{"id":19129,"date":"2020-10-29T15:48:23","date_gmt":"2020-10-29T14:48:23","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=19129"},"modified":"2020-10-29T15:49:02","modified_gmt":"2020-10-29T14:49:02","slug":"oil-prices-plunge-5-as-demand-fears-intensify","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2020\/10\/29\/oil-prices-plunge-5-as-demand-fears-intensify\/","title":{"rendered":"Oil Prices Plunge 5% As Demand Fears Intensify"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"19129\" class=\"elementor elementor-19129\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-800f046 elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"800f046\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e2120dd\" data-id=\"4e2120dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-79ffcd9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79ffcd9a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-3e9097b4\" data-id=\"3e9097b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1ffdcdd6 elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"1ffdcdd6\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Oil Prices Plunge 5% As Demand Fears Intensify<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11e53b22 elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"11e53b22\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>29\/10\/2020<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28b354c0 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"28b354c0\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-20a3734f elementor-widget elementor-widget-text-editor\" data-id=\"20a3734f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><p>Oil prices plummeted early on Wednesday, with Brent falling below $40 a barrel, dragged down by estimates of a surge in U.S. inventories and the surge in coronavirus cases in the United States and Europe.<\/p><p>As of 9:44 a.m. EDT on Wednesday, before the EIA inventory report,\u00a0<a href=\"https:\/\/oilprice.com\/oil-price-charts\/45\">WTI Crude<\/a>\u00a0was down by 5.66 percent at $37.33, and\u00a0<a href=\"https:\/\/oilprice.com\/oil-price-charts\/46\">Brent Crude<\/a>\u00a0prices were dropping by 4.85 percent at $39.19, after the American Petroleum Institute (API) reported on Tuesday a\u00a0<a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Oil-Rally-Stalls-On-Larger-Than-Expected-Crude-Inventory-Build.html\">bigger build than expected<\/a>\u00a0in crude oil inventories of 4.577 million barrels for the week ending October 23.<\/p><p>The API also reported a surprise build in gasoline inventories of 2.252 million barrels for the week ending October 23\u2014compared to the previous week\u2019s 1.622-million-barrel draw. Analysts had expected a 2.0-million-barrel draw for the week.<\/p><div class=\"video_location\">\u00a0<\/div><p>If confirmed by the EIA later on Wednesday, another gasoline build could point to\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/US-Gasoline-Demand-Drops.html\">further weakening<\/a>\u00a0in U.S. gasoline demand. For the previous week, the EIA reported the largest gasoline draw since June, even as refineries cut utilization rates and gasoline production for the week to October 16.<\/p><p>The bearish signals drove down oil prices lower late on Tuesday and into Wednesday, even though oil producers in the Gulf of Mexico\u00a0<a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Gulf-Of-Mexico-Drillers-Shut-In-Production-As-Tropical-Storm-Zeta-Nears.html\">continued to shut in production<\/a>\u00a0ahead of Hurricane Zeta. As of late on Tuesday, as much as 49.45 percent of the oil production in the U.S. Gulf of Mexico was shut-in, according to\u00a0<a href=\"https:\/\/www.bsee.gov\/newsroom\/latest-news\/statements-and-releases\/press-releases\/bsee-monitors-gulf-of-mexico-oil-and-39\">data<\/a>\u00a0from the Bureau of Safety and Environmental Enforcement (BSEE).<\/p><p>The market continues to focus on the bearish signs\u2014rising U.S. inventories, increased oil supply from Libya, and a full-blown second COVID-19 wave in major developed economies threatening the economic and oil demand recovery.<\/p><p>\u201cFollowing earlier gains on hurricane Zeta worries, the pendulum swing back against oil late yesterday after the API said inventories rose by 4.6 million barrels last week, the dollar rose on European virus and BP saying the pace of the recovery in oil demand remains uncertain,\u201d John Hardy, Head of FX Strategy at Saxo Bank,\u00a0<a href=\"https:\/\/www.home.saxo\/content\/articles\/macro\/market-quick-take---oct-28-2020-28102020\">said<\/a>\u00a0early on Wednesday.<\/p><p>Source: <a href=\"https:\/\/oilprice.com\/\">OilPrice.Com<\/a><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7360b72d\" data-id=\"7360b72d\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c5bfd48 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"c5bfd48\" data-element_type=\"widget\" data-widget_type=\"theme-post-featured-image.default\">\n\t\t\t\t<div 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href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Oil prices plummeted early on Wednesday, with Brent falling below $40 a barrel, dragged down by estimates of a surge in U.S. inventories and the surge in coronavirus cases in the United States and Europe. As of 9:44 a.m. EDT on Wednesday, before the EIA inventory report,\u00a0WTI Crude\u00a0was down by 5.66 percent at $37.33, and\u00a0Brent [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":19130,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Oil Prices Plunge 5% As Demand Fears Intensify | StocExpo ","_seopress_titles_desc":"Oil Prices Plunge 5% As Demand Fears Intensify. Find out more exhibitor &amp; industry news story from the bulk liquid storage industry here with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-19129","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/19129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=19129"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/19129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/19130"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=19129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=19129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=19129"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=19129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}