Thursday, 23 November, 2017

Oil prices rise as global inventories decline on stronger than expected demand

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output Hurricanes Harvey and Irma to support crude oil prices; buy on dips
Lillian Steele | 15 September, 2017, 00:52

In August, Opec crude oil production decreased by 79 tbpd to average 32.76 mpbd, " the report stated.

USA crude traded up 70 cents a barrel or 1.47 percent, by 11:13 a.m. EDT (1514 GMT). Hurricane Irma, meanwhile, has shifted market dynamics because of the strain on demand.

The assessment echoed a report by the Organization of the Petroleum Exporting Countries forecasting higher demand for its oil in 2018 and pointing to signs of a tighter global market. "The focus now shifts to the post-Harvey scenario", he said.

Brent crude, the global benchmark futures traded 0.7 per cent higher at $54.65 per barrel at the time of writing. Refinery utilization rates fell by 2 percentage points to 77.7 percent, the lowest rate since 2008.

That mirrors the sentiment expressed from the National Bank of Kuwait this week, which said some of the rally could be explained by the increase in geopolitical tensions, notably regarding North Korea, and concerns about whether or not U.S. President Donald Trump's administration could enact any of the reforms and initiatives he pledged on the campaign trail.

Data released by the Energy Information Agency (EIA) showed US commercial crude inventories rose by 5.9 million barrels in the week through September 8, almost doubling analysts' estimates for a rise of 3.2 million barrels.

Crude inventories rose 5.9 million barrels, compared with analysts' expectations for an increase of 3 million barrels, the EIA said today.

Oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink due to robust global demand and an output drop from OPEC and other producers.

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