Saturday, 26 May, 2018

Oil prices retreat as data point to continued gains in USA output

Oil Gains as US Jobs Fan Optimism and Drop in Rigs Eases Fears Oil prices fall as relief over falling US rig count fades
Preston Stone | 13 March, 2018, 12:28

Brent sweet crude was at 65.70 dollars per barrel, up 21 cents, or 0.3 per cent, from their previous close.

U.S. West Texas Intermediate (WTI) crude futures were down 54 cents to $61.50 a barrel.

Gene McGillian, director of market research at Tradition Energy, pointed out that "The market continues to flip back and forth on the idea that increased global demand and a production cut is going to support prices. but US production, and North American production levels in general, is going to negate a lot of the impact of that".

According to energy services firm Baker Hughes, U.S. energy companies last week cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796.

Crude oil prices fell Monday ahead of closely watched U.S. inflation data that may set the stage for interest rate hikes.

On Sunday, Iranian oil minister Bijan Zanganeh said Opec could agree in June to begin easing current production curbs in 2019, the Wall Street Journal reported. Some of the pressure is coming from a recovery in the U.S. Dollar, which could affect foreign demand.

National Football League free agency 2018: Case Keenum to sign with Broncos, report says
The Broncos are coming off a 5-11 season, one in which they struggled in large part due to their lack of competent quarterbacking. Their inconsistent play on both the offensive line and at quarterback have been big reasons why they've sat out the postseason.

Hours before late Tuesday's American Petroleum Institute's and Wednesday's U.S. Energy Information Administration's weekly inventories report, traders are eying a surge in U.S. production that could push inventories in the U.S. higher.

That's more than top exporter Saudi Arabia producers and almost as much as Russian Federation pumps out, at nearly 11 million bpd.

Some is related to position-squaring ahead of today's USA consumer inflation report, which could also impact the dollar and future demand for crude oil.

Investors are said to be weighing rising US output (which continues to climb even though rig counts were cut slightly last week) and supply against the possibility that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers will maintain its supply cuts this year and possibly even next.

Crude oil prices slipped into negative territory early Monday, following big gains last week, as broader global trade concerns spill into commodities.

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