USA oil inventories decreased in week ending May 25
USA oil inventories decreased in week ending May 25
Rapid oil price increases have an uncanny knack for predicting peaks in the U.S. business cycle
04 June, 2018, 10:00
"You had the API showing a strong build in crude oil and nothing fantastic on the products", says Olivier Jakob, managing director of consultant Petromatrix GmbH.
WTI for July delivery traded at US$66.57 a barrel on the New York Mercantile Exchange, down 47 cents, at 9:03 a.m. local time, after dropping 1.7 per cent on Thursday.
West Texas Intermediate futures are down 2.1 per cent this week as pipeline bottlenecks in the Permian Basin add to pressure from unprecedented levels of US production.
"Though crude oil has receded significantly in the charts, market fundamentals remain supportive as robust global demand and declining stockpiles bolster prices upwards", Benjamin Lu, commodities analyst at Singapore-based broker Phillip Futures, said in a note.
The discount between USA and Brent crude has now blown out to around $US11 a barrel, the largest it has been since mid 2015 and a sign the growing production and bottlenecks in pipelines and storage is now capping price growth and indeed putting downward pressure on United States prices.
Crude oil futures lost more ground on Friday, with the US market set for a second week of decline on pressure from record USA production and expectations of OPEC boosting output.
Global benchmark Brent LCOc1 fell 91 cents to $76.65 per barrel.
Monthly data from the Energy Information Administration showed crude production rose 2.1% to 10.474 million barrels a day in March, from February.
The price increase was mainly due to the production cut by the Organisation of the Petroleum Exporting Countries, OPEC, and its partners.
"Until transportation is incentivized to get crude to the coasts or production is shut in, "we're going to continue to see some weakness in WTI", Smith said".
According to General Electric's Baker Hughes energy services firm, US drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015.
The statement added that the ministers also emphasised the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.
The speculator group cut its combined futures and options position in NY and London by 50,937 contracts to 370,980 during the week to May 29, the U.S. Commodity Futures Trading Commission said.
Russia would be able to raise its oil output back to pre-cut levels within months if there was a decision to unwind the price-protection deal with Opec and other producers, a Russian energy ministry official said. Any rise in production would be gradual, a Gulf source said.
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Herman allegedly approached the officers from behind, stabbed them multiple times and took their guns, officials said. Francois Lenoir / Reuters A police officer is seen on the scene of a shooting in Liege , Belgium.
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Kanye shot his new album cover with an iPhone
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Aston Villa lose out on promotion to Premier League
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Facebook is killing its Trending news section
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