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.
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.
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.
An official announcement is expected to be made by Nick Hurd, the climate minister, on Thursday, the Guardian understands. The bank, based in Edinburgh, will also continue to operate its two offices in Edinburgh and London .
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.
Mumbai's fifth win from six matches came after it scored 199-2 in 15.3 overs, gunning down Kings XI's 198-4. The last six overs produced an astounding 87 runs after KXIP were 111 for two at the end of the 14th over.
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.
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Bob Kaplan, acting regional director for the Environmental Protection Agency, said the agreement is "the best long-term solution". Great Lakes Water Authority CEO Sue McCormick says WRAP provides many resources such as bill payment and plumbing fix assistance.
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.
Is there life on Saturn's ocean-bearing moon Enceladus?
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Caves beat Pacers and Spurs defeat Grizzlies, both lead 2-0
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