Friday, 22 September, 2017

Oil prices steady after strong gains due to higher demand forecast

FRANCE-OIL-TANKER Oil prices were buoyed by a forecast of strong demand and shrinking inventories
Juana Turner | 16 September, 2017, 00:39

The American benchmark broke above the psychological level of US$50 a barrel on Thursday after a report from the International Energy Agency supported sustained global oil demand growth and noted a sense of rebalance coming back to the market.

Crude oil prices fell on Thursday in Asia, dragged down by a more than expected build in USA inventories even as industrial output figures showed China posting higher crude runs in August and lower domestic production.

Data from the Energy Information Administration showed a build in USA crude inventories last week of 5.9 million barrels, exceeding expectations.

Gasoline stockpiles were down 8.4 million barrels for the week, the EIA said. Growth is forecast to average 700,000 b/d in 2017 and almost 1.5 mb/d in 2018 as higher production from Canada and the North Sea offsets weaker USA and Brazilian estimates.

The Paris-based IEA yesterday lifted its global oil demand growth estimate to 1.6m barrels per day (bpd) from a previous estimate of 1.5m bpd and said global oil inventories were tightening.

Early Wednesday, the U.S. Energy Information Administration said domestic crude supplies climbed (http://www.marketwatch.com/story/eia-reports-smaller-than-expected-rise-in-us-crude-supplies-output-climbs-2017-09-13) by 5.9 million barrels for the week ended September 8.

Crude oil fell in Asia on Friday after tested an intermediate range ballistic missile over the Japanese island of Hokkaido and into the Pacific Ocean in the latest tit-for-tat with the USA and its allies for pushing United Nations economic sanctions, with investors looking ahead to the latest weekly US data.

Oil prices rise for 3rd straight session as IEA reports drop in global supply
Even When OPEC Wins, It Loses

Oil refineries in the USA are coming back online and increasing their demand for crude after several Hurricanes rampaged through the southern states and delayed refinery operations.

Crude prices have maintained a firm tone during the past 24 hours with further optimism surrounding the outlook for global growth boosting confidence in increased demand for oil. IEA's oil and market division head Mr. Neil Atkinson told CNBC that "pretty robust" demand showed that a rebalancing of the market is "underway".

On similar lines, the oil for delivery in October edged up by Rs 2.60, or 0.48 per cent to Rs 549 per 10 kg in 172 lots.

"We're all trying to make our way in this world of between $50 and $60 and I would expect that to continue".

Within industrialised countries that are members of the OECD oil "product stocks are now only 35 mb above the five-year average", the IEA said in its monthly report.

OPEC may attract new non-OPEC countries to the agreement on crude production cap, Kuwaiti Oil Minister Essam al-Marzouk said Wednesday.

Recommended

  • Jennifer Garner on laughing gas crying about Hamilton is everything

    Jennifer Garner on laughing gas crying about Hamilton is everything

    It's only been two weeks since Garner joined Instagram , and this video-her seventh post-has been viewed more than 22,000 times. "They did the sad part of Hamilton and I started crying and I couldn't stop", she recounted in her call.
    New Hampshire voter fraud fight takes new turn

    New Hampshire voter fraud fight takes new turn

    The Presidential Advisory Commission on Election Integrity has spurred controversy since it was established in May. Jasper found many statistics that simply do not stack up well for the integrity of New Hampshire's voting system.
    Korea: 'We will sink Japan, reduce the United States  mainland to ashes'

    Korea: 'We will sink Japan, reduce the United States mainland to ashes'

    In retribution, the North's committee threatened to destroy the United States and its regional allies Japan and South Korea. It also said the council is made of "money-bribed" countries that act according to the orders directed by the US.
  • Fire kills at least 25 at religious school in Malaysian capital

    Fire kills at least 25 at religious school in Malaysian capital

    Seven people were taken to a nearby hospital for injuries, while 11 others were rescued, the notice said. Firefighters rushed to the scene and the fire was out within an hour but it wreaked awful devastation.
    Georgia teen's death at LSU frat house possible hazing incident

    Georgia teen's death at LSU frat house possible hazing incident

    More detailed toxicology analysis is to come, so the autopsy could take four weeks longer to complete, the office said. William "Beau" Clark issued a statement Friday morning on the death of Maxwell Gruver, 18, of Roswell, Georgia.
    Showers move out to bring us a great weekend

    Showers move out to bring us a great weekend

    Bigger changes move our way this weekend starting with thunderstorm chances Friday night through Saturday night . A frontal boundary stalled out across the region today will be the focus for isolated showers and thunderstorms.
  • Alphabet Considering Investment in Lyft of $1 Billion

    Alphabet Considering Investment in Lyft of $1 Billion

    They plan to bring autonomous vehicle technology into the mainstream through pilot projects and product-development efforts. Google was an early investor in Uber , but the companies are now engaged in a hard-fought lawsuit over trade secrets .
    Marcus Stoinis speaks about Akshay Karnewar's ambidextrous bowling

    Marcus Stoinis speaks about Akshay Karnewar's ambidextrous bowling

    It was all-rounder Marcus Stoinis and wicket-keeper Matthew Wade who provided the fireworks for Australia in the death-overs. This happened during the practice match between India's Board President's XI and Australia , held in Chennai .
    GOP senators make last ObamaCare repeal pitch

    GOP senators make last ObamaCare repeal pitch

    Senator Bill Cassidy is a co-author of the last ditch effort by Republicans to repeal and replace the Affordable Care Act . The bill would also, for the first time in history, place a federal spending cap on Medicaid.
  • Madras HC stays floor test until Sept 20 — AIADMK crisis

    Madras HC stays floor test until Sept 20 — AIADMK crisis

    In other major decisions, the General Council altered the party's organisational structure to a collective leadership structure. He said, "No legal sanction for the [general council ] meeting and those who attended are not general council members".
    India's Wholesale Price Inflation Set To Accelerate Further

    India's Wholesale Price Inflation Set To Accelerate Further

    Wholesale inflation in fuel and power also touched near double digits at 9.99 per cent in August against 4.37 per cent in July. Inflation in manufactured products witnessed a increase at 2.45 per cent in August, against 2.18 per cent in July.
    Two Motel 6 Locations In Arizona Reportedly Alert ICE Of Undocumented Immigrants

    Two Motel 6 Locations In Arizona Reportedly Alert ICE Of Undocumented Immigrants

    Yet this is not the first time a Motel 6 location has shared hotel guest information with the authorities. Pitts O'Keefe refused to say where ICE gets their leads on where undocumented immigrants are staying.

Perera helps World XI level series 1-1 Perera helps World XI level series 1-1 In the first match of Independence Cup, he leaked as many as 51 runs and then scored a mere 17 in a pursuit of colossal total. Pakistan's experienced batsman Malik (39) lifted the total when he hit Cutting for two sixes in his 23-ball knock.

Here's why NASA had to crash Cassini Here's why NASA had to crash Cassini This Grand Finale , as NASA calls it, came about as Cassini's fuel tank started getting low after 13 years exploring the planet. The mission's final calculations predict loss of contact with the Cassini spacecraft will take place on Friday at 7.55 a.m.

Russia, Belarus launch joint military exercise amid tensions with West Russia, Belarus launch joint military exercise amid tensions with West As it said only around 3,000 personnel would be involved in the exercise, it looked like a clear sign it was hiding something. Western officials raise concerns Moscow may use drills as a "Trojan horse" to make incursions into Poland and Baltics .