Monday, 21 May, 2018

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions

Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions Oil dips on signs of ample supply despite OPEC cuts, Iran sanctions
Freda Brock | 16 May, 2018, 15:59

The price spread between USA benchmark WTI and Brent has widened to more than $7 a barrel.

WTI futures for July traded just above $71 a barrel Tuesday in NY, while Dubai oil swaps were at over $74, according to data compiled by Bloomberg. He said that Brent crude oil could rise as high as $85 (£63) per barrel, but predicted that they would not drop below $69.70 (£52).

"You have the threat that a high enough price will start to activate the 7,700 drilled but uncompleted wells in the Lower 48 states", said Walter Zimmerman, chief technical analyst at ICAP TA.

Oil eased on Wednesday after a rise in US crude inventory added to signs demand may be slowing in spite of ongoing output cuts by producer group OPEC and imminent USA sanctions against Iran. The coming US sanctions pushed up oil prices last week after President Donald Trump withdrew the United States from the nuclear deal.

A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, thanks to an OPEC-led pact to cut supplies that has been in place since January 2017 and due to rising global demand.

"For now, the rapidly changing geopolitical landscape will move the attention away from stocks as producers and consumers consider how to limit volatility in the oil market", the IEA said.

Amazon Prime chooses Florida for new Whole Foods discounts
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Refinery runs in March also jumped to a record as import quotas for the small independent refiners-the so-called "teapots"-were increased and refinery margins stayed healthy".

When sanctions were imposed in 2012, Iranian exports fell by about 1.2 million barrels per day, the organisation said.

"The API inventory data in the US fits with. a topping pattern - or at least a decent pause - for oil prices at the moment", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Still, "we don't expect China to reduce its imports of crude from Iran given their long-term signed contracts and the ability to pay in yuan", said Abhishek Deshpande, the head of oil market research & strategy at J. P. Morgan.

The agency estimates that global oil inventories fell an average of almost 0.6 million barrels per day (bpd) in each of the past five quarters (January 2017 through March 2018).

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