Crude Oil Prices Move Lower with US Inventory Data in Focus

13 October, 2017, 08:23 | Author: Leticia Walters
  • Harvey, production expectations impact crude futures curve

Oil prices declined on Thursday, after the International Energy Department reported a bearish outlook of the market.

Crude oil prices moved lower on Thursday, after data late Wednesday showed that inventories rose unexpectedly last week, eclipsing recent signs that the market is tigthtening, while markets awaited the U.S. Energy Information Administration's weekly report due later in the day.

Gasoline stocks rose by 2.5 million barrels, compared with analysts' expectations for a 480,000-barrel drop.

Elsewhere, were up 0.18% at $1.610 a gallon, while advanced 0.73% to $2.910 per million British thermal units.

Oil has strengthened in recent weeks due to a sharp drawdown in distillates feeding expectations for renewed demand, but it is unclear whether USA crude prices will regain the high of almost $53 a barrel reached in late September.

A US federal holiday on Monday delayed the release of weekly inventory numbers by a day. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd.

This supports what I have been saying all along that prices are likely to remain rangebound until OPEC and other major producers vote to extend the production cuts beyond the May 2018 deadline and also decide to deepen those production cuts.

Meanwhile, the agency forecast that USA oil demand for 2017 is set to grow by 230,000 bpd compared with previous forecast of 350,000 bpd.

"Our updated global supply-demand balance ... shows peak stock draws in 3Q17", Goldman Sachs said in a note to clients.

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