Friday, 23 February, 2018

API reports another large crude draw

Preston Stone | 18 January, 2018, 14:06

Despite this, analysts said the recent oil price rally, which has lifted crude by around 14 percent since early December, may be about to run out of steam.

While enjoying the extra revenues, the Organization of the Petroleum Exporting Countries, Russia and their allies remain wary of sending prices so high that USA shale production climbs even faster and the market becomes oversupplied again.

Brent crude futures were at $69.34 at 0753 GMT, down 4 cents from their last close.

Both contracts climbed to their highest levels since December 2014 this week with Brent reaching $70.37 on Monday and WTI up to $64.89 on Tuesday. WTI Crude oil futures are quoting at $64.23 per barrel, up 0.45% on the day.

Markets were also supported by a drop in available crude inventories. "This would put the US on par with Saudi Arabia and Russia's output", said Fawad Razaqzada, market analyst at future brokerage Forex.com.

The Organization of the Petroleum Exporting Countries and Russian Federation have been curbing production since January 2017; the cuts are set to last through 2018.

The cuts are set to last through 2018.

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Oil prices rose on Wednesday on tightening supply and strong global demand although some analysts warned of a downward correction after a more than 13per cent price rise in a month.

Congo's oil sector was badly hurt by the global dip in prices and a slowdown in its own output since 2014, but it has been rejuvenated by new projects scheduled to boost output by a quarter to 350 000 barrels per day (bpd) this year.

In what seems to be shaping up as the analytical community and media fomenting over a non-issue, crude market gains on Wednesday caused experts to complain that oil prices have reached excess levels and this will only stimulate USA output - which in turn will cause the Organization of the Petroleum Exporting Countries (OPEC), who are the masterminds of the gains via its production cutbacks - to abandon its strategy prematurely.

The firm said the reasons for this expected slowdown were an expected rise in USA oil output as well as a slowdown in demand growth.

Data from the American Petroleum Institute (API) on Wednesday showed a well supplied fuel product market, which could mean lower crude demand going forward. USA refinery crude runs fell by 420,000 barrels a day and refined product stocks rose.

This week, the API reported another, although smaller, build in gasoline inventories of 1.782 million barrels for the week ending January 12.

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