Oil slides 3.8 percent to two-week low on USA gasoline build

21 Avril, 2017, 03:13 | Author: Marc Bacque
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"Over the last four weeks, the country's crude oil imports averaged over 7.9 million barrels per day, 2 percent above the same four-week period previous year", said EIA. Crude prices also fell, despite a draw in crude inventories.

"We are still in a very well-supplied crude market in the U.S. The gasoline build was a bit of a surprise but makes sense given that this is the time of year refinery runs increase", Wellington, Florida-based Energy Analytics Group LLC director, Thomas Finlon, told Bloomberg by telephone.

USA crude for May delivery recently traded up 2 cents, or 0.04%, to $50.46 a barrel on the New York Mercantile Exchange. Brent crude settled down 3.6 percent, or $1.96 a barrel, to $52.93.U.S. crude stocks fell 1 million barrels in the latest week, the U.S. Energy Information Administration said, a smaller draw than expected.

Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said, adding that the Persian Gulf OPEC member has shown strong compliance with the OPEC supply cut deal.

"The U.S. market perhaps doesn't believe in the oil market balance that OPEC would have us believe", said Hans van Cleef, senior energy economist with ABN AMRO.

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OPEC members Saudi Arabia and Kuwait signaled that the Organization of the Petroleum Exporting Countries and other producers, including Russian Federation, would likely extend their oil output cut beyond June.

U.S. Oil prices were down almost 4% through the afternoon on Wednesday and now hover just above the $50 a barrel mark.

On Wednesday, crude prices tumbled more than 3.5 percent as USA government data showed domestic crude stocks fell less than expected in the latest week and gasoline stocks posted a surprising 1.5-million-barrel build. Gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity.

According to data the single countries report to the Joint Organizations Data Initiative (JODI), Saudi Arabia's crude oil exports in February stood at 6.957 million barrels per day, the lowest volumes shipped in a month since May 2015 when exports were 6.935 million bpd.

"Barring a spike in geopolitical tensions.oil prices will simply not be able to materially rally through resistance in the mid $50s (WTI) until the pace of of US production moderates", said Tyler Richey, co-editor of the Sevens Report.

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