Expect crude oil to trade positive: Sushil Finance
Sep 15, 2017, 00:15
"Stronger demand and supply restrictions from OPEC and Russian Federation are the main reasons for the oil price upsurge", said Forex.com analyst Fawad Razaqzada.
Oil prices rose on Thursday, taking USA crude above $50 a barrel for the first time in a month after the International Energy Agency (IEA) forecast the market would continue to tighten as fuel demand increased.
"We don't expect a spike up in prices nor do we expect a big drop in prices".
US gasoline stocks slumped by 8.4 million barrels, the largest weekly decline since the data was first recorded in 1990.
OPEC and other major producers, including Russian Federation, agreed at the end of 2016 to reduce their combined oil output by nearly 1.8 million barrels per day (bpd) to help rebalance the market. As of March 2017, 49% of total US working crude oil storage capacity and more than 40% of working storage capacity for both motor gasoline and diesel fuel were located in the Gulf Coast region.
Should OPEC keep pumping at August's rate, the market would see a small supply deficit next year, versus a 450,000-bpd surplus implied by last month's report. This compared to expectations that inventories would rise by 3-million barrels.
Speaking to reporters after the meeting, Zanganeh said their talks mainly focused on Iran-Venezuela cooperation and the current conditions surrounding the global crude market.
Gasoline producers are looking to replenish inventories after interruptions from Hurricane Harvey.
Notably, U.S. crude is trading below $50.00 per barrel while Brent oil is hovering around $55.00 per barrel. This weekly drop in inventories was smaller than the drop that occurred following a previous outage of the Colonial Pipeline in September 2016, when Lower Atlantic gasoline inventories fell by almost 6 million barrels.
Irma's hit in demand will partly offset the Gulf Coast's interrupted refinery runs, which are taking longer than expected to recover, according to the bank.
Global crude oil prices improved, as OPEC and non-OPEC countries continued to conform to voluntary output adjustments and USA stocks declined further, OPEC said.
If these weren't enough, the U.S. Energy Information Administration lowered its oil production forecast for this year and the next by 1% and 0.7%, respectively.
Neil Atkinson, head of the oil industry and markets division for the IEA, told CNBC that "pretty robust" demand indicates that a rebalancing of the market is "underway".
The US EIA on Tuesday revised its 2017 and 2018 US output forecasts lower to reflect, in part, the effects of Harvey.
It recommended that the USA strengthens its energy security to address events, such as hurricanes, by potentially adding products to government-held inventories.
He was also selected to the NFL's 1980's All-Decade Team while pave the way for Washington to appear in three Super Bowls. That was certainly the case for Terrell Owens , who is one of 10 finalists returning from the 2017 selection process.
Director Rian Johnson has made it clear that he has no intentions to helm " Episode IX " of the " Star Wars " franchise. Abrams has been confirmed to handle both writing and directing Star Wars: Episode IX .
After discontinuing the product this spring, Nintendo has announced that it is bringing back the NES Classic Edition in 2018. Finally, Nintendo has heard our cries and confirmed that they would be re-releasing the #Nes Classic Edition in 2018.
It gradually weakened as it headed through the state, becoming a tropical storm and then a tropical depression on Monday. Nonetheless, FPL stated it has the largest restoration workforce in USA history responding to the electric power outages.
Today, five nursing home patients in Hollywood succumbed to the Florida heat and died early this morning. - SC had four deaths. More than 300,000 customers in the county, or a third of the total, are still without power as of midday Wednesday.
People swimming across a river near Laung Don village in northern Rakhine state as they travel towards the border with Bangladesh. Rohingya refugees making their way along a muddy path through a padi field after crossing the Bangladesh-Myanmar border.
The larger Pixel 2 XL is reportedly being manufactured by LG Electronics and based on the LG V30 , a handset deprived of bezels. A smartphone with the ZNFG011C code name was found in FCC's listing , which was different from last year's Pixel XL codename.
You're going to get coached up and there's things we can clean up, for sure, but you can't get defensive, can't get sensitive. Eli Manning is looking to overcome last weeks game in Dallas and shine in the home opener: EAST RUTHERFORD , N.J.
However, the banker revealed that his daughter had bought bitcoin: " It went up and she thinks she's a genius now ". Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday.
UK refers Fox bid for Sky to competition regulator
I also asked Ofcom to consider whether any of the new, substantive representations I received affected its assessment. However, in its latest update , Ofcom clarified it did have "non-fanciful concerns" on broadcasting standards.
Celebrities React to Ted Cruz's Explicit Twitter Scandal
Marco Rubio attack ad that aired after learning the actress they hired for the commercial was softcore porn veteran Amy Lindsay. The "like" caused the very explicit tweet from the account @ SexuallPosts to appear briefly on that portion of Cruz's profile.