Sunday, 24 September, 2017

Oil posts solid gains ahead of United States supply update

Energy Snapshot What Happened on July 3–7 2017 Why Energy Is Worst Sector Of 2017
Heather Davidson | 13 July, 2017, 01:35

In June, OPEC crude production rose by 393,000 barrels per day to average 32.61 million barrels per day, according to secondary sources. A bigger number should be bullish for oil prices.

"A lower forecast for crude oil prices is expected to shave a little off projected growth in U.S. oil production next year compared with the previous forecast, but annual output is still on track to reach a record high in 2018", U.S. EIA acting administrator Howard Gruenspecht said in a statement. The additional supply from the U.S.to an already over-saturated oil market has often been blamed for plummeting prices. While the oil market has been so fixated on rising oil rig counts, the increase in uncompleted oil wells should have been raising some concern.

US crude imports fell last week by 282,000 bpd.

"We have spoken to (OPEC Secretary General Mohammad) Barkindo and in the next two weeks there will be conversations with them (Libya and Nigeria) and possibly we will invite them to the technical summit", Russian Energy Minister Alexander Novak told reporters on the sidelines of an industry conference in Istanbul.

USA crude briefly rallied to a session high of $46.48 a barrel after the data was released before paring gains.

Crude oil prices, which recovered from a rough start Tuesday to rally for gains, saw continued momentum in early Wednesday trading.

"US gasoline demand remains lacklustre and gasoline stocks are still above the five-year average, which will cap gains in crude and gasoline prices", said Abhishek Kumar, Senior Energy Analyst at Interfax Energy's Global Gas Analytics in London.

The last three years have seen the oil market in a state of oversupply, despite OPEC-led countries reducinged their output in 2016 and the extended it into this year. The EIA data showed distillate stockpiles, which include diesel and heating oil, rose by 3.1 million barrels, versus expectations for a 1.1 million barrels increase.

The source confirmed that crude exports for August will fall to their lowest level this year at around 6.6 million bpd. Total volume traded was about 40 percent above the 100-day average.

Electricity: "Forecast milder temperatures for this summer compared with last summer will reduce the need for air conditioning, resulting in the average USA household consuming 5% less electricity from June through August".

In a separate report on Tuesday, EIA projected US crude oil production in 2018 will rise by less than previously expected. Market reaction was mixed, but not to such an extent that the decision takers expected support from USA shale producers who continued their production.

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