Oil slips as data points to fast-growing supply

20 Juin, 2017, 16:51 | Author: Marc Bacque
  • Why oil prices will remain weak

Oil prices are rallying after trading around seven-month lows overnight amid concerns the Organisation of the Petroleum Exporting Countries' (Opec) output cuts are not doing enough to curb the global oversupply.

Oil inventories across the world's most industrial nationsrose in April by 18.6 million barrels to 3.045 billion barrels, thanks to higher refinery output and imports.

On Thursday, oil prices hit six-month lows.

"The rebalancing of the market is underway, but at a slower pace", the report said, acknowledging it will take more time to tighten the supply-demand balance. High stockpiles have weighed on crude prices.

The effectiveness of the OPEC-led cuts has been undermined by increasing United States oil production, mostly from shale drillers.

Futures were little changed in NY after slumping 3.7 percent Wednesday, the first drop in four sessions.

US crude production has been steadily growing and last week rose to 9.33 million bpd, up 12,000 from the previous week, the EIA said.

Officiel : Guingamp tient le remplaçant de Marçal
Marçal parti rejoindre Lyon via le Benfica Lisbonne, Guingamp a déjà trouvé son nouvel arrière gauche. Il est actuellement en Pologne avec l'équipe nationale Espoirs du Portugal où il dispute l'Euro.


Nintendo Switch : le système passe en version 3.0.0
Beaucoup de fonctions différentes sont concernées par cette mise à jour , des chaînes à la gestion des manettes. En effet, sans crier gare, Big N vient de mettre en ligne une nouvelle version de l'OS de la machine.


Jay Sekulow: Trump's Actions on Comey Not Obstruction of Justice
Sekulow is responding on "Fox and Friends" to a statement that Trump's tweets can make it harder for others to do their job. Rubio is a member of the Senate Intelligence Committee , which is doing its own probe into Russian election interference.


According to the EIA, a slight tightening in production during quarter three of this year is forecast to lead to 32.5 million barrels per day by the end of the first quarter of 2018.

The EIA released its monthly report on drilling activity Monday showing that oil production from seven major USA shale plays is projected to rise by 127,000 barrels a day to 5.475 million barrels a day in July from June.

BP analysts said that production outside the Middle East fell by 1.3 Mb/d, with the largest declines in the USA (-400,000 b/d), China (-310,000 b/d) and Nigeria (-280,000 b/d). Gasoline inventories rose by 2.1 million barrels.

Rising U.S. oil output, particularly from shale drillers, is contributing to the ineffectiveness of the OPEC-led cuts. The EIA expects that to rise above 10 million bpd in 2018.

It said the International Energy Agency has recently published a forecast, stating that the global refinery is expected to go up by 2.7 million barrels per day (bpd) between July and August with refineries processing nearly 82 million bpd for the same period.

The US government's Energy Information Administration has raised its prediction for domestic output growth in 2017 to 460,000 barrels per day from a predicted decline of 80,000 barrels per day in December.

Conseillé:



Populaire

Battle lines drawn over citizenship changes
Mr Burke said under the existing rules, officials had already had several years to assess a person's contribution to society. Labor says the government's proposed citizenship changes are a "massive over-reach" and will be opposed in parliament.

BJP Parliamentary Party Meet To Discuss Presidential Candidate Today
Thackeray reportedly rejected Shah's proposal that Narendra Modi be allowed to decide on a presidential candidate. The Presidential polls, if needed, will be held on July 17 and the counting of votes will take place on July 20.

Woman flips out after mistaking rattlesnake for dog toy
Knowing that Carla wasn't bit, is it okay to laugh? "Definitely I'm going to be walking around with a flashlight", Carla said. - A California woman is spooked, but okay after accidentally picking up a rattlesnake that she thought was a dog toy.

Nation pauses to remember Grenfell victims as death toll climbs to 79
Residents and community members affected by the Grenfell Tower disaster came together on Sunday at a special Father's Day service at Latymer Community Church.

Kovind will make an 'exceptional President': Modi
Apart from Khattar, the state's Agriculture Minister Om Parkash Dhankar also congratulated Kovind, an official release said here. On Saturday, Swaraj had dismissed reports that she was a contender in the presidential poll as "rumours".

Future superintendent, son found dead in Montcalm Co
According to Facebook posts, a crisis team will be available to the community at the high school auditorium beginning at 9 a.m. The search for the two men began when a missing persons report was issued by Clinton County Sheriff's Department Monday night.

Coca Cola Femsa SAB de CV (KOF) Position Maintained by Strs Ohio
Following the sale, the insider now directly owns 149,185 shares in the company, valued at approximately $6,479,104.55. TRADEMARK VIOLATION WARNING: This piece was first posted by Stock Observer and is the property of of Stock Observer.

Sir Vince Cable confirms Liberal Democrat leadership bid
Announcing his candidacy on the Lib Dem Voice website , the 74-year old said "liberal values" were needed more than ever. Sir Vince added: "There is a big space in British politics which I am determined that we should occupy".

Did Trump Jr. confirm Comey's account of the president's comments about Flynn?
Comey "leaking his own memos to manipulate the system is exactly why people dislike the swamp", said Trump ally Newt Gingrich. The possibility of secret White House tapes prompted another Watergate comparison.

Suspect in London van attack identified as Darren Osborne
They also confirmed they were carrying out searches at a residential address in the Cardiff area in connection with the attack. Owners of the company today hit out at the "cowardly" attack using one of their vehicles hired more than 160 miles away.