Wednesday, 26 September, 2018

US crude inventory fall buoys oil, worries about rally persist

Laurie Berry | 13 January, 2018, 07:26

Crude oil prices continued to soar Wednesday, as industry data showed another surprisingly large drawdown in USA oil inventories.

Data from the U.

USA crude oil rose to its highest level in more than three years on Tuesday, supported by OPEC-led production cuts and expectations US crude inventories fell for an eighth week. Analysts said that could have been the result of extreme cold temperatures across the United States. "But market participants could also use the sharp drop in production as an excuse to buy", said Carsten Fritsch, oil analyst at Commerzbank AG in Frankfurt, Germany.

WTI light sweet crude oil rose 60 cents to $63.64 a barrel this morning, the highest in more than three years.

Brent for March settlement was little changed at $69.18 a barrel on the London-based ICE Futures Europe exchange after adding 0.6 percent to close on Wednesday at the highest level since December 2014.

Daily Brent spot market prices ended 2017 near $67/Bbl - the highest level since December 2014, Kallanish Energy reports. The session high for the global benchmark was $69.37, highest since May 2015.

Burning Tanker Drifts into Japan's Economic Zone
A chartering manager at an Asian refiner said: "Now charterers will pay much more attention on the safety of the vessels". It's the second collision for a ship from the National Iranian Tanker Co.in less than a year and a half.

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) averaged 32.5 million b/d in 2017, a decrease of 0.2 million b/d from 2016.

"Oil inventories in the US and the rest of the world continue to show ongoing declines", said Giovanni Staunovo, a commodity analyst at UBS Group AG in Zurich.

The rally has brought out some concerns that the market could overheat, especially as USA production is expected to rise to new records.

The Department of Energy forecast Tuesday that oil output in the United States could top both Saudi Arabia and Russian Federation by the end of 2019.

U.S. crude oil production is expected to surpass 10 million barrels per day (bpd) next month, en route to an all-time record months ahead of previous forecasts, the U.S. Energy Information Administration said Tuesday.

The and allies including Russian Federation are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. OPEC, along with non-members including Russian Federation, have extended through the end of this year a deal to cut supply by 1.8 million bpd.

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