US Distillate Inventories Fell for the Tenth Straight Week

21 April, 2017, 16:39 | Author: Benny Bass
  • US Distillate Inventories Fell for the Tenth Straight Week

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.

Recommended:

  • SHAREHOLDER ALERT: Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation

    SHAREHOLDER ALERT: Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation

    Ocwen said it received the orders from state regulators and "are in the process of reviewing them in detail". Ocwen is one of the country's largest nonbank mortgage servicers, servicing nearly 1.4 million loans.

    Is there life on Saturn's ocean-bearing moon Enceladus?

    The next big mission for NASA is the Europa Clipper that will send a spacecraft to orbit Jupitar and make close flybys of Europa. In the paper , the Cassini scientists shared that Enceladus has a type of chemical energy, which life can feed on.
    'Star Wars Rebels' Trailer For Fourth And Final Season Promises Big Surprises

    'Star Wars Rebels' Trailer For Fourth And Final Season Promises Big Surprises

    Kennedy told the morning show, " Sadly, Carrie will not be in nine, but there is a lot of her in eight". But believe me, I can say I know what it's like when I don't get to end a series.
  • Blues beat Wild in OT

    Schwartz snapped a 1-1 tie shortly after Minnesota got a goal from Charlie Coyle on Sunday afternoon. Apparently, it is more comforting to pad the walls at home instead of banging their heads in a St.
    Sweden identifies truck attack suspect as Uzbek native, 39

    Sweden identifies truck attack suspect as Uzbek native, 39

    In February 2017, the case was handed over to the police to carry out the order, since the person had gone underground", he said. His application for residency was rejected in June previous year and he was being sought by immigration officials, police said.

    Mexican's immigration status is in dispute over deportation

    He is now staying with an aunt and uncle in Western Mexico while lawyers file a lawsuit to uncover the details of the deportation. The statement also noted Montes had a previous conviction for theft that resulted in probation, a fact the lawsuit admits.
  • U.S.  job growth slows down while unemployment rate falls to 4.5 percent

    U.S. job growth slows down while unemployment rate falls to 4.5 percent

    Average hourly earnings increased 5 cents or 0.2 per cent in March, which lowered the year-on-year increase to 2.7 per cent. March's slowdown is likely due to weather and seasonal factors, however, and not necessarily an overall slowdown in growth.
    Behind The Scenes Footage Of Ronaldo Celebrating His Hat-Trick Vs Bayern

    Behind The Scenes Footage Of Ronaldo Celebrating His Hat-Trick Vs Bayern

    Vidal said: "It is very tough when they steal a game from you like that - two goals offside and me wrongly sent off". In the quarter-final I think you need a referee who is, I don't know, better.

    Samsung heir denies bribery charges at hearing

    Samsung intends to announce its first-quarter net profit and sales by unit when it releases revised earnings later in April. The global recall of Samsung Galaxy Note 7 actually hammered Samsung with a loss of about $17 billion.
  • Mbappe sets Champions League record as Monaco oust Dortmund

    If Dortmund are going to overcome Monaco , with away goals certainly not on their side, then Reus will need to perform. We're the team that has played the most in Europe. "I know the situation is very hard but I remain optimistic".

    U.S. crude oil stocks drop

    United States gasoline inventories hit 259.1 MMbbls for the week ending February 10, 2017-the highest level ever. Oil prices will increase as demand improves, chipping away at oil inventories in the second half, he said.

    Apple gets green light to test self-driving cars

    By no means does this confirm an " Apple Car", in fact the permit granted to Apple covers the use of Lexus RX450h vehicles. The permit allows Apple to test drive three different vehicles with six different "drivers" sitting behind the wheel.


Popular

Vimy at 100: Canada marks anniversary of seminal battle
There will be several opportunities Sunday in Regina to commemorate the anniversary of the Battle of Vimy Ridge . In 1997, the Canadian National Vimy Memorial in France was designated as a Canadian National Historic Site.

Secret Service limits sidewalk access south of White House
Not just tourists even the American public has gradually been distanced from the White House over the years. In either case, the White House is becoming a little more distant from the people.

Samsung Galaxy S8 phones launched in Qatar
With screens of 5.8 inch and 6.2 inches, Samsung S8 and S8 Plus is the flagship phone of Samsung and a successor to the S7. The dual-camera setup, according to Kuo, will be the "most important upgrade" in the Galaxy Note 8.

'Mother of all bombs' kills at least 90 IS militants in Afghanistan
According to USA officials, most of the members of the local Islamic State branch are Pakistani and Uzbek militants. Shinwari's spokesman, Ataullah Khogyani, said that a clearance operation in the area was continuing.

Israel rules out talks with Palestinian hunger striking inmates
However, Palestinians from the West Bank need an entry permit to enter Israel and the Israeli authorities often deny such permits. In his opinion piece in the Times , Barghouti said a strike was the only way to gain concessions after other options had failed.