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Oil and refined product futures fell sharply after the latest U.S. Energy Information Administration (EIA) storage report signaled higher inventories. Diesel, crude, gasoline, and Brent contracts all extended losses, reflecting investor concerns over demand trends and supply balances. The downturn underscores heightened volatility across global energy markets.
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Energy futures faced renewed pressure on Thursday as traders reacted to the EIA’s weekly storage data, which showed inventory builds across key petroleum products. The report triggered broad declines in crude and refined product contracts, highlighting persistent concerns about demand recovery and global supply dynamics.
Key Highlights
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U.S. diesel futures dropped 2.2 percent, extending their recent slide as inventory levels rose.
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Brent crude futures fell 1.9 percent, reflecting global market unease over supply-demand imbalances.
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U.S. crude futures declined 2.1 percent, pressured by higher stockpiles and weaker consumption signals.
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Gasoline futures also slipped 2.1 percent, underscoring challenges in the transportation fuel segment.
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Market analysts noted that the inventory builds suggest slower demand growth, while ample supply continues to weigh on prices. The declines across multiple contracts point to a synchronized downturn, with traders reassessing near-term energy demand outlooks amid broader economic uncertainties.
Sources: Reuters, U.S. Energy Information Administration (EIA)
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