Oil posts solid gains ahead of United States supply update
Oil posts solid gains ahead of United States supply update
Why Energy Is Worst Sector Of 2017
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.
Its billionaire owner Wang Jianlin had a year ago said his "wolf pack" of parks would beat United States rival Walt Disney Co. Primarily a real estate company, Wanda also took aim at the tourism industry by pledging to unseat Disney as a top brand .
Nigeria and Libya were exempt from the production cut deal at OPEC's meeting on May 25, 2017, due to internal political unrest. The two countries have been invited to a joint meeting between OPEC and non-OPEC on July 24 in St Petersburg, Russia.
Mr Liu and his family, who are being closely guarded in the hospital, could not immediately be reached for comment. He was sentenced to 11 years' jail on subversion charges but was awarded the Nobel Peace Prize in 2010.
Although she has reached the semifinals at Wimbledon in the past, Halep has a hard matchup on Monday at the Grand Slam. A lot of people are going to look at her run so far and think that she's been on the brink too much.
On Friday, Familia's oldest daughter, Genesis Villella, 20, released a statement , "She was incredibly amusing ". Statement from Officer Familia's daughter: Police say she had no prior contact with gunman Alexander Bonds .
Rear passengers will get a new foot massaging feature and every powertrain will come standard with a 48-volt mild hybrid system. If a driver becomes too dependent upon the car's autonomy, they're less likely to intervene when the system fails.
David Okeke tallied eight points for Italy in the quarter to try to keep the team in the game, but Canada led 51-36 at the break. The Americans had a 62-53 rebound advantage and grabbed 30 offensive boards leading to 22 second-chance points.
Killa Abdullah Sajid Mohmand, who was critically wounded in the blast, succumbed to his injuries in the hospital. Balochistan Chief Minister Sanaullah Zahri and Interior Minister Chaudhry Nisar Ali Khan condemned the attack.
King Felipe, accompanied by Prince Philip, inspected the Guard of Honor (in this case, the 1st Battalion Irish Guards). At the United Nations past year , the Spanish King called on Britain to "end the colonial anachronism of Gibraltar".
I know I was nervous but I just had no expectation to do well, so it was completely different to the kind of nerves I get now. The opening match on Centre Court was due to start at noon, so the roof was closed for the first time this year.
Gymboree to close approximately 350 stores
The chain has suffered thanks to declining mall traffic, online competition and fixed rent costs. All Janie and Jack stores in Arizona will remain open, according to a company website .
Drinking Coffee Can Help You Live Longer
It showed that coffee consumption was linked with a lower risk of death from diseases like circulatory and digestive diseases. But if you don't have that sensitivity, the researchers say this proves that 3 to 5 cups a day can be part of a healthy diet.
Rafael Nadal crashes out of Wimbledon
The French Open champion had not dropped any of his last 28 sets in grand slams, but Muller took the first two off him. And it looked as though the pair would not be held up for too long when Muller took a two-set lead, leading 6-3, 6-4.
Omaha gas prices see sharp increase
Senior Petroleum Analyst, Patrick DeHaan, with GasBuddy.com says it's due to an uptick in oil prices since late June. The New York state average on Sunday was 7.2 cents lower than a month ago but 2.2 cents higher than a year ago.
Facebook warning message about hacker a hoax
If you've received a message that you believe is a scam, you should avoid responding and report the message to Facebook . People on social media have been warning one another not to accept a friend request from a person named Jayden K.
New Trailer For 'The Dark Tower' Arrives Online
With a wonderful cast and a beautifully dark story by Stephen King , everyone has their fingers crossed for something incredible . If you destroy that tower (which is what the Man in Black really wants to do), you unleash unholy fury on Earth.
NJ Transit and LIRR Commuters: What Are You Seeing Monday?
Sort of 'It is what it is. "We're pleased with what we saw", he said . "A lot of our region's economy is dependent on commuters". The construction is expected to last about eight weeks and will affect the Long Island Rail Road, New Jersey Transit and Amtrak.
JIT urgesNAB to file reference against Nawaz Sharif, sons
Respondent 1 refers to Prime Minister Sharif; Respondent 6 was Maryam; Respondent 7 Hussain; while Respondent 8 was Hassan. The Supreme Court said the petitioners and Sharif's family would be provided copies of the JIT's report.
Pakistan summons Indian envoy over LoC firing
He also announced on spot assistance of rupees ten thousand in favour of the NOKs of victims from Red Cross. Later the bodies of the soldier and his wife were handed over to his relatives who live in the Mendhar area.