Oil up over 3% as U.S. storage draws defy lower fuel demand
Investing.com - Oil prices jumped more than 3% Wednesday, with U.S. crude hitting a 10-month high above $94 a barrel, as traders responded to another weekly drop in crude stockpiles in the United States even as demand for fuels fell amid a seasonal decline in road travel., crude for delivery in November settled at $93.68 per barrel, up $3.29, or 3.7%, on the day. The session peak was $94.14, the highest the crude benchmark had gotten to since November.for December delivery settled at $94.
But data on Wednesday from the U.S. government showing crude stockpiles falling a second week in a row reignited the run-up in oil.fell by 2.169 million barrels during the week ended Sept. 22, according to the Weekly Petroleum Status Report of the U.S. Energy Information Administration, or EIA. Analysts tracked by Investing.com had expected a crude draw of 0.9M barrels instead for last week to add to the 2.135M drop in the prior week to Sept. 15.
Cushing inventories, already at their lowest since July 2022, are nearing historically low levels after refiners processed more than typical volumes of oil during the just-ended summer. Runaway exports of U.S. crude, particularly for a new grade called WTI Midland — which is comparable to the viscosity of the heavier Arab and Russian oils — have deepened the drain at Cushing. U.S. exports have made inroads into markets underserved by the declines in Saudi and Russian production.
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