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US crude inventories fall over 4 million barrels

Economies.com
2020-09-16 14:45PM UTC

The US Energy Information Administration (EIA) showed today that the US crude inventories fell 4.4 million barrels to reach a total of 496 million barrels during the past week, missing analysts' forecasts of a drop by 1.8 million barrels.

 

The gasoline stockpiles fell 400,000 barrels to a total of 231.5 million, and distillate stockpiles rose 3.5 million barrels to a total of 179.3 million.

 

While the American Petroleum Institute (API) showed yesterday in preliminary data that inventories fell around 9.5 million barrels during same period.

Palladium rises as dollar slips ahead of Fed rate decision

Economies.com
2020-09-16 14:04PM UTC

Palladium prices rose on Wednesday, as the US dollar slipped against its major peers, amid anticipation for the Federal Reserve’s decision later today.

 

The US Federal Reserve will announce its rate decision later today, which is widely expected to keep the rate near zero unchanged.

 

Otherwise, the World Trade Organization stated that the US tariffs imposed on Chinese goods violate global regulations and are not justified.

 

US President Donald Trump criticized the decision, and said that he would discuss with his team a response to the ruling in favor of China.

 

The dollar index fell against a basket of currencies by 0.1% to 92.9 points as of 14:51 GMT, after hitting a high of 93.1 and a low of 92.7.

 

Palladium December futures rose 0.2% to $2,149.3 an ounce as of 14:52 GMT, after hitting a high of $2,438 and a low of $2,377.7.

US stocks rise ahead of Federal Reserve's decision

Economies.com
2020-09-16 14:17PM UTC

US indices opened higher on Wednesday, amid anticipation for the Federal Reserve's interest decision, and after the release of positive economic data.

 

The US retail sales index rose 0.6% in August, its third straight monthly increase, but came lower than forecasts of 1.1%, vs. 0.9% in July.

 

The US Federal Reserve will announce its rate decision later today, which is widely expected to keep the rate near zero within its efforts to support the economy in the fight against the coronavirus crisis.

 

Fed Chairman Jerome Powell will hold a press conference following the decision to comment on monetary policy and the latest economic developments.

 

As for stocks, Dow Jones rose 0.4% or 105 points to 28,100 as of 14:15 GMT, Nasdaq rose 0.2% or 29 points to 11,219 , and S&P 500 rose 0.3% or 30 points to 3,413.

US crude climbs more than 2% ahead of EIA weekly report

Economies.com
2020-09-16 12:42PM UTC

The US crude continued to rise as the US market opened on Wednesday, rising more than 2%, to extend gains for the second straight day and hit a 1-week high, after the American Petroleum Institute showed in preliminary data a sharp decline in the crude inventories, and ahead of the Energy Information Administration's weekly report.

 

US crude (WTI) rose 2.6% to $39.39 a barrel, after opening at $38.39, and hit a session-low of $38.38. 

 

US crude gained 2.9% yesterday, after strong data on China's industrial production. 

 

The American Petroleum Institute (API) revealed yesterday in preliminary data that the US crude inventories fell by about 9.4 million barrels in the week ending September 11, the seventh weekly drop in the last 2 months, beating expectations of a rise by 1.6 million barrels.

 

The total inventories fell to 496.6 million barrels, the lowest level since the week ending April 10, which is a positive sign on demand and consumption levels in the US.

 

While the US Energy Information Administration (EIA) will release today the official data on inventories and production levels in its weekly report, with forecasts for inventories to rise 2.1 million barrels.

 

As for the US production, it fell 300,000 barrels during the past week, to a total of 10.0 million barrels per day, with production resuming after a wave of hurricanes and storms hit the Gulf of Mexico and led to the suspension of 1.1 million bpd.