Business

Now oil prices are nearing $51 as USA inventories drop

Now oil prices are nearing $51 as USA inventories drop”

Crude inventories fell by 7.2 million barrels in the week to July 21, compared with analysts' expectations for a decrease of 3 million barrels, the Energy Information Administration said today.

The latest API data recorded a much larger than expected inventory draw of 10.2 million barrels, although there was some disappointment that gasoline stocks increased.

US crude futures were up 29 cents to $48.17 a barrel as of 11:03 a.m. EDT (1503 GMT) after hitting a high of $48.87 a barrel, while Brent crude rose 18 cents to $50.40 a barrel, retreating from a session high of $51.06 a barrel. On the same day, U.S. crude oil active futures rose 1.6%.

Kuwait joined the United Arab Emirates in promising to pump less oil after Saudi Arabia called on fellow OPEC producers to cut more supply to help curb the global glut. Last week, OPEC formally agreed to extend the current deal to cut oil production by 1.8 million barrels per day until March 2018. The UAE consumes less than a third of its total crude oil production-so it is unclear, assuming it continues to overproduce, exactly what the UAE intends on doing with the 10 percent it is shaving off its September exports.

WTI oil prices are forecast at $48.95 per barrel in 2017 and $49.58 per barrel in 2018, according to the EIA.

Oil has traded below $50 a barrel since May amid concern that rising global output will offset reduced flows from members of the Organization of Petroleum Exporting Countries and its allies including Russian Federation.

However, gasoline inventories increased, the report stated.

EIA reports that ethanol exports have also been on the rise, particularly through the first four months of 2017. The growth in imports comes on the back of higher refinery runs after a maintenance period, as well as dwindling local crude production.

For distillate inventories including diesel, the EIA reported a fall of 2.9 million barrels. USA gross ethanol exports averaged 96,000 b/d, a 40 percent higher figure than was seen during the same period the year before.



Like this

Latest


27 July 2017
United States to vote on Russian Federation sanctions
House of Representatives on Tuesday voted to toughen sanctions on Russian Federation , as well as Iran and North Korea . Previously, adoption of the draft was put on hold as the House was reluctant to pass it, citing "procedural issues".

27 July 2017
No, the global Moto Z2 Force doesn't have a headphone jack
The smartphone will go on sale in Mexico, Brazil, Europe, Middle East, and Africa from later this summer, the company says. Moto announced the phone at a NY press event, and confirmed that it will be coming to the United Kingdom in due course.

24 July 2017
Captain Marvel Will Be Fighting Skrulls in the '90s in Her Movie
In fact, fans will remember that back in 2008's Iron Man , Nick Fury told Tony Stark that he wasn't the only superhero around. He did reveal this, however: the enemies Captain Marvel will be battling in her titular movie will be the Skrulls.

23 July 2017
Hot Board: Ole Miss begins process to replace Hugh Freeze
MS coach Hugh Freeze resigned instead of being fired Thursday for what Ole Miss called a pattern of personal misconduct. A center at Ole Miss from 1995-98, Luke hails from a family that has deep roots in Oxford .

22 July 2017
3rd mosquito trap in Ada County tests positive for West Nile Virus
More than 70 percent of people who get bitten by a mosquito infected with West Nile virus won't show any symptoms, said Dr. Samuel Dorevitch, an environmental epidemiologist at the University of IL at Chicago's School of Public Health.

22 July 2017
Kuwait expels Iran envoys over alleged terror links
Iran responded to the expulsions by filing a complaint with the Kuwaiti charge d'affaires, the Iranian news agency ISNA said. The men were initially convicted by a lower court, but were later acquitted on appeals several months later and set free.

20 July 2017
Missing paperwork may erase student debt for tens of thousands
The trust organization is facing trouble proving in court that it has the legal paperwork to prove ownership of its loans. These private loans were not guaranteed by the federal government, which is the nation's largest student loan lender.

20 July 2017
The Analysts Set Dominion Diamond Corporation (DDC) PT at $14.78
Schroder Investment Management Group raised its position in shares of Dominion Diamond Corporation by 17.5% in the first quarter. The stock witnessed 10.42% gains, 12.35% gains and 36.36% gains for the 1-month, 3-month and 6-month period, respectively.

18 July 2017
PayPal added to Samsung Pay
Users can access their PayPal wallet right inside Samsung's app and spend the balance in places where they couldn't before. Today Samsung officially announced a new partnership with PayPal , adding yet another payment option to Samsung Pay .

18 July 2017
Who Is Forthcoming Disney Star Mena Massoud?
After taking the long and winding road, Walt Disney Studios has finally found the lead actor for the live-action Aladdin remake. John August (Big Fish) wrote the script for the new Aladdin film, which is due for release from Disney sometime in 2019.



Recommended