Miércoles, 23 Agosto, 2017

Oil sits near half-year lows as global supply overhand weighs

Malita Javier | 19 Junio, 2017, 16:19

USA crude oil inventories fell last week, but an unexpected build in gasoline stocks and weak demand for the motor fuel offset market optimism over the crude drawdown, the Energy Information Administration said on Wednesday.

Between 2012 and the middle of 2014, the organisation's members complacently enjoyed high prices but ceded market share to the US shale sector and other non-OPEC producers including deepwater projects.

As such, OPEC said, in its monthly report, "Although oil prices rebounded from five-month lows in (mid-May), following positive USA jobs data and assurances by Saudi Arabia that Russian Federation is ready to join OPEC in extending production adjustments to reduce a persistent supply glut".

OPEC now expects USA production to increase by 800,000 bpd in 2017.

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U.S. West Texas Intermediate (WTI) crude futures were at $44.56 per barrel, up 10 cents, or 0.2 percent. WTI has dropped 18 percent since its closing high of $54.45 in late February.

After rising for three consecutive days, Brent futures were down US$1.81, or 3.7 per cent, at US$46.91 by 12:44pm EDT (1644 GMT). China also said crude oil production fell 3.7% in May from a year earlier to 16.26 million metric tons, or 3.83 million barrels per day (bpd), the lowest daily level on record.

In the report, OPEC pointed to continued high compliance by its members with the supply deal and said oil stocks in industrialised nations fell in April - although they are still 251 million barrels above the five-year average.

But adherence to the cuts is under scrutiny. Sentiment, however, turned negative later during the session, following OPEC's monthly report showing that output from the group rose by 336,000 barrels a day in May to 32.14 million barrels per day (bdp).

Reported Ronaldo link with Bayern is hoax of the day - club
But sometimes a duck flies by. "That is why at this point we would like to pay tribute to the "duck of the day" and thus help to ensure that our fans are properly informed".

Should the recovery in Nigeria and Libya prove sustainable and others not cut more, the market could remain in surplus. The International Energy Agency is predicting an even larger increase.

Looking at anticipated growth in global oil demand this year, OPEC reiterated its forecast of 1.27 million barrels per day (bpd). For drivers, this may mean more oil hauling opportunities in the future, or other heavy-duty market driving positions to become available over the course of the next few months.

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Lockheed close to massive fighter jet deal with 11 nations
The F-35 has been widely criticized for being too expensive, including by U.S. One version of the next generation stealth fighter is able to hover.

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