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U.S. oil prices finish lower as traders reconsider demand prospects

Oil futures end mixed Wednesday, with Brent prices up slightly and U.S. prices shaking off early gains to finish lower. Traders reconsider the outlook for demand, despite U.S. data showing the biggest weekly drop in domestic crude supplies since January. 3:10 p.m. Today

U.S. oil futures shift lower to post a loss for the session

U.S. oil futures gave up earlier gains Wednesday to post a small loss for the session. Prices had been trading higher on expectations that an economic recovery in the U.S. and Europe would lead to higher demand for oil. A report from the Energy Information Administration also revealed a hefty weekly decline in U.S. crude inventories. However, prices eased back just ahead of the day's settlement. The "virus is a big wildcard" as India is going to take some time to recover, said Tariq Zahir, managing member at Tyche Capital Advisors. Also, the members of Organization of the Petroleum Exporting Countries are starting to add oil to the market, which could "take some steam out of the energy markets in the months ahead." June West Texas Intermediate crude edged down by 6 cents, or nearly 0.1%, to settle at $65.63 a barrel on the New York Mercantile Exchange after trading as high as $66.76. 2:37 p.m. Today

Gold prices end higher as Yellen clarifies recent comments on interest rates

Gold futures ended higher on Wednesday to recoup only part of what they lost a day earlier as U.S. Treasury Secretary Janet Yellen clarified recent remarks and said she was neither predicting nor recommending that the Federal Reserve raise interest rates to keep the economy from overheating. The $1,800 mark for gold is a "very strong resistance level" and further comments from Yellen "clarifying that she was not predicting anything in particular did nothing to help gold break through," said David Russell, director of marketing at GoldCore. June gold rose $8.30, or 0.5%, to settle at $1,784.30 an ounce. 1:45 p.m. Today

Commodities Headlines

Oil futures remain higher as EIA reports an 8 million-barrel weekly drop in U.S. crude supplies

The Energy Information Administration reported Wednesday that U.S. crude inventories fell by 8 million barrels for the week ended April 30. On average, analysts polled by S&P Global Platts forecast a decline of 3.9 million barrels for crude stocks, while the American Petroleum Institute on Tuesday reported a 7.7 million-barrel drop, according to sources. The EIA data also showed crude stocks at the Cushing, Okla., storage hub rose by 200,000 barrels for the week. The EIA reported that gasoline supply inched higher by 700,000 barrels, while distillate stockpiles declined by 2.9 million barrels for the week. The S&P Global Platts survey had expected weekly supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. Oil prices remained higher after the supply data, with June West Texas Intermediate crude up 74 cents, or 1.1%, at $66.43 a barrel on the New York Mercantile Exchange. Prices were trading at $66.48 before the supply data.

10:38 a.m. Today
Vestas backs guidance despite 1Q loss

Vestas Wind Systems AS on Wednesday posted an unexpected first-quarter net loss but backed full-year guidance as it pledged to make up lost ground later this year. The Danish wind-turbine maker posted a net loss of 61 million euros ($73.3 million) from a loss of EUR75 million a year earlier, missing an analyst consensus of a EUR9 million profit, according to a FactSet poll.

3:17 a.m. Today
Aker Solutions backs view after surprise profit

Aker Solutions ASA on Wednesday backed its full-year guidance after swinging to an unexpected first-quarter net profit. The energy industry service provider reported a net profit of 27 million Norwegian kroner ($3.2 million), compared with a loss of NOK857 million a year earlier. Revenue fell 25% to NOK6.47 billion.

2:00 a.m. Today
Siemens Energy swings to profit

Siemens Energy AG said Wednesday that it swung to a profit in the second quarter and narrowed its range of expected revenue growth for the full year due to improved visibility. The German energy company reported a quarterly net profit of 31 million euros ($37.2 million), compared with a loss of EUR142 million in the previous-year period.

1:36 a.m. Today
Oil futures rise as sources say API data show weekly U.S. crude supplies down 7.7 million barrels

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.7 million barrels for the week ended April 30, according to sources. The data also reportedly showed gasoline stockpiles down by 5.3 million barrels, while distillate inventories declined by nearly 3.5 million barrels. Crude stocks at the Cushing, Okla., storage hub, meanwhile, edged up by 548,000 barrels for the week, sources said. Inventory data from the Energy Information Administration will be released Wednesday. On average, the EIA is expected to show crude inventories down by 3.9 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates. June West Texas Intermediate crude was at $66.14 barrel in electronic trading, compared with Tuesday’s settlement at $65.69 on the New York Mercantile Exchange.

4:44 p.m. May 4, 2021
Oil up a second day on bets for higher demand as U.S., Europe ease COVID restrictions

Oil prices post a gain for a second session on Tuesday, as investors focus on the lifting of COVID-related restrictions in the U.S. and Europe.

3:03 p.m. May 4, 2021
Oil futures post a second gain on bets for higher demand

Oil futures posted a second gain on Tuesday, with traders betting that fuel demand will strengthen in the U.S. and Europe, as the market heads into the summer travel season. "From here on out the thing to watch will be air travel," said James Williams, energy economist at WTRG Economics. "Domestic and international air travel will continue to improve despite the difficulties in India," he said. Given the "lifting of so many restrictions in the U.S. and the pent up demand for vacations, we should see a strong uptick in U.S. gasoline consumption this summer." June West Texas Intermediate crude rose $1.20, or 1.9%, to settle at $65.69 a barrel on the New York Mercantile Exchange.

2:37 p.m. May 4, 2021
Palladium touches an all-time record high above $3,000 an ounce

Palladium futures touched their highest levels on record Tuesday, as strength in U.S. vehicles sales bode well for the metal used in catalytic converters, which reduce emissions from gasoline-powered engines.

2:03 p.m. May 4, 2021

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