Oil Slips as Gushing Wells Take Shine Off Record US Exports

28 October, 2017, 00:38 | Author: Gregory Stephens
  • U.S. Crude Slips On Inventory Build Gasoline Rallies

"Using the same logic, the upside is limited, too as strong-ish US domestic crude oil price will serve as an incentive to ramp up production". NY time on the London-based ICE Futures Europe exchange.

The U.S. Energy Information Administration reported that crude inventories rose by 856,000 barrels in the week to October 20.

Crude shipments to Turkey from northern Iraq, the second-largest producer in Opec, have declined after Iraqi government forces took back the city of Kirkuk last week after a Kurdish referendum on independence.

OPEC and some major producers outside the cartel, including Russian Federation, first agreed late past year to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

OPEC is considering an exit strategy to avoid flooding the market once the agreement finally expires, people familiar with the talks said this week.

West Texas Intermediate for December delivery slipped 29 cents to settle at $52.18 a barrel on the New York Mercantile Exchange. The price for Brent crude oil was down 0.26 percent to trade at $58.29 per barrel at 9:15 a.m. EDT.


"However, the market is also mindful of rising oil production in the United States and persistently high exports from the country, which will cap price gains", Mr Kumar noted. "Initially, it was thought to be related to the hurricane, but to me it's becoming a little more structural".

However, gasoline and diesel supplies fell by 5.5 million barrels and 5.2 million barrels, respectively, according to the Energy Information Administration.

The EIA data showed gasoline and distillate inventories both fell by more than 5 million barrels, and refinery utilization rates rose 3.3 percentage points.

US crude's gains have lagged the global benchmark amid rising domestic output.

"The exports are ripping higher", Loewen said. "If you have strong products demand, that means refineries are going to buy more crude oil to create those products".

Given oil's implied volatility of 24.1%, U.S. crude oil futures could close between $50.88 and $54.40 per barrel in the next seven days with a probability of about 68%.

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