Oil slips as data points to fast-growing supply

20 Juin, 2017, 16:51 | Author: Marc Bacque

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.

EU, UK Citizens' Status First on Brexit Talks Agenda - UK Brexit Secretary
She is now seeking an alliance with a hardline unionist party in Northern Ireland to cling on to power. On first hearing that is a staggering thing to hear from Tory lips.


L'agresseur présumé de NKM nie toute violence physique
Le maire de Champignolles , dans l'Eure, est l'auteur présumé de l'agression de NKM sur un maché à Paris le jeudi 15 juin . FAITS DIVERS Le maire de Champignolles nie tout contact physique et avoir bousculé la candidate LR.


DG ISPR tweets Balochistan celebrations warning 'concerned' to 'lay off'
According to reports, Pakistan's Chief Of Army Staff (COAS), Qamar Javed Bajwa will also have a meeting with Ronaldinho and his team.


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:

  • Trump to announce curbs on business with Cuban military

    President Trump's new measures are designed specifically to restrict money to the Cuban military and intelligence services. Trump's changes would not go into effect until specific new regulations are written and put in place.
    Coca Cola Femsa SAB de CV (KOF) Position Maintained by Strs Ohio

    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.
    Woman Killed after Flying Tire Strikes Vehicle on I-465

    Woman Killed after Flying Tire Strikes Vehicle on I-465

    A tire came off a truck driving northbound, bounced over the median and hit the woman's vehicle at the roofline/windshield. John Perrine said the woman, who he could not immediately identify, was from northern Indiana.
  • United ready to seal £175m Ronaldo deal

    The 32 year old is said to have "pleaded" with agent Jorge Mendes to seal the deal - which would see him return to Mancunian soil. On Monday, newly re-elected Real president Florentino Perez defended his star player amid the accusations.
    Founders Capital Management LLC Boosts Stake in Walgreens Boots Alliance, Inc. (WBA)

    Founders Capital Management LLC Boosts Stake in Walgreens Boots Alliance, Inc. (WBA)

    Following the transaction, the director now directly owns 21,887 shares in the company, valued at approximately $1,879,874.43. The pharmacy operator reported $1.36 earnings per share for the quarter, hitting the consensus estimate of $1.36.

    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.
  • Sir Vince Cable confirms Liberal Democrat leadership bid

    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".
    Zayn Malik launches line inspired by 'personal style'

    Zayn Malik launches line inspired by 'personal style'

    In a press release announcing the new line, Donatella Versace notes: "When I see this collection, I see Zayn . We just spend time together as a normal couple, cook food, watch TV, have a laugh".
    Suspect in London van attack identified as Darren Osborne

    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.
  • Kovind will make an 'exceptional President': Modi

    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".
    Confederations Cup: Mexico frustrate Portugal

    Confederations Cup: Mexico frustrate Portugal

    And on the video referral system ( Portugal had a goal ruled out for offside by the video assistant referee): "It's the new rule". Video replays were again consulted, but no change was made to the initial decision to award the goal.

    Australia suspends air strikes in Syria after US downing of Syrian jet

    The cause then was the US missile strikes on Syria in response to Assad's deadly chemical attack in the country's Idlib province. Moscow has condemned the USA downing of the Syrian government fighter jet after it dropped bombs nears US partner forces.


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.

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.

Ozuna's walk-off single lifts Marlins over Nationals 8-7
It was sweet redemption for the Marlins, who lost on walk-off hits by Atlanta's Brandon Phillips on Saturday and again Sunday. Washington's Tanner Roark squandered a 6-0 lead by giving up six runs in the third and failed to make it through the inning.

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.

Jos Buttler's Unbelievable Six Almost Crashes Into A Cameraman
But when we can't, we go for a guy we can throw the ball to at any stage in order to try to make an impact in the game. If we're truly going to be contenders for this tournament, we need to beat the best teams.

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.

Lead surgeon: USA congressman Scalise showing improvement after being shot
He's a great ballplayer, and this is this very game that sparked a friendship with his home-state colleague Steve Scalise. Steve Scalise has regained consciousness and spoke with his wife Saturday morning, sources tell the New Orleans Advocate.

Perez rubbishes talk of Manchester United deal for Morata
Ronaldo is now on global duty with Portugal at the 2017 Confederations Cup in Russian Federation . We have to win, because if we win the next game we will be one step away from qualifying.

Cristiano Ronaldo to testify in tax fraud case
Prosecutors allege he knowingly used a business structure which hid income from his image rights between 2011 and 2014. IBTimes UK earlier revealed that Ronaldo wants to leave Real and he has already informed the club of his decision.

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.