Monday, 22 April, 2019

Oil hits 2019 high on OPEC cuts, concerns over demand ease

OPEC-led production cut lends support to prices OPEC-led production cut lends support to prices
Lloyd Bates | 04 April, 2019, 03:55

The benchmark later dipped to $68.81, a 0.8 per cent decrease on the day as USA authorities revealed an unexpected increase in oil stockpiles.

Brent for June settlement increased 37 cents to $69.38 a barrel on the London-based ICE Futures Europe exchange.

The Cartel's oil production in March 2019 fell to 30.4 million barrels per day (bpd) last month, down by 280,000 bpd compared to February and the lowest level since February 2015.

Oil prices rose for a fourth day on Wednesday, with support from OPEC-led supply cuts and US sanctions overshadowing an industry report showing an unexpected rise in USA inventories last week.

West Texas Intermediate for May delivery rose as much as 50 cents to US$62.09 a barrel on the New York Mercantile Exchange, the highest since November 8.

Further declines in supply from Iran and Venezuela might magnify the effects of oil production cuts agreed by OPEC-members and allied producers in late 2018.

A deal between OPEC and allies such as Russian Federation to cut output by around 1.2 million barrels per day, which officially started in January, has also supported prices.

Democratic-led U.S. House panel authorizes subpoenas for Mueller report, evidence
Mueller, according to Barr, did not uncover enough evidence to recommend charges of obstruction and left the decision to Barr. Barr said last week that Mueller's report will be released to Congress and the public by "mid-April, if not sooner".

Meghan Markle snubs royal tradition, opts for private maternity ward
A source told Tatler Prince Harry "proud, sensitive man" and he "can't take his eyes of Meghan" while at home. The new abode will allow them some privacy as they settle into their life as new parents.

Rapper Nipsey Hussle killed in Los Angeles shooting
The Victory Lap rapper was shot and killed just outside a clothing store he owns in Hyde Park on the South side of Los Angeles. The two other male victims were both listed in serious condition at a local hospital, NBC News reported .

"The market was originally surprised by the crude oil build but on closer inspection it's all on the Gulf Coast which can be a reflection of unscheduled refinery outages as well as closure of the Houston ship channel impacting exports", said Andrew Lipow, president of Lipow Oil Associates in Houston.

Figures showing a rebound in United States factory activity in March and a return to growth in Chinese manufacturing eased concern that an economic slowdown could weaken oil demand. "I can confirm today three of those importers are now at zero", Brian Hook, the special US envoy for Iran, told reporters, without identifying the countries.

Crude oil futures snapped a three-day winning streak on Wednesday, after data showed an unexpected jump in US crude inventories.

According to EIA's data, USA crude oil refinery inputs averaged 15.8 million barrels per day last week, 18,000 barrels per day more than the previous week's average.

That contributed to a 1.8m barrel drop in motor gasoline imports, pushing them 2% below their five year average for that time of year, while distillate fuel inventories shrank by 2.0m barrels to stand 6% under their five-year average.

The Energy Information Administration said the amount of oil stored in the USA jumped by 7.2m barrels last week, surprising analysts who were counting on a drop.

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