Oil prices looking for support as WTI tests back below $68
06 August, 2018, 11:32 | Author: Sally Reid
That's compared with a forecast for a 3-million-barrel decline in a Bloomberg survey of analysts. The actual record was a build that surprised the market.
Stocks at the key Cushing storage hub in Oklahoma fell by 1.3-million barrels, the lowest level since October 2014, according to data from the Energy Information Administration (EIA).
The question regarding Iranian oil supply now is, can the Trump Administration get everybody else except China, which has already said it won't recognize US sanctions on Iran, out of the market, according to the strategist. Higher crude output from the Saudis, along with Nigeria and Iraq, pushed up total Opec production by 300,000 barrels a day last month. "In turn, for every 1 million barrels per day imbalance, we see a price impact on Brent of around $17", they added. Iranian officials have warned their country would not easily yield to a renewed US campaign to strangle oil exports.
Light, sweet crude for September delivery fell 1.7 per cent to $67.58 a barrel on the New York Mercantile Exchange.
Fears that Chinese demand could taper fuelled the pullback on Friday after state oil major Sinopec cut its purchases of US crude. The group's 15 members, which now include Congo, collectively produced 32.6 million barrels per day.
To be sure, production jumped from a year ago-by 13.3 percent from the 9.217 million bpd production in May last year.
The FOMC interlude was even less of an event than expected but that belies some of the headline risk creeping back into play, as the market has been waiting for a Whitehouse press release on China tariffs which has left investors to speculate if this will confirm the overnight chatter the U.S. is proceeding with United States dollars 16 bln in tariffs. Total volume traded was about 30 percent below the 100-day average. Over the past four weeks, motor gasoline supplied averaged 9.68 million barrels per day, down by 0.9 percent from the same period previous year. Over the past four weeks, jet fuel supplied averaged 1.79 million barrels per day, down by 1.7 percent from the same period a year ago.
The West Texas Intermediate (WTI) for September delivery lost 0.47 USA dollar to settle at 68.49 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.24 dollar to close at 73.21 dollars a barrel on the London ICE Futures Exchange.
OPEC's July output climbed as Saudi Arabia pumped near-record volumes, while Russian Federation boosted production to unprecedented levels since it joined the cartel in a coordinated cut in January 2017.
Traders are also watching rising output from OPEC and its allies following their June accord to increase supply, having faced acute pressure from the U.S. President, Donald Trump, to calm oil prices.
In recent years, when one human case occurs in an area, other cases often follow in the same part of the county, they said . People with weak immune systems or those older than 60 years of age are more likely to be infected by the West Nile virus.
These include illegal shipments of oil by sea that, according to Washington , enables Pyongyang to bust its import quotas. But it's also a drop in the bucket compared to how many fallen USA soldiers are still in North Korea.
Chigumba, a high court judge, has flatly denied allegations of bias and strongly disputed accusations of rigging. Mugabe, 94, who ruled for almost four decades, voted in Harare alongside his wife Grace.
Khan's party yesterday announced that it is trying to reach out to smaller parties and independents to form the next government. The National Assembly has 272 seats in total but two have been postponed and results of two are awaited.
He broke the budding 21-run partnership between him and Dawid Malan (20) as Rahul held another excellent, low catch at leg slip. Ashwin, who also took the wicket of Alastair Cook with the final ball of the second day, had figures of 3-34.
He appeared to be referencing a dispute over golf fees at Trump's Virginia golf club that was reported in the New York Times . He said the President doesn't have to support his own tweet's claim because it's Mueller's "conflict", not Trump's.
The guard was injured during a trip to an island in Svalbard, which is located between mainland Norway and the North Pole. Svalbard is mostly ice - and on the islands, polar bears are thought to outnumber people, the BBC reported.
The country is now in the world's worst humanitarian crisis, with more than 22.2 million people in need of assistance. Yemen's war has killed almost 10,000 people, with more than eight million Yemenis at risk of starvation.
Justin Thomas coasts to win in finale at Firestone
It added up to a solid 3-under-par 69 and the prospect of a first win on the LPGA Tour, let alone a first major title. It leaves the former world No.1 Day in solo fourth, four shots back of leader Justin Thomas.
Chelsea only need one more player - Sarri
Cesc Fabregas is a doubt for Sunday's Community Shield with Manchester City with a minor knee injury. The table of the last Premier League told me City had 100 points, and Chelsea had 70 points.
China Warns of Retaliation if US Takes More Trade Steps
Trump recently threatened to slap punitive tariffs on all Chinese imports, which accounted for more than $500 billion past year . But within days, Trump himself backed away from the deal, saying talks would "probably have to use a different structure".
Chelsea manager Sarri rules off exit for Blues' striker
The Daily Express reports that Chelsea have now weighed their options and saw reasons Courtois will not be departing this summer. Chelsea FC will start the new Premier League season with a clash against Huddersfield Town next Saturday.
Tax Free Weekend recap
Those who live in Loudoun or in other parts of Northern Virginia, where the sales tax is 6 percent, will save even more. In anctipation of the crowds, Cottonwood Mall has added hours to its weekend schedule, staying open until 10 p.m.
Apple becomes world's first trillion dollar company
Since 1980, IBM, Exxon Mobil, General Electric and Microsoft have also alternated as the largest publicly listed U.S. company. The stock has been rising since Tuesday when it reported better than expected results for the three months to June.