Fall in USA inventories lifts oil

16 August, 2017, 15:20 | Author: Celia Hoffman
  • Crude Prices Steady

"Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories", ANZ bank said in a note.

The American Petroleum Institute will issue its weekly USA oil inventory data at 4:30 p.m. EDT, ahead of the US government's official report on Wednesday.

Crude oil prices trade around a crucial support level at $47. Analysts expect a drop of 3.176 million in crude stocks in the US last week, and a 1.527 million decline in gasoline inventories with distillate supplies down by 620,000 barrels.

Futures fell 0.8% in NY after Monday's 2.5% decline, the biggest drop in more than five weeks.

Markets were expecting a draw of around 3.5 million barrels for the week, although with inevitable caution given volatile API data over the past 2 months. U.S. West Texas Intermediate crude futures CLc1 were trading at $48.51, down 31 cents.

"The market took this as a mildly bullish report", said William O'Loughlin of Australia's Rivkin Securities.

However, petrol stocks climbed by 301,000 barrels, compared with analyst expectations in a Reuters poll for a 1.1-million barrel decline.

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Sarah Emerson, energy principal at ESAI, remarked, "If OPEC wants to keep oil prices in the $50s and hit $60, the organization will have to keep a lid on supply for several more years".

The recent OPEC/non-OPEC capacity cuts have meant that India has had to diversify its crude suppliers, with state-run refiners making purchases of U.S. crude grades.

Libyan production has surged in the past year, surpassing 1 million bpd at the end of June for the first time since 2013, but output remains vulnerable to local protests. Production at shale fields is forecast to expand to 6.15 million barrels a day in September, according to a report from the Energy Information Administration. As Market Watch writes in an article "Oil settles at 3-week low as OPEC and USA crude output grow", oil fell sharply Monday, with concerns over rising crude output from OPEC members and US shale-oil producers pushing prices to their lowest finish in three weeks.

"Excessive supply.is continuing to weigh on oil prices".

The price of oil will be influenced late Tuesday afternoon when the American Petroleum Institute releases its data on oil and gasoline stockpiles. Even so, Citigroup Inc.'s Ed Morse says shale will win over OPEC on oil, as USA drillers can survive due to hedging.

On the demand side, analysts see a gradual slowdown in fuel consumption growth.

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