Oil markets diverge, with U.S. crude rising while Brent takes a knock

21 February, 2018, 06:31 | Author: Celia Hoffman
  • WTI Crude Oil

According to traders, the higher prices of American oil are due to the reduced capacity of the Canadian oil pipeline Keystone at the end of previous year due to a leak.

West Texas Intermediate for March delivery, which expires Tuesday, rose 0.7 percent to $62.10 a barrel on the New York Mercantile Exchange. A weaker dollar can boost oil and other dollar-denominated commodities.

United States crude stockpiles have continued to build in recent weeks, but exports have grown - leaving something of a hole at the chief USA oil hub at Cushing, Oklahoma.

Brent sweet crude was up 52 cents, or 0.8 per cent at 65.36 dollars, after rising more than three per cent last week.

OPEC's biggest producer, which has cut output since a year ago under an agreement between OPEC and other producers to ease a supply glut, pumped 9.980 million bpd of oil in December, according to the data from the Joint Organizations Data Initiative (JODI). Prices rallied to a high of $62.74 a barrel early in the session, the highest since February 7. Similarly, the oil for this month contract was trading higher by Rs 3.30, or 0.57 per cent, to Rs 579.90 per 10 kgs in 637 lots.

"A combination of stock market rally, dollar weakness and OPEC/non-OPEC rhetoric helped oil prices recover part of the ground they had lost in the preceding two weeks", according to Tamas Varga, an analyst at brokerage PVM Oil Associates Ltd.

Glastonbury Festival stands by Oxfam amid Haiti sex scandal allegations
The organisation has said that the names of the men involved have already been shared with the Haitian authorities. Oxfam has nearly 10,000 staff working in more than 90 countries across the globe.

Taliban appeal to Americans to rethink war effort 'rationally'
Conversely, anti-government forces caused 6,768 casualties in 2017, a slight decrease from 7,003 in 2016. Afghanistan has been mired in conflict since 2001 when the United States invaded after 9/11.

Revenue Estimates Analysis Of FireEye, Inc. (FEYE)
Fireeye Inc (NASDAQ: FEYE)'s price sits -3.14% off from its SMA 50 of $14.84 and -6.69% away from the SMA 200 which is at $15.22. Zacks Investment Research raised FireEye from a "sell" rating to a "hold" rating in a research report on Tuesday, January 16th.

The divergence in prices kept USA crude's discount to Brent (WTCLc1-LCOc1) near a six-month low after widening to more than $7 in December. The VIX volatility index was up 21 percent in advance of the USA open.

"(Brent's) premium has been narrowing.

"However, you look at rig counts. with the number of U.S. oil rigs increasing by seven, that's a point that should cap an extreme advance in prices", Headrick said.

Although the January imports figure may have a seasonal explanation, with spring refinery maintenance approaching, longer-term projections and Indian refinery expansion plans support the view that oil demand growth will be strong.

Barkindo said compliance a year ago stood at 107 percent and that OPEC and non-OPEC producers would hold a technical meeting in June.


  • Netanyahu accuses Abbas of 'running away from peace'

    Netanyahu accuses Abbas of 'running away from peace'

    It's not going to work that way. "The only way to move forward is to have direct negotiations between Israel and Palestinians".
    Toy Story Land Opens June 30th at Walt Disney World

    Toy Story Land Opens June 30th at Walt Disney World

    The main attraction is Slinky Dog Dash , a family rollercoaster inspired by the pooch spinoff of Slinky, the 1950s classic toy. Star Wars: Galaxy's Edge will soon debut at Disney Parks and allow guests to immerse themselves in the world of the films.
    Yu Darvish Signs with Chicago Cubs

    Yu Darvish Signs with Chicago Cubs

    Since undergoing surgery, Darvish has a record of 17-17, with a 3.64 ERA, in 287 innings pitched, and 341 strikeouts in 48 starts. He dominated the Cubs in the NLCS, pitching into the seventh and allowing just one run in his lone start in the series.
  • Saturday snow: what to expect

    Saturday snow: what to expect

    Low temperatures will be around 28 degrees, with south wind around 6 miles per hour becoming calm in the evening. In the evening, temperatures will drop back into the 20s with winds from the north at 10-15 miles per hour .
    Mitt Romney says he's running for Senate from Utah

    Mitt Romney says he's running for Senate from Utah

    He is also known for serving as head of the organising team for the 2002 Winter Olympics in Salt Lake City in Utah. Former Massachusetts governor and one-time Republican presidential candidate Mitt Romney is running for the U.S.
    USDA proposes replacing food stamps with delivery service, added work requirements

    USDA proposes replacing food stamps with delivery service, added work requirements

    But buying food in bulk also "lowers the cost to us", said Mick Mulvaney , director of the Office of Management and Budget . Under the plan, more than 16 million households would see half of their benefits go toward the food box delivery program .
  • Ice storm warning issued for Kansas City area Tuesday

    Ice storm warning issued for Kansas City area Tuesday

    The beneficial rain could total as much as 5 inches by the start of next week, which would significantly help the drought. Rain and drizzle will begin in Central Kansas around midnight and continue into mid-morning Tuesday .
    US Commerce Secretary to reveal options for steel, aluminum tariffs

    US Commerce Secretary to reveal options for steel, aluminum tariffs

    Further, the industry creates $75 billion in direct economic impact and $186 billion in total impact, around 1 percent of U.S. The investigation sought to determine whether the imports posed a threat to the country's national security.
    Magic Johnson Has 'Special Relationship' With LaVar Ball

    Magic Johnson Has 'Special Relationship' With LaVar Ball

    Los Angeles Lakers rookie Lonzo Ball dropped his debut mixtape, Born 2 Ball , under the rap moniker Zo on Thursday. Lonzo Ball is without a doubt the most hyped draft prospect from this decade.
  • S. Korea and USA  to continue joint military drills

    S. Korea and USA to continue joint military drills

    South Korea will go ahead with spring military drills alongside the United States despite North Korean opposition, Seoul's Defense Ministry stated Tuesday.
    Led coalition kills dozens of Russians in Syria?

    Led coalition kills dozens of Russians in Syria?

    Over the weekend, reports emerged on Russian blogs and elsewhere that an unknown number of Russian contract soldiers were killed. The Ministry of Defence meanwhile denied that the Syrian operation had been coordinated with Russian military command.
    Investment and development pledges for Iraq at $30 billion - Kuwaiti Foreign Minister

    Investment and development pledges for Iraq at $30 billion - Kuwaiti Foreign Minister

    Qatar announced $US1 billion in loans and investments while the United Arab Emirates pledged $US500 million for rebuilding. The Islamic Development Bank also pledged $500 million toward reconstruction in Iraq.


Erdogan says pro-Damascus, Shi'ite forces repelled by Turkish artillery
More detail is emerging of a USA attack on Russians in the east of the country that appears to have killed many. While the U.S. does not support groups in Afrin, they are linked to American allies elsewhere in Syria .

Selection headache for Conte ahead of Barca test
Chelsea's Italian boss says he now faces something of a selection dilemma after his second string starred at Stamford Bridge. A third goal followed just after the half-hour, Stewart again allowing Giroud to nip the ball away from his grasp.

Ramaphosa To Deliver His First SONA
The next day, police intervened, killing 34 workers, in the worst case of official violence since the end of apartheid. VUMANI MDLALOSE (32) Imbali Unit BB: "This was Zuma's past year anyway; I didn't see the need for him to resign".

Black Panther Obsessed? How to not get fired after seeing the movie
In fact, the world of Wakanda itself proves to be one of the richer elements that Black Panther brings to the table. Domestically, " Black Panther " will launch in previews on Thursday night before debuting across 4,020 locations.

Australian Government Websites Were Being Hijacked To Mine For Cryptocurrency
Websites affected included the Student Loans Company, Barnsley Hospital and other worldwide companies and sites. It hides in a website's code and steals the processing power of its visitors' devices to mine cryptocurrency.

Xiaomi Redmi Note 5, Note 5 Pro Launched, Mi TV Next
On the connectivity front, the phone features 4G VoLTE, Bluetooth, WiFi, GPS, dual-SIM, and micro USB port . The base variant has 3GB RAM and 32GB storage space and the high-end variant has 4GB RAM and 64GB RAM .

Prince Harry and Meghan Markle meet Cruachan IV in Edinburgh
Harry and Meghan then visited Social Bite, a café and social business that tackles homelessness - a cause close to Harry's heart. She's also not the first royal female to wear the iconic pattern in Scotland. "They're very Valentine's-y", the girl explained.

Second Federal Judge Blocks Move to End DACA
Today, a second federal court has recognized that attempts by the Trump Administration to terminate the DACA program are illegal. As such, it was an unlawful circumvention of Congress.

2 seed in current NCAA Tournament field projection
The committee has Duke No. 7, which would give it a 2 seed, and North Carolina No. 12, which would be a three seed. If those seeds held, Xavier would get preference for the Midwest Region in Omaha because it is the higher seed.

Oxfam could lose funds over claims it exploited disaster victims for sex
Roland van Hauwermeiren, who has been at the centre of Haiti sex scandal, was running Oxfam's Chad operation at the time . Her comments come after Oxfam workers were accused of using prostitutes in Haiti following the 2010 natural disaster .