Balance apparent, but supply issues leave oil prices bruised
Balance apparent, but supply issues leave oil prices bruised
18 August, 2017, 00:35
"While global inventories have managed to decline in recent months, the threat of USA shale has meant inventory draws have found difficulty providing significant price support", said Robbie Fraser, commodity analyst at Schneider Electric (PA:SCHN).
Futures rose 0.5% in NY after slipping a second session on Tuesday.
"At the rapid attrition rate of the past two months, the US oil surplus would be gone by mid-December", analysts at Standard Chartered said Wednesday.
In the latest week to August 11 for which government data was available, Cushing inventories increased almost 700,000 barrels.
Taking a deeper look into the technical levels of ETFS GBP Daily Hedged WTI Crude Oil (FCRU.L), we can see that the Williams Percent Range or 14 day Williams %R now sits at -48.42.
Crude inventories declined to 466.5 million barrels and were down 4.9% on the year.
Data this week from the U.S. Energy Information Administration supported a bullish report on declines in U.S. crude oil inventories offered by the American Petroleum Institute.
Shraddha Kapoor debuts in south opposite Prabhas Producers (Vamsi and Pramod) of UV Creations confirmed the news saying, "Shraddha is absolutely the flawless choice for the role". There was much talk about the popular romantic pair Prabhas and Anushka Shetty coming together for the fifth time in Saaho .
The Organization of the Petroleum Exporting Countries together with non-OPEC producers including Russian Federation have pledged to restrict output by 1.8 bpd between January this year and March 2018.
Saudi Arabia, the world's biggest crude exporter, shipped the least oil in nearly three years in June, just as domestic stockpiles are dwindling.
Crude oil prices were moving slightly lower early Thursday as sentiment about a balanced market competed against rising US and OPEC oil production. The department's Office of Fossil Energy said the sale from the federally owned stockpile was scheduled for late August.
Speculation that OPEC will fail to re-balance global oil markets with its supply quota plan continues to weigh on oil prices.
US stockpiles have become a closely watched proxy as investors watch for signs that the global oil glut is shrinking.
The EIA reported that gasoline inventories were rose slightly by 22,000 barrels last week - short of the 1 million barrel decline analysts were anticipating, as demand for the fuel fell.
-Oil futures rebounded some in Asian trading after fresh US selling overnight as weekly output neared 2015's peak last week. The risk to supply also includes Mother Nature as the National Hurricane Center storm map looks like Pacman with one storm chasing another and then another storm after that!
The company maintained its forecast of a 2-4% rise in demand for container transportation over the backhalf of 2017. Energy delivered an underlying profit of United States dollars 182m in Q2, with Maersk Oil as the main contributor.
Akombe, who is a dual US and Kenya citizen, was not given any reason why she stopped from boarding her flight, said officials. However, he defiantly pledged to "remove" Kenyatta's government that he said stole votes from him in August 8 elections.
Neither South Korea nor Japan , two potential North Korean targets in the region, have changed their emergency-readiness status. North Korea's leader ordered that the army should always be fire-ready should he make a decision for action, the report said.
Last June, a top Uber executive obtained the medical records of a woman who, in 2014, had been raped by an Uber driver in India . Uber has a strict policy prohibiting all employees at every level from accessing a rider or driver's data.
Meanwhile at least 52 trucks belonging to PLA parked on the road built by the Chinese army were spotted on the side of the lake. A day after a skirmish between Indian and Chinese forces in Ladakh, both sides held a Border Personnel Meeting on Wednesday.
Over 400 activists lined both sides of Broadway, at a candlelight vigil against racism, held in Midtown Kingston Monday evening. Hundreds of white supremacists and fascists arrived in Charlottesville to protest the removal of a statue of Robert E.
The lawsuit stated that Kwon previously worked within restaurant businesses and was an asset to the companies. Chick-Fil-A is not commenting on the lawsuit or the incident, citing an ongoing investigation.
Sharapova has been participating in tournaments via wildcard invitations, beginning in April on red clay at Stuttgart, Germany. The US Open runs from August 28 to September 10 at the Billie Jean King National Tennis Center at Flushing Meadows, New York.
Those interested in purchasing glasses can stop by the shop at the planetarium between now and the day of the eclipse. Shows on eclipse day can be viewed at 10:30 a.m., 11:30 a.m. or 12:30 p.m. and is recommended for ages 10 and above.
However, a tweet from a reporter in the nation's capital showed that remnants of the graffiti remained this afternoon. In fact, it's not the first time the Lincoln Memorial has been defaced this year.
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Judge upholds same-sex marriage ban in Northern Ireland
But the DUP stopped the motion from passing by using an effective veto, known as a "petition of concern" to strike down the bill. Mr Justice O'Hara ruled on the two separate cases that were heard together due to the similarities of the arguments.
Diego Costa hit with two-week fine on wages by Chelsea
But it is understood that Chelsea want Costa, as a player with two years remaining on his contract, to return to the club. Sky Sports pundit Terry Gibson said he believes Costa will be reunited with former team Atletico Madrid .
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Governor Greg Abbott said the measure known as House Bill 214 would protect abortion opponents from subsidizing the procedure. School finance: Lawmakers approved about $560 million in extra funding for schools and retired teachers.
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The striker is now in his native Brazil and has threatened to remain there rather than return to London , and then leave on a free transfer.
Palace: Police will probe bloody Bulacan drug raids
Thirteen other people were also shot along with Mayor Reynaldo Parojinog Sr. of Ozamiz city in the anti-drug crackdown on 30 July. In the span of 24 hours, 32 lay dead, and 107 were arrested after Bulacan police conducted a "one-time big-time" drug operation.
Adam Gase: Dolphins' Jay Cutler set to play Thursday
Miami waived injured wide receivers Francis Owusu , Jordan Westerkamp and offensive lineman Kwayde Miller was released. Starting right tackle Ja'Wuan James is nursing a shoulder injury that he'll likely have to play with all season.