U.S. crude oil rebounds as inventories fall, gasoline demand rises
U.S. crude stockpiles fell by 3.7 million barrels and gasoline inventories decline by 5.6 million barrels for the week ending July 19.
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An oil pump jack is shown in a field in Stanton, Texas, on June 27, 2024.
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U.S. crude oil futures rebounded more than 1% on Wednesday, breaking a three-day losing streak as stockpiles fell, gasoline demand rose and wildfires in Canada raise the risk of supply disruptions.
U.S. crude stockpiles fell by 3.7 million barrels and gasoline inventories decline by 5.6 million barrels for the week ending July 19, according to the Energy Information Administration. Gasoline supplied to the market, a proxy for demand, increased by 673,000 barrels per day.
Here are today's energy prices:
West Texas Intermediate September contract: $77.37 per barrel, up 41 cents, or 0.53%. Year to date, U.S. crude oil has gained 8%.Brent September contract: $81.29 per barrel, up 28 cents 71 cents, or 0.35%. Year to date, the global benchmark is ahead 5.57%.RBOB Gasoline August contract: $2.45 per gallon, up 3 cents, or 1.32%. Year to date, gasoline is up 16.3%.Natural Gas August contract: $2.14 per thousand cubic feet, down 3 cents, or 1.74%. Year to date, gas is down 14.5%.Meanwhile, wildfires continue to rage in Alberta. Though oil production in Canada remains solid, the worst of the wildfire season lies ahead and could pose a risk to supplies, according to a Goldman Sachs note Tuesday.
U.S. crude oil fell nearly 2% on Tuesday, the third consecutive day of losses, amid renewed hopes that Gaza cease-fire negotiations could de-escalate Middle East tensions, and as gasoline demand in the U.S. has largely disappointed so far this summer.
