• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Energy Market
    Energy News
    Energy Stocks
    • Energy Market
    • Energy News
    • Energy Stocks
    oil and gas investing

    Fresh US Data Pushes Oil Prices to One-month Low

    Nicole Rashotte
    Feb. 07, 2018 02:15PM PST
    Energy Investing
    Oil and Gas Investing

    New data shows that US crude stockpiles increased by 1.9 million barrels last week, contradicting an earlier report that said inventories had dropped.

    US West Texas Intermediate crude fell below $62 a barrel on Wednesday (February 7), putting it on pace for its worst weekly performance since May 2017.

    Meanwhile, Brent crude futures were down 2.4 percent, at $65.29 a barrel, marking the first time since December 2017 that they have fallen below $66. Prices are down 4.8 percent for the week.

    The oil price drop occurred after the release of new data showing that US crude stockpiles increased by 1.9 million barrels last week. That contradicts an earlier report suggesting inventories had dropped.

    Industry experts are calling the report bearish. John Kilduff, a partner at Again Capital, told Reuters, “[t]he report was squarely bearish with the across-the-board inventory rise. The ability of crude oil inventories to rise in the face of a snap back higher in refinery utilization was particularly bearish.” 

    The increase in supply was largely due to a build up of stockpiles in the Gulf Coast refining hub, where refiners are winding down operations for seasonal maintenance.

    Also affecting oil prices was the shutdown of the the Forties pipeline, Britain’s most important oil and gas pipeline. On Wednesday, automated safety systems shut down the 450,000-barrel-per-day system due to an undisclosed issue. That was the second time in two months that the system had shut down.

    After the announcement, a spokesperson for Ineos, which operates the pipeline, stated, “[w]e have now identified the issue that caused this and are hoping to resolve it this evening. We then plan to start-up again overnight.”

    It is worth noting that preliminary figures from the US Energy Information Administration show that US production hit 10.25 million barrels a day last week. Surging US production continues to threaten OPEC’s efforts to reduce the supply glut in the market.

    Don’t forget to follow us @INN_Resource for real-time news updates!

    Securities Disclosure: I, Nicole Rashotte, hold no direct investment interest in any company mentioned in this article.

    oil and gas pipelineoil and gas investing
    The Conversation (0)

    Go Deeper

    AI Powered

    Oil Falls to Five-Week Low on Concern U.S. Economy Is Slowing

    Crude Prices Sag

    Latest News

    Alvopetro Announces September 2025 Sales Volumes, Quarterly Natural Gas Price Update, Non-Core Disposition and Western Canadian Expansion

    Angkor Resources Completes First Onshore Seismic Program in Cambodia; Vanderbilt Report Publishes Coverage

    CHARBONE Hydrogene securise les actifs de production d'hydrogene d'Harnois Energies pour accelerer la production d'hydrogene propre a ultra haute purete a Sorel-Tracy

    CHARBONE Hydrogen Secures Harnois Energies' Hydrogen Assets to Accelerate Clean Ultra High Purity Hydrogen Production at Sorel-Tracy

    AEG Confirms Pre-Sale of 35% of Initial 8 MW UAE Capacity with Strong Revenue Outlook and Clear Expansion Path

    More News

    Outlook Reports world

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Energy Investing Stocks

    Charbone Hydrogen

    CH:CC

    Alvopetro Energy

    ALV:CC

    Coelacanth Energy

    CEI:CC

    Jupiter Energy

    JPR:AU

    First Helium

    HELI:CA

    Source Rock Royalties

    SRR:CC
    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES