Oil Holds Losses Below $45 on Surprise US Gasoline Supply Gain
Oil Holds Losses Below $45 on Surprise US Gasoline Supply Gain
20 June, 2017, 02:24
Oil prices plunged almost 4% on Wednesday after the U.S. Energy Information Administration said that crude oil inventories fell by 1.7 million barrels in the week ended June 9, disappointing expectations for a decline of around 2.8 million barrels. Motor-fuel stockpiles expanded by 2.1 million barrels last week, the Energy Information Administration reported.
"Our first outlook for 2018 makes sobering reading for those producers looking to restrain supply", the IEA said in its monthly oil market report. "Implied crude production seems to have moved upwards at a rather rapid pace, US gasoline demand has taken a turn to the downside just as the summer driving season starts and total USA oil stocks have not drawn for two weeks".
West Texas Intermediate for July delivery was at $44.70 a barrel on the New York Mercantile Exchange, down 3 cents, at 10:01 a.m. London time.
The Organisation of the Petroleum Exporting Countries agreed to extend that deal that began in January through March 2018, but ongoing growth in US production, along with exemptions for non-members Nigeria and Libya, have offset those cuts to some extent. This has happened despite of OPEC-led production cuts to support the crude market.
'Sombre' Britain prepares for historic Brexit talks Dr Fox is meeting a congressional delegation on Capitol Hill in an attempt to pave the way for a UK/US Free Trade agreement. That may tear the Conservative Party apart, as the hard-line Brexiters in the party will fight against it tooth and nail.
On Wednesday, the International Energy Agency said stored oil in industrialized nations - a proxy for global supply - rose by 18.6 million barrels in April.
Top producer Russian Federation, not an OPEC member but which signed up to the deal to cut output, is expected to export 61.2 million tonnes of oil via pipelines in the third quarter, equivalent to about 5 million bpd, against 60.5 million tonnes in the second quarter, according to industry sources and Reuters calculations. Demand hasn't been strong either, so "it's hard to come up with a real bullish scenario". Total volume traded was about 14 per cent above the 100-day average. The contract lost $0.27 to $44.46 on Thursday, the lowest since November 14. Analysts had forecast a 700,000 barrel decline in gasoline inventories and a 600,000 barrel rise in distillates.
Global oil benchmark, Brent crude, extended its decline on Wednesday as it fell to a seven-month low after data showed an unexpectedly large weekly build in United States' petrol inventories. But adherence to the cuts is under scrutiny and the producer group said this week its output rose by 336,000 bpd in May to 32.14 million bpd.
"There continues to be concerns about oversupply in 2018", Bart Melek, head of global commodity strategy at TD Securities in Toronto, said by telephone.
The AHA recommends eating no more than 6% of saturated fat as part of total daily calories for those who need lower cholesterol. Studies also show that consuming coconut oil can raise LDL (bad) cholesterol as much as butter, beef drippings or palm oil.
He's giving me tips and pointers and he's pretty amusing , so when I saw that it was pretty cool and pretty amusing . Over the weekend, the Celtics and the Sixers pulled off a rare feat: trading the No. 1 overall pick .
But the rest of the much acclaimed Indian batting line-up staged a spectacular collapse and were reduced to 72/6 in the 17th over. Amir finished with 3-16 off six overs, and Hasan Ali , awarded the best player of the tournament, took 3-19.
This would actually be the second Dragon Ball game on the Switch , as Xenoverse 2 is coming later this year. Right now, the PS4, Xbox and PC versions are all slated for early 2018, so we'll have to wait and see.
Mueller's office has reached out to Director of National Intelligence Daniel Coats, National Security Agency Director Adm. On Thursday, it was reported that President Trump himself was under investigation for possible obstruction of justice .
POLITICIANS and religious figures have called for calm in the aftermath of the terror attack near a mosque in north London. The attack comes during the Muslim holy month of Ramadan when Muslims were attending special prayers.
ILLEGAL ACTIVITY WARNING: This piece of content was first published by Stock Observer and is the property of of Stock Observer. Also, insider Juan Nunez sold 14,502 shares of the business's stock in a transaction that occurred on Thursday, May 18th.
The "dot plot" continues to indicate one more hike this year (for a total of three) and an additional three hikes next year. The Fed is also no longer quite sure about how some basic aspects of the economy are working these days.
Marc Bertrand, meanwhile, also likes the idea of adding Butler for the simple fact that he would make the Celtics a lot better . During the six-game playoff series against the Celtics , Butler averaged 22.7 points, 7.3 rebounds and 4.3 assists.
But by applying pressure on gas-rich Qatar through sanctions, "we have a golden opportunity to break this support", he said . On June 7, Turkey's Parliament approved the deployment of troops to a Turkish military base in Qatar.
Cherchesov felt president Putin's pre-match speech - which ended with the proclamation "Dear friends, let us watch football!" ST. He is considered doubtful for Thursday's encounter against World champions Germany at the Kazan Arena.
Oil prices pause after sharp falls
OPEC's May oil production was up by 336,000 bbl/d at 32.14 million bbl/d, led by a rebound in output from the two countries. Meanwhile, CLc1 experienced a fall of 0.5%, or 20 cents, landing down at US$44.54 per barrel, in U.S.
White man plows van into crowd by London mosque; 10 injured
One sick message questioned why the suspected attacker was not shot dead by police - like the gang of London Bridge terrorists. Police are searching a residential address in Pentwyn, where Osborne is listed as living, in connection with the attack.
Trump tweets about Democrats, Georgia election
Handel has said she would have voted for that plan, but she and other GOP leaders are not eager to discuss their support. At least one local Republican official interpreted last week's shooting as a potential positive for Handel's candidacy.
Russia warns US after downing of Syrian jet
Russia , which has been Syrian President Bashar al-Assad's most powerful backer, condemned the downing of the plane. Super Hornet shoots down a Syrian fighter jet as it was allegedly conducting a strike on a Syrian rebel group.
Almost 1300 Kids Killed By Guns Each Year, Study Finds
This is in line with a larger nationwide trend in suicide increases, influenced by the economic downturn around 2007. The annual death rate is almost 2 out of 100,000 children, the rate is twice the number for blacks.
Senate backs sanctions on Russia over US election hacking
Paul's vote was unsurprising, as he'd also opposed yesterday's amendment on adding Russian Federation sanctions to the bill. The Senate passed the bill, which also includes additional sanctions on Iran, by an overwhelming 98-2 vote with Sens.