Monday, 11 December, 2017

Crude Oil Plunges Almost 3% On Gasoline Surplus

World oil prices up Oil Prices - 05-12-17
Juana Turner | 07 December, 2017, 01:04

According to the source, the price for January Futures WTI oil increased by 0,19%, totalling to $57,58 per barrel on the New York Mercantile Exchange (NYMEX). The global benchmark crude traded at a premium of $5.19 to February WTI.

Brent crude futures were down $1.28 at $61.55 US a barrel approaching noon ET Wednesday, after reaching a session high of $62.93 USA, while US crude futures dropped $1.33, or 2.2%, to $56.33 U.S.

US gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, government data showed, both exceeding expectations in a Reuters poll. Distillates rose by 4.26 million barrels.

"Gasoline inventories are also now building as demand eases back even in the face of decent export numbers".

Futures dropped 0.6 percent in NY after rising 0.3 percent on Tuesday.

USA output rose in September to 9.5 million barrels per day (bpd), the highest monthly output since 2015, the EIA said last week. Prices are finding it hard to surpass their two year highs.

World oil prices up
Hot Commodities: Oil Plummets On Weak Equities And Heavy Selling Pressure

"If you extend the production-cut agreement through the end of 2018, that surplus will basically erode away, which will be a good thing for oil prices in the long-term", Rob Thummel, managing director at Tortoise Capital Advisors LLC, which handles $16 billion in energy-related assets, said in a Bloomberg Television interview.

OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found on Monday, as the oil cartel maintained strong compliance with the deal to curb output.

One factor that could undermine OPEC's and Russia's effort to cut supplies and prop up prices is USA oil production, which has risen by 15% since mid-2016 to 9.68 million barrels per day, close to levels of top producers Russian Federation and Saudi Arabia.

With the supply cuts likely in place throughout 2018, analysts said crude prices were well supported.

"With U.S. production, we're still in the throes of seeing that go ever higher".

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