Domingo, 24 Setiembre, 2017

After oil drop, some OPEC delegates question if supply cut deal enough

After oil drop, some OPEC delegates question if supply cut deal enough After oil drop, some OPEC delegates question if supply cut deal enough
Malita Javier | 10 Junio, 2017, 07:28

Oil prices pared losses on Thursday, having hit one-month lows earlier in the day after unexpected surge in USA inventories and the return of more Nigerian crude aggravated investor concerns about an already oversupplied market.

Still, prices saw "a bit of buying interest [Friday] as we retest the early-May lows, but WTI could test the $43 support level before we see a significant reversal", said Troy Vincent, oil analyst at ClipperData. US crude CLc1 futures rose 19 cents to $45.83 a barrel.

Brent crude was at $47.75 per barrel at 0647 GMT, down 11 cents from its last close. In Nigeria, Shell lifted its force majeure on Forcados crude this week with the reopening of a major export pipeline from the fields that had been shut since a militant attack in February 2016.

Anti-Shariah Rallies This Weekend Worry Muslim Leaders
Below is a statement from the CNY Solidarity Coalition regarding ACT for America's " March Against Sharia " on Saturday. Efforts to contact ACT for America organizers were not successful.

Rebel activity and government mismanagement have frequently interrupted crude production in Nigeria, generally Africa's largest oil exporter. US crude was 39 cents higher at $46.04 a barrel.

"The fact that USA oil production has risen almost [600,000 barrels a day] so far in 2017 remains a substantial underlying headwind on prices, as the output gains are offsetting roughly half of OPEC's pledged cuts" for members of 1.2 million barrels, said Tyler Richey, co-editor for the Sevens Report.

The number of rigs drilling for oil in the USA rose by eight in the past week to 741, according to Baker Hughes Inc.

Mets to bring back Cespedes for Saturday's doubleheader
Reyes said. "I didn't even know in spring training what my role was going to be, so I will be ready when the opportunity comes". Now that Cespedes is coming back, manager Terry Collins will have to decide how to dole out outfield playing time.

USA crude oil active futures fell 5.1% on June 7, 2017, after the EIA (U.S. Energy Information Administration) reported an unexpected build of 3.3 MMbbls (million barrels) in crude oil and total motor gasoline inventories for the week ending June 2.

"The drop (in gasoline demand) a week after Memorial Day demoralized the market", said McGillian, referring to the late-May U.S. holiday weekend which marks the beginning of driving season.

If nothing else, the spat between Arab states and Qatar, which caused market declines at the beginning of this week, is seeming to have little effect on commerce or on traders: Reuters reported that exports of Qatari crude are continuing unhindered despite a port ban; however, a re-imposition of the ban by the Abu Dhabi Petroleum Ports Authority may soon cause consternation in some circles.

After Comey's testimony, where does Congress go next?
The firing came, Comey said, after he was pushed to drop the probe into former National Security Adviser Michael Flynn . Both the conversation between Trump and Comey about Flynn and the firing itself were obstructive acts, she said.

Shipping data in Thomson Reuters Eikon shows at least 25 supertankers are now sitting in the Strait of Malacca and the Singapore Strait, holding unsold fuel.

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