Oil spikes as U.S. inventories tumble by more than expected

23 Mai, 2017, 08:31 | Author: Marc Bacque

Raise in oil price pull World stocks all-time high as US fuel inventories declined, even though OPEC agreed to reduce production and near record supplies capped gains.

U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration (EIA) said.

U.S. West Texas Intermediate (WTI) crude CLc1 was up 23 cents, or 0.5 percent, at $46.11 a barrel.

In the United States, crude stockpiles posted their biggest weekly drawdown since December last week as imports dropped sharply, while inventories of refined products also fell.

Bank of America Merrill Lynch said the low oil prices were also due to a slowdown in demand.

Brent crude futures were at $49.82 per barrel at 0323 GMT on Monday, up 72 cents, or 1.47 percent, from their last close.

OPEC member Libya said production exceeded 800,000 barrels per day (bpd) for the first time since 2014 and could rise to 1.2 million bpd later this year.

OPEC will meet on May 25, when it is expected to discuss prolonging the cuts to the end of 2017, although analysts say a further extension may not be enough.

Former Bush official: Trump speech pushes back on bigoted narrative
Trump said in March that peace between the two states is only possible with "two willing parties". We are not here to tell other people how to live, what to do, who to be, or how to worship.

Bradley's 3-pointer gives Celtics 111-108 win over Cavs
He took just three shots and didn't attempt a free throw in the fourth quarter. "They ( Boston ) played hard, they scrapped". After Boston bounced back in Game 3, LeBron is bound for some revenge in Game 4.

Korea declares latest ballistic missile launch a success
The Pukguksong-2 missile flew around 310 and reached an altitude of 350 miles before dropping into the Pacific Ocean. A submarine-launched ballistic missile is displayed during a military parade in central Pyongyang, April 15, 2017.

Investing.com offers an extensive set of professional tools for the financial markets.

Saudi Arabia's energy minister, Khalid al-Falih, said on Monday he expected Opec to agree to extend an agreement to limit oil production to the end of the year or possibly longer.

In recent market action, light, sweet crude futures for delivery in June climbed 57 cents, or 1.2%, to $47.90 a barrel on the New York Mercantile Exchange.

Oil prices pared gains on Thursday after the release of the report to trade at less than $51 a barrel LCOc1 , below the $60 level that top OPEC producer Saudi Arabia would like to see.

"Conservative estimates predict that we will need to offset 20 million barrels per day in combined demand growth and natural decline over the next five years", Falih said.

Many oil producers in the region have been badly hit by low prices with many turning to bonds and loans to make up for revenue losses.

US crude output averaged 9.3 million bpd in the week ended April 28, its highest since August 2015, according to federal data and many analysts see USA crude output heading towards 10 million bpd over the next year or so.

"Oil prices are still finding it hard to recoup the losses they suffered last week", analysts at Commerzbank (Xetra: CBK100 - news) said in a note, adding the impact on prices from the fall in US inventories had been underwhelming.


  • Angela Merkel: Germany Must Heavily Invest in Electric Vehicles

    Angela Merkel: Germany Must Heavily Invest in Electric Vehicles

    Located in Kamenz, Germany, some 50km north of Dresden, the factory's breaking ground ceremony was overseen by German chancellor Angela Merkel.

    Leonard to miss Game 4 with Spurs on brink of elimination

    So, Golden State will have to travel just four times in 69 days while Cleveland will have had to travel nine times in 63 days. The Warriors also yielded 15 offensive rebounds, which San Antonio turned into 18 more points.
    Notre Dame students walk out on Pence commencement speech

    Notre Dame students walk out on Pence commencement speech

    More than 100 students stood up and quietly left Notre Dame Stadium where the ceremony was being held once Pence was introduced. Secretary of Education Betsy DeVos was also protested during a commencement address at Bethune-Cookman University.
  • TerraVia Holdings, Inc. (TVIA) Downgraded to Sell at Zacks Investment Research

    It represents a security's price that, if achieved, results in a trader recognizing the best possible outcome for his investment. The company has mean EPS estimate of -0.18 reported by 1 number of analyst for the quarter ending Aug 7, 2017- Aug 11, 2017.
    Pundit feels Alderweireld could abandon Tottenham Hotspur

    Pundit feels Alderweireld could abandon Tottenham Hotspur

    It has been two seasons in a row now that Pochettino's men have stumbled in the closing stages of the title race. Garth Crooks has told BBC Sport that Tottenham Hotspur are in real danger of losing Toby Alderweireld.
    AP Source says Flynn will invoke Fifth Amendment

    AP Source says Flynn will invoke Fifth Amendment

    Trump made the comment while speaking alongside Israeli Prime Minister Benjamin Netanyahu in Jerusalem. Despite knowing of the investigation, Trump appointed Flynn his first national security adviser.
  • Chris Christie: 'I wouldn't let General Flynn in the White House'

    Chris Christie: 'I wouldn't let General Flynn in the White House'

    Christie says that his lieutenant governor, Kim Guadagno, has done a good job of attracting jobs to the state. The project has come under fire from political opponents, including lawmakers who have sued to stop the plan.
    Adrien Broner Sentenced To Jail For Contempt Of Court

    Adrien Broner Sentenced To Jail For Contempt Of Court

    Broner has previously held the WBO junior lightweight, WBC lightweight, WBA welterweight and WBA super lightweight titles. Broner was later released on $503 bond, telling police he was shot at after leaving a Cincinnati bar.

    Trump seeks reconsideration of sanctuary cities ruling

    At least one local government, Miami-Dade County, reversed its policy as a result of the threat. Some cities remained defiant after the Monday memo.
  • Prospera Financial Services Inc Buys 1426 Shares of The Coca-Cola Co (KO)

    Prospera Financial Services Inc Buys 1426 Shares of The Coca-Cola Co (KO)

    Consolidated (NASDAQ:COKE), whilst 0 of which rate the stock "Buy", 0 "Outperform", 0 "Underperform", 0 "Sell", while 1 "Hold". Year to date is -23.29%, -22.76% over the last quarter, -31.29% for the past six months and -44.00% over the last 12 months.
    PSNI officers injured after vehicle  rammed multiple times in Newry

    PSNI officers injured after vehicle rammed multiple times in Newry

    The men involved made off after ramming a police vehicle multiple times and two police officers suffered minor injuries. A PSNI Newry and Mourne spokesperson said: "They were last seen in the area of the Dallan Road / Clonallan Road".

    US doctor killed on Everest was climbing tallest peaks

    Kumar, 27, became ill after reaching the summit on Saturday and apparently fell 650 feet, according to The Associated Press . Last year Everest claimed the lives of five climbers, while a total of 640 people summited from both sides of the mountain.


Dynegy Inc. (NYSE:DYN) Valuation According To Analysts
The utilities provider reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.45) by $0.42. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock.

Ringling Bros. and Barnum & Bailey closes the curtain
As for those who hope this is all just a stunt and the circus will be back, Ringling management says that's not happening. The owner of the Ringling Bros . and Barnum & Bailey Circus says Sunday's final shows are "a celebration".

Passation de pouvoir entre François Hollande et Emmanuel Macron — Élysée
Le couple atypique qui a focalisé l'attention du monde entier du fait des 24 ans qui les séparent compte vivre à l'Elysée . Un tête-à-tête qui a duré environ une heure, avant que François Hollande ne quitte le palais présidentiel.

Arconic will let activist investor help select new CEO
Arconic also said that Rafael Reif will step down from the board and be replaced by James Albaugh, one of the company's nominees. As part of the agreement, Elliott will be added to the CEO search committee and nominate three members to Arconic's board.

ATP Rome: Stan Wawrinka éliminé en 1/8e de finale par John Isner
Wawrinka avait déjà eu du mal au tour précédent ne gagnent qu'en trois sets contre le Français Benoît Paire (ATP 44). Zverev fera face à un autre puissant serveur en demi-finale, alors qu'il sera confronté à l'Américain John Isner .

Real Madrid are Champions of Spain
Ronaldo continued his remarkable run of form, scoring his 25th league goal of the season in the second minute. The Spanish League is the most attractive for me and winning it with this match is incredible.

Startling video shows sea lion snatching girl from pier
The sea lion disappears as a man plunges into the water and helps the girl out. "Her family were just in shock". Bob Baziuk, general manager of the Steveston Harbour Authority , said watching the video made his stomach turn.

Des morts et des blessés lors du concert d'Ariana Grande à Manchester
On ignore pour l'instant ce qui est survenu durant le concert de la chanteuse américaine. Facebook a par ailleurs activé son outil "Safety Check" .

WTA CEO releases statement responding to French Open wild-card announcements
Taking to Twitter today , she said: "If this is what it takes to rise up again, then I am in it all the way, everyday". Maria made a great comeback as she made it to the semi-finals in Stuttgart in her first tournament.

Mondial U20: Le Sénégal domine l'Arabie Saoudite pour débuter
Il est imité deux minutes plus tard par Ouseynou Cavin Diagne, d'une jolie demi-volée. Ils pouvaient même marquer d'autres buts.