Tuesday, 20 November, 2018


Crude Market Tightening Concerns Send US Crude Back Over $70/bbl

Crude Market Tightening Concerns Send US Crude Back Over $70/bbl Crude Market Tightening Concerns Send US Crude Back Over $70/bbl
Conrad Doyle | 04 August, 2018, 18:27

"While we have some bearish factors, including rising USA oil production, a trade war between the USA and China isn't drastically escalating, and that sense of relief is supporting prices".

us crude prices actually rose in 13 of the month's 21 sessions, while Brent is also up in 13 of the 22 trading days.

Oil traders said prices pulled back after information supplier, Genscape reported that inventories at Cushing, Oklahoma, the delivery hub for United States crude, rose almost 200,000 barrels, or nearly one per cent, from Tuesday to Friday last week.

Crude oil prices rose Monday with the global benchmark, Brent crude settling at $75 per barrel, as traders kept the focus on global supply disruptions and the effects of the United States' sanctions on Iran.

Oil prices suffered their steepest monthly decline since 2016 yesterday, amid signs that the threat of renewed sanctions on Iran may not be as bad as feared.

West Texas Intermediate futures slipped 1.2%, after climbing 2.1% to surpass US$70 a barrel on Monday. Analysts polled by Reuters had expected a decrease of 2.8 million barrels.

Brent fell more than 6 percent in July, while USA crude futures slumped about 7 percent, the biggest monthly declines for both benchmarks since July 2016.

Crude oil prices are now moving lower. September WTI fell 92 cents, or 1.32%, to settle at $$68.69 a barrel, for a weekly gain of 0.6%. Looming U.S. sanctions have already started to cut Iranian exports.

Alhajji said, "Unlike the past, USA weekly crude oil inventories have become extremely sensitive to U.S.net imports, making short term oil prices more volatile".

A factor contributing to exceeding the target was the addition of 320,000 BPD of production from Congo, along with increases in Kuwait, UAE, Saudi Arabia and Nigeria.

In June, Opec plus Russian Federation and other allies chose to ease supply cuts that had been in place since 2017 after a glut was cleared.

A survey of 44 economists and analysts forecast Brent crude to average $72.87 a barrel in 2018, 29 cents higher than the $72.58 projected in the previous month's poll and above the $71.68 average so far this year.

Saudi Arabia last week said it was suspending oil shipments through the Red Sea's Bab al-Mandeb strait, one of the world's most important sea routes for crude oil, after Yemen's Iran-aligned Houthis attacked two ships in the waterway.

At the same time, representatives of U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are having private conversations as they look for ways to re-engage in negotiations in a bid to avert a full-fledged trade war, two people familiar with the effort said.

The U.S. economy grew at its fastest pace in almost four years in the second quarter, but trade tensions remain high between Washington and Beijing despite an easing between the United States and the EU.

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