* Brent reaches highest since April 2019. * Refining utilization rose to 92.6%, highest since January 2020. By Laura Sanicola. Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand.
Front Month ICE Brent Crude for Aug. delivery gained 40 cents per barrel, or 0.54% to $74.39 today. --Up for five consecutive sessions. --Up $2.17 or 3.00% over the last five sessions.
Front Month Nymex Crude for July delivery gained three cents per barrel, or 0.04% to $72.15 today. --Up for two consecutive sessions. --Up $1.27 or 1.79% over the last two sessions.
Front Month Nymex Natural Gas for July delivery gained 1.10 cents per million British thermal units, or 0.34% to$ 3.2510 per million British thermal units today. --Up six of the past seven sessions. --Today's settlement value is the third highest this year.
Executives from the world's largest trading houses and mining companies are discussing market trends at the FT Commodities Global Summit this week. Following are highlights from Wednesday: WILLIAM REED II, CEO OF CASTLETON COMMODITIES INTERNATIONAL. "You're seeing a recovery from COVID ... These prices of $60-$70 are not that shocking.
U.S. inventories of crude oil fell much more than expected as refinery activity continued to accelerate, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices that were little changed before the mixed report came out turned higher afterward. The Nymex front-month crude contract for July delivery was recently up 0.5% at $72.46 a barrel.
Fujairah Oil Industry Zone on Wednesday published the
following weekly inventory data for oil products for the week ended June 14, according to
industry information service S&P Global Platts.
Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand. Crude inventories fell by 7.4 million barrels in the week to June 11, the U.S. Energy Information Administration said, as refining utilization rose to 92.6%, highest since January 2020, before the pandemic hit.
- Power and natural gas prices in Texas and California spiked this week to their highest levels in months as homes and businesses cranked up air conditioners to escape brutal heatwaves. The Electric Reliability Council of Texas, which operates most of the state's power system, urged consumers on Monday to conserve energy during peak hours through Friday.
U.S. crude-oil stockpiles are unanimously expected to decrease from the previous week in data due Wednesday from the Energy Department, according to a survey of analysts and traders by The Wall Street Journal. Estimates from 11 analysts and traders showed U.S. oil inventories are projected to have fallen by 2.9 million barrels in the week ended June 11, with forecasts ranging from declines of 500,000 barrels to 4.5 million barrels. The closely watched survey from the DOE's...
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