Oil slips near $63 as risks counter reported United States inventory draw

08 February, 2018, 16:15 | Author: Dave Hampton

USA production has risen steadily in recent months and is expected to average 10.24 million bpd during the first quarter of this year.

Oil prices decline on Tuesday after the fall of global stock markets against the backdrop of the strengthening of the USA dollar.

The level of American oil production has 40 years of records.

Most forecasts show USA crude output growing about 500,000 to 600,000 barrels per day through the end of 2018, said David Fyfe, chief economist at global commodity trading firm Gunvor Group in Geneva, Switzerland.

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But if the bears were spooked by figures that potentially contribute to the mitigation of the Organization of the Petroleum Exporting Countries' (OPEC) efforts to bring about global market supply and demand rebalance, the EIA appears enthused by its latest findings: "The United States energy system continues to undergo an incredible transformation", Linda Capuano, the agency's administrator said in a statement. Since mid-2015, China granted crude oil import licenses to independent refineries in northeast China, which have since increased refinery utilization and crude oil imports.

Brent for April settlement declined $1.35 to close at $65.51 a barrel on the London-based ICE Futures Europe exchange on Wednesday. Oil has lost 4.5 percent, while bitcoin has lost half of its value.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January1, 2017.

The rapid growth has stirred concerns that the industry is already peaking and that production forecasts are too optimistic.

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"The new world order of USA production over 10 million bpd is officially here", said John Kilduff, partner at energy hedge fund Again Capital in NY.

Crude oil futures fell Tuesday morning, extending big losses from the previous session amid turmoil in the global markets. "But my impression is that OPEC members are not after very expensive oil because very expensive oil leads to mid-term price fluctuations".

Now investors are expecting the publication of data from the U.S. Energy Department. We still have a long way to go before they're competitive to the equity market. "That egg is finally cracking", Mr. Benigno said.

The oil for delivery in February also fell by Rs 18, or 0.44 per cent, to Rs 4,085 per barrel in 2,418 lots. By contrast, a Bloomberg survey predicts a 3.15-MMbbl increase in nationwide inventories. Inventories continue to decline globally as well with IEA suggesting that OECD commercial stocks declined by 17.9 million barrels in November, a drawdown that was twice the five-year average. Gasoline and diesel stockpiles also expanded.

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Gasoline futures fell 2.98 cents, or 1.65%, to $1.7754 a gallon. The difference between the high and low for the Dow on Tuesday was more than 1,100 points.