U.S. crude stockpiles slump as refining surges to record high
U.S. crude stockpiles slump as refining surges to record high
Oil falls as rising Libyan, US output undermines cuts
18 June, 2017, 22:35
Still, oilmarkets received some support from official U.S. data that showed the country's crude inventories fell sharply last week as refining and exports surged to record highs.
Brent for August settlement dropped as much as $1.68, or 3.3 percent, to $48.95 a barrel on the London-based ICE Futures Europe exchange.
July WTI futures consolidated around $47.15 p/b at the USA open with August Brent trading around $49.40 p/b.
Meanwhile, all eyes will be glued to Thursday's U.S. Energy Information Administration report on stockpile futures. Consensus analyst expectations called for a draw of 3.2 million barrels and 1 million barrels respectively in crude and gasoline stockpiles, according to S&P Global Platts.
Oil prices dropped on Friday as investors acted in response to US President Donald Trump's decision of leaving from a global climate agreement which may lead to further crude drilling in the US therefore adding more to the global supply glut.
Oil prices fell by one percent on Wednesday, as rising output from Libya added to concerns about increasing USA production that is undermining OPEC-led production cuts aimed at tightening the market, Reuters reports.
"Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising USA oil production", ANZ bank said on Monday.
Opec members Libya and Nigeria are exempt from the cuts, while United States shale oil producers are not part of the agreement and have been ramping up production.
The July WTI crude oil price range for May is $44.13 to $52.00.
Falih, who has been on a visit to Russian Federation this week, said it would then be able to judge if the cuts had been effective in supporting oil prices which have halved in the last three years on the back of a global oversupply glut. Many analysts believe that absent a further cut to production, the extension of the current cuts won't reduce global inventories sufficiently to return the supply-demand balance that OPEC members seek.
Apart from booming shale output, supply recovery in Nigeria and Libya, the two OPEC members exempt from the deal to cut output, pose additional risks for crude markets, analysts said. American oil explorers, having learned to operate more efficiently during a two-year market slump, have restored nearly all the output lost during the downturn. Brent LCOQ7, +1.30%, the global benchmark, rose 46 cents, or 0.9%, to $51.21 on ICE Futures Europe.
United States production could be up to 800-1,000 million barrels per day higher year on year by end-2017, according to the Fitch forecasts.
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