empty
 
 

2020.08.2619:27:00UTC+00Crude Oil Futures Settle Flat

Crude oil futures ended roughly flat on Wednesday with traders weighing the likely impact of Hurricane Laura, and data showing another drop in U.S. crude inventories.

According to the data released by Energy Information Administration (EIA) this morning, U.S. crude inventories dropped by 4.7 million barrels in the week ended August 21, falling for a fifth straight week. That was slightly higher than an expected drop of about 4.5 million barrels.

The EIA data also showed gasoline inventories fell by 4.6 million barrels last week, while distillate stockpiles were up by 1.4 million barrels.

The American Petroleum Institute (API) reported on Tuesday a draw in crude oil inventories of 4.524 million barrels for the week ending August 21, while analysts had predicted an inventory draw of 3.694-million barrels.

West Texas Intermediate crude oil futures for October ended up 4 cents or less than 0.01% at $43.39 a barrel.

Brent crude futures edged down by 6 cents to $45.80 a barrel.

According to reports, Hurricane Laura is expected to make landfall along the Gulf Coast late Wednesday or early Thursday. Texas and Louisiana are sending resources in and evacuating residents out of the storm's path.

According to the U.S. Bureau of Safety and Environmental Enforcement (BSEE), approximately 84.3% of the current oil production and 60.9% of the natural gas production in the Gulf of Mexico were shut-in.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback