{"id":69692,"date":"2015-03-17T16:24:59","date_gmt":"2015-03-17T20:24:59","guid":{"rendered":"http:\/\/countingpips.com\/?p=69692"},"modified":"2015-03-17T17:18:35","modified_gmt":"2015-03-17T21:18:35","slug":"global-supply-glut-weighs-on-crude-wti-at-6-year-low","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/global-supply-glut-weighs-on-crude-wti-at-6-year-low\/","title":{"rendered":"Global Supply Glut Weighs On Crude, WTI At 6-Year Low"},"content":{"rendered":"<div id=\"inves-4112013827\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 17, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <a href=\"http:\/\/fxtimes.com\" target=\"_blank\">fxtimes.com<\/a><\/strong><\/p>\n<p><strong>Highlights:<\/strong><\/p>\n<ul>\n<li>WTI crude tumbles to fresh six-year low as investors brace for a new record buildup in US crude inventories.<\/li>\n<li>Brent crude also under pressure, declining 2.25% to $53.44 a barrel.<\/li>\n<li>Analysts forecast US crude inventories rose last week to above 452 million barrels, the highest level in at least 80 years.<\/li>\n<\/ul>\n<p>US crude prices tumbled below $43 a barrel on Tuesday, a new six-year low, as investors braced for another record buildup in US crude inventories.<\/p>\n<p>West Texas Intermediate (WTI) crude for April delivery consolidated at $43.14 a barrel in afternoon trade, down 1.6 percent on the day. That was the lowest level since March 2009.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-161.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-199294\" src=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-161.png\" alt=\"Screenshot (161)\" width=\"744\" height=\"488\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>WTI\u2019s discount to Brent crude widened to around $10 a barrel, although the global benchmark was also under pressure. Brent futures tumbled 2.25 percent to $53.44 a barrel.<\/p>\n<p>Concerns about record buildup in US crude supplies continued to weigh on the markets on Tuesday. Analysts are forecasting a tenth consecutive week of record buildup in US crude supplies. Stockpiles last week are forecast to have exceeded 452 million barrels, the highest level in at least 80 years.<\/p><div id=\"inves-3789087250\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>The US Energy Information Administration will release official stockpile data on Wednesday.<\/p>\n<p>Further declines in crude prices have been forecast by industry groups and major banks. Crude prices had rebounded by around a third in January and February after a seven-month rout resulted in a record selloff of the commodity.<\/p>\n<p>Overall, crude prices fell 9 percent last week, a sign the commodity has yet to find its bottom amid geopolitical uncertainties, record US shale production and a resurgent dollar.<\/p>\n<p><strong>By <a href=\"http:\/\/fxtimes.com\" target=\"_blank\">fxtimes.com<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By fxtimes.com Highlights: WTI crude tumbles to fresh six-year low as investors brace for a new record buildup in US crude inventories. Brent crude also under pressure, declining 2.25% to $53.44 a barrel. Analysts forecast US crude inventories rose last week to above 452 million barrels, the highest level in at least 80 years. US [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-69692","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=69692"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69692\/revisions"}],"predecessor-version":[{"id":69698,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69692\/revisions\/69698"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=69692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=69692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=69692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}