US Distillate Inventories Fell for the Tenth Straight Week

21 April, 2017, 16:39 | Author: Benny Bass

Looking ahead for oil, "the next big market mover looks to be when OPEC meets regarding an extension in production cuts on May 25", said Macaluso. USA crude inventories were at 532.3 million barrels, only about 3 million barrels less than the record reached in March.

"The market sentiment appears to be that the increase in USA shale production outweighs the OPEC action and the market is keeping the loss we had yesterday", he said.

OPEC and other producers such as Russian Federation have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 to drain a supply overhang that has persisted for nearly three years.

While US shale output may come "roaring back" amid higher crude prices, production curbs by Opec and its allies should help offset that increase over the next six to nine months, said the Citi analysts including Ed Morse and Seth Kleinman.

West Texas Intermediate, the USA benchmark for the price of up, was up 0.08 percent to $52.45 per barrel.

Benchmark Brent crude futures were down 18 cents 55.71 at 0047 GMT.

Gasoline stocks also posted a counter-seasonal build of 1.4 million barrels.

A surge in USA production is a major threat to OPEC's effort to reset the still-oversupplied global oil market. They settled down 53 cents at $52.65 a barrel.

Oil prices wavered between small losses and gains Thursday, buffeted by continued concerns about growing USA crude production that were offset by signals that other major producers remain in favor of extending their output-cut agreement into the second half of the year.

As of this writing, other oil companies were yet to issue their advisories.

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

Saudi Arabia, boasting the world's second largest oil reserves, is now leading world's oil exports and is one of the most influential OPEC member.

On Wednesday, the Organization of the Petroleum Exporting Countries' Secretary-General Mohammad Barkindo called on all non-OPEC producers who aren't part of the output-cut agreement to join the pact, according to a news report from Platts. Other sources corroborated Saudi Arabia and Kuwait's support of Iraq's stated goal, which will barely generate enough revenues to sustain Baghdad's ongoing war with the Islamic State in Mosul.

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