Russia's Novak: Higher oil production in July aimed at market stability
Russia's Novak: Higher oil production in July aimed at market stability
39;The news event was storage at Cushing,' Bob Yawger director of the Futures Division with Mizhuo Americas told Rigzone
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.
"Imminent failure" possible of College Lake Dam The dam at College Lake, adjacent to the University of Lynchburg , was built in 1934, according to the school's website . The National Weather Service said up to 15 centimetres of rain fell within hours, filling the dam beyond capacity.
At least 3 killed in Zimbabwe post-election violence But the one thing Zimbabweans want right now more than anything is an answer: who has won the election , officially. ZEC chairwoman Priscilla Chigumba, a high court judge, has flatly rejected allegations of bias and rigging.
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.
The aircraft belongs to JU-Air, a company with links to the Swiss air force, the ATS news agency reported . The crash occurred above the Swiss Alpine resort of Flims, an area popular with hikers and skiers.
Trump had tweeted earlier that he was looking into the issue, adding, "Already spoke to NRA, doesn't seem to make much sense! ". The states sought a restraining order and an injunction to block the gun info from being posted on the internet.
Authorities had not reopened any evacuated neighbourhoods where fires raged due to safety and ongoing investigations. The bulldozer operator was identified by the Shasta County Sheriff's Department as Don Ray Smith of Pollock Pines.
Before entering politics, Trump frequently praised James and his own family tried to recruit him to the New York Knicks in 2010. In the interview, James said he "would never sit across" from Trump, though he would talk to former President Barack Obama.
She was reported missing on July 19 when she failed to show up for work, according to reporting in the Des Moines Register . Dalton Jack and Mollie Tibbetts are pictured in a photo posted to Facebook, July 20, 2018.
Florida shoppers will have the opportunity to not pay normal sales tax on items like school supplies , clothing and accessories. "If a pair of jeans is sold for $100 during the sales tax holiday , the entire $100 is taxable", according to the DOR website.
Trump has repeatedly denied that his campaign colluded with Russian Federation . "They ought to let them conclude their work. US President Donald Trump has ramped up his attacks on the Russian Federation investigation by demanding it end "right now".
The opposition alleged irregularities, saying results were not posted outside one-fifth of polling stations as required by law. Observers say it could be a tight race, but the opposition has said it will protest if their candidate is defeated.
The officials say evidence, including satellite photos taken recently, suggests that construction is underway on one or two ICBMs. North Korea's leader Kim Jong Un waves before departing Pyongyang to Singapore on June 10, 2018.
Both shows were wildly successful between the late '70s and mid-'80s - but they were just a small slice of her long career. Rae is survived by her sister , her son, and several grandchildren and great-grandchildren.
These agencies are responsible for monitoring the potential public health threat of mosquito-borne diseases. The CAES maintains a network of 91 mosquito-trapping stations in 72 municipalities throughout the state.
The Zimbabwe Electoral Commission said it had so far released results for seven parliament seats out of 210. ZEC chairwoman Priscilla Chigumba told journalists today: "We will not subvert [the people's will]".
Chelsea only need one more player - Sarri
Christophe Henrotay, the agent of Chelsea goalkeeper, Thibaut Courtois has told the club to let his client move to Real Madrid . Chelsea winger Pedro has signed a one-year contract extension, the Premier League club announced on Friday.
Brett Kavanaugh Hits Hurdle On Road To Supreme Court
Democrats had also requested more documents from the National Archives from Kavanaugh's time as staff secretary to Bush. Bush's presidential library and other things get up here soon", the sooner the hearing can start, he said.
Meghan Markle sees Kate Middleton as a pillar of support
Thomas, 74, missed the Royal Wedding after suffering a heart attack but he said it might be better for Meghan if he died. The meeting reportedly yielded three solution options and if nothing works, Queen Elizabeth might get involved too.
Root quickest to 6000 Test runs in terms of time
Curran hit the flawless length as first-change bowler and immediately trapped Vijay lbw in the 14th over. Shikhar Dhawan was the second highest run-getter after Kohli, scoring 26 at the top of the order.
Samsung Electronics misses forecast on lower phone sales
To bounce back from sluggish sales, Samsung announced it will be introducing a new Galaxy Note a little bit earlier than usual. If the estimate is realized, the Galaxy S9 would become the worst performing S-model since the Galaxy S3 in 2012.
White House: Trump receives new letter from Kim Jong Un
Last week, US Secretary of State Mike Pompeo told senators that Pyongyang was continuing to produce fuel for nuclear bombs. The handover of the 55 caskets last Friday was part of the commitment Kim Jong-un made to Trump at the June 12th summit.
Apple makes history with $1 trillion market valuation
Apple said it expects revenue of $60 billion to $62 billion for the fiscal fourth quarter that ends in September 30. The stock has been rising since Tuesday when it reported better than expected results for the three months to June.