would be a concern for oil demand,\u201d Patterson said.<\/p>\n\n\n\n

Meanwhile, from a seasonal standpoint, \u201cwe are in a low demand period coupled with new COVID restrictions being implemented [so] we feel crude could see some weakness in the days and weeks ahead,\u201d said Zahir.<\/p>\n\n\n\n

In other Nymex dealings, February natural gas\u00a0NGG22,\u00a0<\/a><\/strong>-1.49%<\/a>\u00a0settled at $3.882<\/span><\/strong> <\/span>per million British thermal units, up 4.4% after Tuesday\u2019s 2.6% decline.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

By Myra Saefong and Williams Watts from MarketWatch
marketwatch.com\u00a0<\/a>01 05 2022<\/p>\n","protected":false},"excerpt":{"rendered":"

By Myra Saefong and Williams Watts\/MarketWatch SAN FRANCISCOEnergiesNety.com 01 05 2022 Oil futures rose sharply on Wednesday, with the U.S. benchmark posting its highest finish since late November after government data revealed a sixth consecutive weekly decline in domestic crude supplies, along with a more than 10 million-barrel climb in gasoline inventories. \u201cThe draw in …<\/p>\n

Myra Saefong\/MarketWatch -Oil settles at a 6-week high as U.S. crude supplies fall, but gasoline stocks surge<\/span> Leer m\u00e1s »<\/a><\/p>\n","protected":false},"author":2,"featured_media":3796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[45],"tags":[],"class_list":["post-3826","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias-diarias"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t