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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 rose higher today after the Energy Information Administration reported an inventory draw of 6.9 million barrels for the week to July 2.

This compared with a draw of 6.7 million barrels for the previous week.

Analysts had expected the EIA to report a 3.925-million-barrel draw in crude oil inventories for the week.

Whatever the EIA estimates, they are unlikely to move prices very much this week or for very long, not with OPEC+ canceling its last meeting without making a decision about future production, prompting abundant speculation that this may be the end of the cartel.

While OPEC discusses its next moves, U.S. oil producers are keeping a lid on output despite rising prices. EIA estimated average daily production for the last full week of June at 11.1 million bpd, unchanged from the previous week and only 100,000 bpd higher than a year ago, at the height of the crisis caused by the pandemic.

This week’s full report, when it comes out later today, is unlikely to reveal any major upward changes either.

Meanwhile, the authority estimated a 6.1-million-barrel draw in gasoline stocks over the week to July 2, with production averaging 10.6 million bpd. This compared with a stock build of 1.5 million barrels for the previous week, and production of 9.6 million bpd.

In middle distillates, the EIA reported an inventory increase of 1.6 million barrels, which compared with a draw of 900,000 barrels for the previous week. Production last week averaged 5 million bpd, virtually flat on the week.

The increased uncertainty around OPEC+ caused oil prices to fall today. At the time of writing, Brent crude was trading at $73.08 per barrel, with West Texas Intermediate at $71.70 per barrel, after earlier this week the news of the OPEC discord pushed benchmarks higher. That spike only lasted briefly before traders retreated to wait for what OPEC would do next.

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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