Monday, 28 May, 2018

Crude oil stable as OECD inventories fall

Crude oil stable as OECD inventories fall Crude oil stable as OECD inventories fall
Preston Stone | 16 May, 2018, 16:31

Some of the popular USA grades in Asia such as WTI Midland, Mars and Southern Green Canyon can now compete with Middle East grades such as Murban and Oman in Asia, traders said.

The OPEC cuts and looming sanctions come amid strong demand.

So far this year, China has lived up to these expectations.

OPEC crude oil production in April decreased by 130,000 barrels a day to 31.65 million barrels, largely due to further deterioration in Venezuelan production and lower output from Africa.

In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed on Tuesday.

OPEC data presented on Monday showed that crude stockpiles from members of the Organization for Economic Co-operation and Development (OECD) was down to 9 million barrels above the 5-year average and lower than the 340 million barrels above the average in January 2017. United States drillers added 10 oil rigs in the week to May 11, bringing the total count to 844, the highest level since March 2015, energy services firm Baker Hughes said on Friday. As a result, crude oil is likely to undergo a short-term correction.

STALKER 2 announced, could arrive sometime in 2021
GSC Game World has announced S.T.A.L.K.E.R. 2, the latest entry in the first-person shooter survival horror series S.T.A.L.K.E.R. A website cropped up (http://stalker2.com) and the official GSC Game World website states that the game is now in the works.

In total, South Korea's April crude oil imports were 11.59 million tonnes, or 2.83 million bpd, up 2.5 percent from 11.30 million tonnes from 2017, according to the data. The rising oil prices are also giving the government a headache as a chunk of its annual budget will now be required in its purchase, thereby compromising on other social sectors.

Oil rallied this month to the highest since 2014 as tensions in the Middle East escalated and after US President Donald Trump withdrew from a 2015 accord that had curbed Iran's nuclear program in exchange for sanctions relief.

This is why the sanctions against Iran is going to impact Brent much more than it is going to impact WTI crude oil.

Hedge funds and money managers slashed their bullish wagers on US crude in the latest week to the lowest level in almost five months, the US Commodity Futures Trading Commission (CFTC) said on Friday, in an indicator that many financial oil traders are doubtful of significant further price rises.

The Paris-based IEA cut its forecast for global demand growth to 1.4 million barrels per day for 2018, from a previous estimate of 1.5 million bpd.

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