Oil steadies as investors weigh up odds of global supply squeeze
08 February, 2019, 00:53 | Author: Darnell Patrick
Inventories of winter fuel in the USA fell more than expected last week as cold polar air blasted the nation, though crude stockpiles rose amid record output, according to the Energy Information Administration.
According to EIA, U.S. crude oil refinery inputs averaged 16.6 million barrels per day last week, which was 170,000 barrels more than the previous week's average.
Crude inventories rose by 2.5 million barrels in the week ended February 1 to 448.2 million, compared with analysts' expectations for an increase of 2.2 million barrels.
"The price has yet to react in any noticeable way", he said.
The Energy Information Administration (EIA) wind of the Department of Energy (DoE) released an increase of 1.3 million barrels into the crude stocks than market consensus of 2.18 million barrels.
U.S. West Texas Intermediate (WTI) crude futures were at $54.77 per barrel at 0223 GMT, up 21 cents or 0.4 percent.
"The fact that USA crude oil and gasoline stocks rose more sharply than expected, as reported by the API after close of trading yesterday, is weighing on prices", said Carsten Fritsch, analyst at Commerzbank.
Gasoline stocks increased by 513,000 barrels, less than anticipated, while distillate stockpiles posted a larger-than-expected drop by 2.3 million barrels.
"The market will struggle to compare disappointing API Inventory numbers against reports of a decrease in Venezuelan output, OPEC cuts, and weak economic data".
The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three quarters of its pledged cuts already, a Reuters survey showed last week.
Venezuela, like other OPEC members Iran and Libya, was exempted from making voluntary curbs under the deal on expectations that its output faced involuntary downward pressure in 2019. The global benchmark crude was at an $8.36 premium to WTI for the same month.
Considering the recent pattern of global economics, coupled with negative impact of trade protectionism, chances are high that crude might not recover to its late 2018 highs unless OPEC+ delivers strong cuts going forward. Oil prices fell on Tuesday after a survey showed euro zone business expansion almost stalled in January.
Prices are likely to remain rangebound, or drift sideways to lower until the US and China reach a trade deal.
Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent now if the two sides can not reach a deal by March 1.
Overall, the Post says, "Much like how you won your last coin toss, Phil is "right" in these regions because of chance". In 1886, Groundhog Day first appeared in the Punxsutawney newspaper, but there is no record of his prediction.
Memorial Stadium, always keeps the facility "in tip top shape" for the footballers. "He has such a special soul", he explained. And then the one against Pittsburgh later, we were down 10 at halftime, took the lead with two minutes to go in the game.
The Barcelona superstar suffered a thigh injury Saturday in the draw with Valencia but he practiced with his teammates Tuesday. The 18-year-old Brazilian has added flair to the attack. " Real Madrid usually play well at the Camp Nou ", Valverde said.
But when talking about it after the game, Ingram didn't seem too phased by it, stating, "I still made [both] free throws". Wright said: "It would be the right thing for the Lakers to trade the future for a 25-year-old superstar Anthony Davis ".
The manner in which the Kiwi batsmen face Kuldeep Yadav and Yuzvendra Chahal would effectively decide the fate of the series. Hardik Pandya showed why he is considered a risky player when he smashed a match winning knock of 22 balls 45 runs.
Both of Virginia's USA senators, Mark Warner and Tim Kaine, joined the dean of Virginia's congressional delegation, Rep. Northam, standing by his wife Pam, said he believed it was possible some photographs in the yearbook had been switched.
In theory, Apple's block of Group FaceTime in the FaceTime infrastructure itself ought to prevent the bug being exploited. It's possible Apple may have been able to eliminate this issue before the vast majority of fans even noticed it, however.
President Donald Trump has scrapped Obama's plan, which imposed emissions limits on coal-fired power plants, as a job-killer. Pelosi has long championed stronger environmental rules, and described climate change as her "flagship" political issue.
Roger Stone , a confidant of President Donald Trump , pleaded not guilty in Washington, D.C. federal court on Tuesday morning. He appeared on Tuesday in a blue suit, a bright blue tie and a pocket square. attorney Robert Buschel entered the plea.
The Patriots won the coin toss before overtime and marched down the field for the game-winning touchdown to beat the Chiefs 37-31. The Rams will likely try to stop him with safety John Johnson, who has done a good job covering tight ends this season.
Exploding e-cigarette kills 24-year-old Texas man
According to the Centers for Disease Control and Prevention, defective e-cigarette batteries have caused fires and explosions. According to WFAA News , a man in Florida died a year ago after a vape pen exploded, sending debris into his skull.
Footballer resists extradition from Thailand to Bahrain
The BBC's Jonathan Head in Bangkok said Al-Araibi arrived at court in leg shackles, shouting: "Please don't send me to Bahrain". Bahrain, a Gulf monarchy that is home to the US Fifth Fleet naval base, has a Shiite majority but is ruled by a Sunni monarchy.
Marshmello's upcoming Fortnite tracks appear on iTunes
Based on the in-game countdown, it looks like the Marshmello Showtime Challenges will be available until the end of Saturday. On top of that, Marshmello's actual website lists him as playing at Pleasant Park , so I'd say it's a fairly sure thing.