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Crude Tumbles as Record U.S. Output Stokes Oversupply Anxieties [Investor's Business Daily]

CME GROUP (CME)  More Company Research Source: Investors Business Daily
Last cme group earnings: 4/26 07:00 am Check Earnings Report
US:NASDAQ Investor Relations: investor.cmegroup.com
PDF Futures Oil posted the biggest loss in two months Wednesday as record crude production from U.S. fields reignited worries that supplies will swamp demand. Futures slid 2.5% in New York. Crude output from American wells jumped to 10.25 million barrels a day last week, vaulting the U.S. into the elite of world producers alongside Saudi Arabia and Russia. With production set to climb even higher later this year, the Saudi- and Russia-led alliance of other major suppliers will come under renewed pressure to reconsider self-imposed output caps aimed at eroding a glut. "Production was up fairly strong," Nick Holmes, an analyst at Tortoise Capital Advisors LLC in Leawood, Kansas, which manages $16 billion in energy-related assets, said by telephone. "There's still some trepidation on the supply side and will U.S. shale growth overwhelm the strong demand that we expect this year?" The U.S. Energy Information Administration's weekly tally of domestic output shows the country is probably alread [Read more]

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