Friday, 16 November, 2018

Oil prices jump following large draw report on U.S. crude oil inventories

Oil Prices Go Up Oil Prices Gain on Falling U.S. Inventories
Lloyd Bates | 26 August, 2018, 20:50

This demand is coming mainly from China and India, with Chinese imports of U.S. crude having more than doubled since the beginning of 2017.

In the aftermath of U.S. withdrawing from the Iran Nuclear Deal in May, it seems that it will soon start affecting India oil imports from Iran as India's crude oil imports from Iran fell in the first half of August, media reported on Thursday. This was taken from the government's Strategic Petroleum Reserve. The rebound in oil prices helped the energy supermajors print strong second-quarter results with much higher profits but weaker-than-expected cash flows.

"The OPEC Reference Basket of Crudes (ORB) is made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)".

Signs of tighter supply countered concern about slowing oil demand stemming partly from the trade dispute between the U.S. and China, the world's two largest economies. The US sanctions are expected to make it challenging for India to sustain oil imports from Iran, its third-biggest crude supplier.

Nationwide, crude oil exports rose to a record high of 2 million barrels per day in May, according to the department.

The strength of the greenback has an inverse relationship to the price of crude oil. China will apply 25 per cent duties on American diesel, gasoline and other petroleum products, but U.S. crude is excluded from the latest list of sanctions.

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UAE pledges Rs 700 crore for Kerala relief and rehabilitation
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Both oil benchmarks saw low liquidity during early trading on Friday.

Brent crude futures rose $1.48, or 2%, to $74.11 a barrel, by 2.57pm GMT.

The sufficient supply of West African crude cargoes has been limited by a slowdown in oil demand from Asia, having little to no effect on global oil prices.

Signs of slowing USA crude output growth and a weaker US dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.

According to the official news agency of the Iranian parliament, ICANA, the Iranian Oil Minister Bijan Namdar Zanganeh announced that Total SA had officially ended its contract for the Iranian South Pars gas field's Phase 11.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the USA side.

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