Sunday, 22 September, 2019

Oil prices rise on falling US crude stocks, but global glut weighs

El Feel oil field near Murzuq Libya. The country's oil output is said to have dropped. Aidan Lewis  Reuters El Feel oil field near Murzuq Libya. The country's oil output is said to have dropped. Aidan Lewis Reuters
Debra Rodriguez | 17 August, 2017, 02:10

On the balance situation, a survey of analysts from S&P Global Platts revealed expectations of a 3.6 million drop in US crude oil inventories and a 400,000 barrel decline for gasoline.

The latest American Petroleum Institute (API) inventory data for the week ending August 11th recorded a draw of 9.16 million barrels after the substantial draw of 7.84 million barrels last week. An embargo against Venezuelan crude could block imports of about 740,000 barrels per day to the U.S.

West Texas Intermediate for September delivery was at $47.82 a barrel on the New York Mercantile Exchange, up 27 cents, at 9:46 a.m.in London.

Rising U.S. output could add to global oversupply that prompted the Organization of the Petroleum Exporting Countries and other oil producers to curtail production to boost prices.

Oil in NY has been unable to hold a rally above $50 a barrel this month as investors weigh rising global supply against output cuts by the Organization of Petroleum Exporting Countries and its allies. On the other hand, the Brent Crude's deliveries for October stumbled at the $50.73 a barrel price shedding a total of $1.37 or 2.6% on the ICE Futures Europe; the prices signal lows from nearly three weeks or so since July.

However, gasoline stocks climbed by 301,000 barrels, compared with analyst expectations for a 1.1 million barrel decline.

"It is a strong dollar, concern about China demand, and weak volumes", said Phil Flynn, an analyst with Price Futures Group in Chicago.

Matt Smith, director of commodity research at ClipperData, noted that "The peak of summer driving season has now passed, and demand for crude should wane also as refinery runs drop".

Oilfield services firm Baker Hughes reported Friday that its weekly count of oil rigs operating in the USA ticked up by three rigs to a total of 768 last week.

OPEC and other major producers including Russian Federation have pledged to restrict output.

Oil prices remained under pressure in early in the European session on Tuesday before rallying with WTI trading just above $47.50 p/b. US oil production, meanwhile, remains resilient.

Analysts said the drop was steeper than expected, exacerbating concerns that a glut of refined fuel products could weaken Chinese demand for oil.

This means oil demand from the world's two biggest consumers may soon stall. Consumption has already peaked in Europe and Japan.

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