Crude Oil Plunges Almost 3% On Gasoline Surplus

Oil dips on rising US fuel stocks, but OPEC's supply cuts offer support

Oil dips on rising US fuel stocks, but OPEC's supply cuts offer support

Distillate inventories also saw a build this week, rising 4.259-million barrels, against a forecast of a 548,000-barrel build.

Analysts said a weak trend in global markets, where oil prices dropped, mainly led to fall in crude prices at futures trade here.

Futures erased Tuesday's gains in NY after the American Petroleum Institute was said to report gasoline stockpiles in the world's largest economy surged by 9.2 million barrels last week, Bloomberg said.

West Texas Intermediate for January delivery traded at $57.46 a barrel at 4:43 p.m. after settling at $57.62 a barrel on the New York Mercantile Exchange.

New Wildfire Hobbles Major LA Freeway, Threatens Famed Getty Center
The Skirball Fire is in mostly residential areas causing evacuation, and UCLA students were given the option to go to class. The Creek Fire has so far charred 11,000 acres and has no containment, Los Angeles County Fire Department officials said.

Brent crude futures were down $1.28 at $61.55 US a barrel approaching noon ET Wednesday, after reaching a session high of $62.93 USA, while US crude futures dropped $1.33, or 2.2%, to $56.33 U.S.

US crude inventories dropped by 5.48 million barrels last week, the API said Tuesday, according to people familiar with the data. Traders were looking for a draw of about 3.5 million barrels.

This week's unexpectedly large build in gasoline inventories is likely to put downward pressure on oil prices.

Despite this, some analysts said they expected refining margins to remain healthy into 2018.

Scanning the Quant Signals For Marathon Oil Corporation (NYSE:MRO)
The stock holds a Zacks Rank #3 (Hold), which indicates expectations of in-line performance from the company in the near term. The investor is now holding $29.15 million shares due in part to a decrease of 6.19 million new shares in their portfolio.

Current analyst estimates for the EIA data expect a drop of 3.404 million barrels in crude, a gain of 967,000 barrels for distillates and an increase of 1.741 million barrels in gasoline. The United States added six rigs, four natural gas-directed and two oil-directed to finish the week at 929 active units, as against 597 a year ago.

Domestic refineries operated at 93.8% of operable capacity last week, up from 92.6% a week earlier, the EIA data showed.

US output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015, the EIA said last week.

The Organization of the Petroleum Exporting Countries and its allies, including non-OPEC Russia, agreed last week to extend a deal to hold down crude output (http://www.marketwatch.com/story/heres-what-opecs-extended-oil-production-cuts-mean-for-the-market-2017-11-30) by almost 2% through the end of next year. He is now striking a remarkably upbeat tone (http://www.marketwatch.com/story/trader-who-predicted-oil-under-30-says-prices-could-rally-to-100-2017-12-06) on the commodity.

Samsung starts mass-producing first ever 512GB chips for mobile devices
Even though Samsung is most well known for its flagship phones, it has a massive component business as well. So as memory extremes increase on the high end we may see more phones with 256GBs of storage too.

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