Wednesday, 17 October, 2018

Russia's Novak: Higher oil production in July aimed at market stability

Crude Oil Rallies on Reported Cushing Drawdown 39;The news event was storage at Cushing,' Bob Yawger director of the Futures Division with Mizhuo Americas told Rigzone
Lloyd Bates | 06 August, 2018, 11:35

However, low stocks were still providing a floor as even with last week's rise, overall US crude inventories are below the 5-year average of around 420 million barrels. Additionally, he said, US monthly figures for production fell in May, suggesting output may be curbed later in the year.

United States crude inventories rose 3.8 million barrels last week, according to data from the Energy Information Administration. Iranian officials have warned their country would not easily yield to a renewed USA campaign to strangle oil exports.

The question regarding Iranian oil supply now is, can the Trump Administration get everybody else except China, which has already said it won't recognize USA sanctions on Iran, out of the market, according to the strategist.

US stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied.

A mixed U.S.jobs report and data showing total OPEC production were offsetting supply-side strains and left the price of oil searching for direction early Friday.

US crude oil exports averaged 1.31 million barrels per day last week, down by 1.37 million barrels per day from the previous week.

The EIA now estimates that the June production would be 10.900 million bpd, but the revision to the May figure suggests that the output for June could be lower than the expected 10.9 million bpd, according to Bloomberg.

The West Texas Intermediate (WTI) for September delivery lost 0.47 US dollar to settle at 68.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.24 dollar to close at 73.21 dollars a barrel on the London ICE Futures Exchange.

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But many experts say those are neither irrevocable nor serious steps that could show the country is honest about denuclearization. Initial forensic analysis suggested that the remains were likely to be those of American service members, the US military said.

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There were also factors holding oil markets in check.

The weekly estimates for May all point to more than 10.7 million bpd of crude oil production, but the more accurate-albeit lagged-data, based on survey of producers, shows that USA oil output had trailed projections by around 300,000 bpd.

"It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other", said Jim Ritterbusch, an analyst in Galena, Illinois.

U.S. President Donald Trump's decision to pull out of an global nuclear deal and reimpose sanctions on Iran has angered Tehran.

Oil prices are also feeling the effects of tensions over global trade, which could cause economic growth to slow.

“There are a lot of escalation points that could occur very quickly and that worries me, ” Barratt said.

"It is unclear that the higher tariffs proposed by the Trump Administration will ever be imposed and if they are that they will have a major detrimental impact on oil demand", Flynn said.

At the Multi Commodity Exchange, crude oil for delivery in September rose by Rs 15, or 0.33 per cent, to Rs 4,580 per barrel in a business turnover of 16 lots.

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