OPEC's Oil Exports to US Fall to Five-Year Low in January
OPEC's Oil Exports to US Fall to Five-Year Low in January
Oil Edges Up As Market Eyes Tighter Supply | NTA.ng - Breaking News, Nigeria, Africa, Worldwide
07 February, 2019, 15:22
Morse predicted that moving forward "We have plenty of potentially bullish moves in the market" following a period of soft demand before the seasonal fuel consumption rise begins around May, with Brent rising into the mid-$60 range and hitting $70 before year end - which the researcher believes will encourage USA producers to allocate more money to drilling.
The Energy Information Administration reported Wednesday that domestic crude supplies rose by 1.3 million barrels for the week ended February 1.
Oil fell 1 percent on Wednesday after a report showed a rise in USA crude inventories, while concerns about the impact of us sanctions on Venezuela on global supplies eased.
National Security Adviser John Bolton and Treasury Secretary Steven Mnuchin announce sanctions against Venezuela state-owned oil company PDVSA and embattled president Nicolas Maduro.
"The fact that USA crude oil and gasoline stocks rose more sharply than expected, as reported by the API after close of trading yesterday, is weighing on prices", said Carsten Fritsch, analyst at Commerzbank.
"It would seem that the market is really not too anxious yet about the potential loss of Venezuelan barrels", said analysts at JBC Energy in a report.
The sanctions will sharply limit oil transactions between Venezuela and other countries and are similar to but slightly less extensive than those imposed on Iran previous year, experts said on Friday after looking at details posted by the Treasury Department. -China trade dispute. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.
U.S. President Donald Trump said in his State of the Union address that a trade deal with China was possible.
Countering the rising US crude output and inventories are voluntary supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at tightening the market and propping up prices.
Traders are still anxious about the global economic slowdown especially because of the uncertainty surrounding the U.S.
"The market will struggle to compare disappointing API Inventory numbers against reports of a decrease in Venezuelan output, OPEC cuts, and weak economic data".
The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three-quarters of its pledged cuts already, a Reuters survey showed last week. Elsewhere, supplies from OPEC face heightened uncertainty after Libya's eastern leader Khalifa Haftar said his forces have taken control of the country's largest oil field. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.
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