Monday, 24 September, 2018


Saudi Arabia may seek to push crude oil as high as $100/bbl

Saudi Arabia may seek to push crude oil as high as $100/bbl Saudi Arabia may seek to push crude oil as high as $100/bbl
Bennie Garza | 18 April, 2018, 23:35

Futures in NY rose as much as 2%, extending their gain beyond last week's three-year high.

West Texas Intermediate for May delivery climbed as much as $1.33 to $67.85 a barrel on the New York Mercantile Exchange, the highest since December 2014.

OPEC's ministerial committee tasked with monitoring the group's supply-cutting deal with non-OPEC countries, led by Russian Federation, meets in the Saudi city of Jeddah on Friday.

Oil prices settled higher on Tuesday as investors continued to monitor geopolitical tensions in the Middle East.

"The product draws were a bit surprising", PVM Oil Associates analyst Tamas Varga said, referring to the drop in gasoline and distillate inventories reported by API.

According to the American Petroleum Institute, U.S. crude inventories fell by 1 million barrels last week, to 428 million barrels. "As long as the geopolitical premium is here with us we should not sell off".

Crude inventories fell 1.1 million barrels in the week to April 13, the Energy Information Administration said on Wednesday, compared with analysts' expectations for a decrease of 1.4 million barrels.

Brent crude futures were up $1.54 at $73.12 by 11:14 a.m. EDT.

"This may be one of the most bullish reports in some time, with the across-the-board declines in inventories", said John Kilduff, a partner at Again Capital Management in NY.

Brent for June settlement added $1.13 to $72.71/bbl on the London-based ICE Futures Europe exchange, after touching $72.84, the highest since April 16.

At 1222 GMT, June WTI crude oil is trading $67.75, up $1.24 or +1.86% and June Brent crude oil is at $72.75, up $1.17 or +1.63%. A Bloomberg survey before EIA data on Wednesday predicts an increase of 650,000 bbl.

Oil prices rose to their highest levels since late 2014 after government data indicated USA crude stockpiles fell last week and as the market continued to worry about supply disruptions. Distillate inventories are forecast to fall in the EIA report.

OPEC's new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, three industry sources said, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement's original target is within sight.

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