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Crude weakens on looser US supply-demand outlook: 9/13 PM

2017/09/13 17:21

 The October WTI crude oil futures contract in NYMEX ACCESS trade at 16:15 Tokyo time on Wednesday was at $48.16 per barrel (bbl), down 8cts from the price in morning hours while the November Brent contract in ICE After Hours Trading was at $54.08/bbl, down 9cts. Crude futures inched lower from morning trading. Market players expected weekly data by the US Energy Information Administration (EIA) due for release on Wednesday would show a 4.0 mil bbl buildup in US crude oil inventories from a week before, after similar statistics by the American Petroleum Institute (API) reported a hefty increase in crude oil stocks. Amid eased impacts from Hurricane ‘Harvey”, US refineries in the Gulf of Mexico resumed operations, but crude throughput at refineries failed to recover as fast as expected, so “market sentiment remained bearish,” Tatsufumi Okoshi, a senior economist at Nomura Securities said. Meanwhile, the Nikkei Stock Average advanced 89.20 points to 19,865.82, rising for a third straight session. The dollar traded at 110.03 to the yen.

 

 RECX-22 index for Wednesday was 94.76, up 0.76 points from the previous day amid increases all indices.

 

 

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