{"id":15625,"date":"2024-10-23T19:12:19","date_gmt":"2024-10-23T23:12:19","guid":{"rendered":"https:\/\/pflpetroleum.com\/reports\/?p=15625"},"modified":"2024-10-23T19:12:20","modified_gmt":"2024-10-23T23:12:20","slug":"petroleum-daily-report-10-23-2024","status":"publish","type":"post","link":"https:\/\/pflpetroleum.com\/reports\/petroleum-daily-report-10-23-2024\/","title":{"rendered":"Petroleum Daily Report 10-23-2024"},"content":{"rendered":"\n

Oil prices dropped on Wednesday due to higher-than-expected U.S. crude inventory builds, despite ongoing concerns about the Middle East conflict keeping prices elevated earlier in the week. Brent crude futures fell by $1.08, or 1.42%, settling at $74.96 per barrel, while U.S. West Texas Intermediate crude futures dropped by $1.32, or 1.83%, to $70.77 per barrel.<\/p>\n\n\n\n

The U.S. Energy Information Administration (EIA) reported a 5.5 million barrel increase in crude inventories, surpassing analysts’ expectations of a 270,000-barrel rise. This increase was attributed to a rebound in crude oil imports, particularly following disruptions caused by Hurricane Milton. Additionally, U.S. refinery activity picked up as facilities emerged from seasonal maintenance, contributing to builds in gasoline inventories, while distillates showed a minor draw. The dollar index’s rise also pressured oil prices, as a stronger U.S. dollar tends to reduce demand for dollar-denominated oil from buyers using other currencies. However, the ongoing conflict in the Middle East, especially uncertainty surrounding Israel’s potential response to Iranian missile attacks, kept the market wary of further disruptions to supply from the region.<\/p>\n\n\n\n

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