Abril 19, 2018

Oil Price keeps Rising, Hits all year $58pbd High

28 Setiembre 2017, 12:16 | Dolorita Barahona

Brent daily chart

Brent daily chart

U.S. crude oil inventories fell unexpectedly last week as refineries hiked output due to restarts following Hurricane Harvey and exports soared, while gasoline stockpiles posted a surprise build, the Energy Information Administration said on Wednesday.

U.S. West Texas Intermediate and internationally-favored Brent crude oil surged on Monday with Brent hitting a new 2017 high.

On Wednesday, the contract rose 26 cents, or 0.5%, to Dollars 52.14 but stayed below five-month highs.

The price for global benchmark Brent was up 3.31%, or $1.88, in London at 1:37 p.m. (EDT time) at $58.74 a barrel - the highest price reached since July 2015, Kallanish Energy reports. Crude oil input to refineries fell around 3 million barrels a day, or 17 percent, below normal in the three weeks to September 15, curtailing production of distillates and gasoline.

With WTI's discount to Brent at about its widest in two years, USA crude has become increasingly competitive in foreign markets.

Oil has gained about 10 per cent this month in NY and its global counterpart traded in London reached a two-year high on Monday amid forecasts for rising consumption in the face of output cuts by the Organisation of Petroleum Exporting Countries' and partners including Russian Federation.

"It's all driven by the idea is that the production cut is starting to work and the rebalance is under way", said Gene McGillian at US-based consultancy Tradition Energy.

"If the Turks made a decision to cut crude flows, it would create a shock which markets are now pricing in", said Hussein Sayed, chief market strategist at FXTM.

The oil market has been in a downturn for nearly three years.

The referendum, due on Monday, does not bode well for Iraq's pursuit of higher oil revenues and export market share as Baghdad relies on continued flows from northern oil fields under Kurdish control, said Brennock. The American Petroleum Institute reported late Tuesday ( a fall of 761,000 barrels, according to sources.

A market surplus past year pushed crude oil prices to historic lows, slowed capital streams toward exploration and production and hurt the financial well-being of producers and producing states alike.

Crude oil exports also are on the rise at almost 1.5 million barrels last week, up from the 2017 average of just less than 1 million barrels. However, inventories for other refined products like diesel and propane also fell.

The meeting noted that overall compliance by OPEC and non-OPEC participating countries to the agreement on crude oil production cut for the month of August was 116 percent, the highest since the agreement came into effect January 2017. The survey of analysts had called for a decline of 100,000 barrels for gasoline and drop of 2.1 million barrels for distillates, which include heating oil.

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