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Oil Prices Rise Further On Large Crude Inventory Draw – OilPrice.com

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Oil Prices Rise Further On Large Crude Inventory Draw | OilPrice.com


Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Crude oil prices went up today on bullish news from the U.S. Energy Information Administration, which reported a 6.4-million-barrel draw in crude oil inventories and another draw in fuel inventories.

A week earlier, the EIA had estimated a modest 1.3-million-barrel decline in crude oil inventories but a sizeable draw in gasoline pushed prices higher, signaling that strong demand has not wavered amid the latest surge in Covid-19 infections.

For the week to September 10, the EIA reported another draw in gasoline inventories, at 1.9 million. This compared to a draw of 7.2 million barrels a week earlier.

Production of gasoline last week averaged 9.3 million bpd, which compared with 10.1 million bpd a week earlier.

Middle distillate inventories shed 1.7 million barrels in the week to September 10, which compared with a draw of 3.1 million barrels for the previous week.

Production of middle distillates averaged 4.2 million bpd last week, compared with 4.2 million bpd during the previous week.

A day before the EIA reported inventory moves, the American Petroleum Institute had estimated crude oil stocks had shed close to 4 million barrels, pushing prices higher. Since the start of the year, according to API numbers, U.S. crude oil stocks have declined by 70 million barrels.

Meanwhile, production is set to rise as the inventory of drilled but uncompleted wells in the U.S. shale patch declines. This, however, should not be a problem for prices since demand is strengthening, too.

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In its latest monthly oil report, the International Energy Agency forecast a 1.6-million-bpd rebound in global oil demand next month as the Delta variant of the coronavirus releases its grip on economies. It would then continue to grow through the rest of the year, the agency said, before beginning to slow down next year.

“The market should shift closer to balance starting from October if OPEC+ continues to unwind production cuts. Even so, it is only by early 2022 that supply will be high enough to allow oil stocks to be replenished,” the IEA said in its report.

This would provide stable support for prices over the next few months, and it is support that will be needed as U.S. shale drillers ramp up along with OPEC+ to offset depletion from legacy wells.

By Irina Slav for Oilprice.com

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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