Oil prices chart new territory on supply-side concerns
Oil prices chart new territory on supply-side concerns
Oil prices climb on tightening US market
05 July, 2018, 20:52
Mr Trump again accused the Organisation of the Petroleum Exporting Countries (OPEC) of driving fuel prices higher on Wednesday, and urged U.S. allies such as Saudi Arabia to pump more if they wanted Washington to continue protecting them against their top foe Iran.
The price of West Texas Intermediate crude oil is now around $74 a barrel.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump tweeted on the Fourth of July. "You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?!"
At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new USA shale production comes on stream. If anything, they are driving prices higher as the United States defends many of their members for very little $'s.
He's not totally oblivious to the fact that pulling the USA out of the Iran nuclear deal served to embed still more geopolitical risk premium in crude prices. Plus, a report today from data-provider Genscape Inc. was said to show Texas Gulf Coast crude stockpiles rose by about 431,000 barrels last week.
"Given the extension of the Opec agreement to end of 2018, we expect oil sector growth to be limited this year, especially given the UAE's increasing compliance with the production cuts, which averaged 124 per cent in the first three months of 2018", ICAEW said. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.
The average price of gasoline in the U.S. has risen above $3 per gallon.
Trump's plan is to get the Gulf countries to commit to increase output by over two million barrels per day to offset falling supplies elsewhere. It has made similar threats in the past, prior to the 2015 nuclear deal.
The early reaction to Trump's tweet was normal.
Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile United States action.
"As a result, American consumers would have to pay the price of Trump's unilateralism at gas stations".
"If they want to stop Iranian oil exports, we will not allow any oil shipment to pass through the Strait of Hormuz", Ismail Kowsari, an Iranian Revolutionary Guards commander, told Iran's Young Journalists Club, Reuters reported.
Williams was almost as good, losing just five of 32 points on her first serve in a 6-1, 6-4 win over Viktoriya Tomova. But she was forced to pull out of the French before her match against Maria Sharapova with a pectoral injury.
We'll hold an isolated chance for rain through Friday morning, before much drier and cooler air moves in for the weekend. Weekend Outlook: More typical afternoon scattered storms are expected on Saturday with highs in the lower 90s.
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