Demand growth slows non-OPEC supply increases as prices climb.
Oil inventories below average for first time since 2014 IEA
17 May, 2018, 17:59
Crude traders who peddle cargoes to refineries worldwide say speculators are on shaky ground as they drive futures markets above $70 a barrel, their highest levels for three-and-a-half years, on concerns about tighter supply from Venezuela and the potential impact of US sanctions on supply from Iran.
The price of Brent crude oil - the global benchmark - hit $80 per barrel for the first time since late 2014 on Thursday morning as the commodity's rapid price growth in 2018 continues unabated. West Texas Intermediate crude rose 26 cents to settle at $70.96.
But that benign view had not taken account of President Trump's decision to rip up the Iran nuclear deal and, as a result, to reinstate sanctions, a move that will take place in two phases to give firms time to adjust.
Crude inventories fell by 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels.
EIA believe that crude oil prices have probably been driven higher for three reasons: falling global oil inventories, heightened market perceptions of geopolitical risks, and strong global economic growth signals.
OPEC's supply cuts have been swamped by the increase in U.S. output, led by production from shale fields and this, along with the higher price, has made the major forecasting agencies - the IEA, OPEC itself and the U.S. Energy Information Administration - far more cautious.
OPEC compliance reaches record 172%
OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.
Oil market supply deficit to average approximately 800,000 b/d in 2018.
The oil price has climbed above $80 a barrel for the first time in three-and-a-half years amid simmering global tensions over Iran.
United States crude exports jumped by 689,000 b/d last week to 2.566 million b/d, a record high, leading to a draw in crude stocks, Energy Information Administration data showed Wednesday. An exected drawdown is United States stockpiles could see WTI break higher once more.
Contrastingly, OPEC's latest report was more bullish.
The potential double supply shortfall represented by Iran and Venezuela could present a major challenge for producers to fend off sharp price rises and fill the gap, the IEA said. China's refinery runs rose almost 12 percent in April from a year earlier, to around 12.1 million barrels per day, marking the second-highest level on record on a daily basis, data showed. "It would be extraordinary if such a large jump did not affect demand growth". OPEC's sometimes-unruly members have even over-delivered on their promised cuts: as of last month, they were trimming their production by 63% more than they had promised, according to the World Bank. "Oil stocks fell across the board and in some cases more than expected, whilst rising exports point to healthy demand for USA crude", Commerzbank analyst Carsten Fritsch said.
Mumbai Indians defeated Kings XI Punjab by 3 runs to make it clear that they are in the hunt to qualify for the playoffs. Interestingly, though, Kings XI have a 4-3 record against MI at their own den - the Wankhede Stadium in Mumbai .
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After watching that challenge on RAW, I felt that Nia Jax was nearly coming off heelish in her mannerisms and her body language. She felt comfortable enough to reveal that she was "soon" anticipating conceiving a baby with husband Travis Browne .
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And you know, dedicating a certain percent of betting revenues to good causes? Our hope is that this state makes the right one. But now that gambling will soon not be illegal, it doesn't matter what someone's perception is of daily fantasy sports.
Now, the Liverpool legend is turning his attention to the defence and is keen on bringing the 21-year-old centre back to Ibrox . Scotland goalkeeper Allan McGregor is returning to Rangers on a two-year deal after rejecting new terms at Hull City.
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Back to School-Man Arrested,1st Ld-Writethru, TX
Gilstrap-Portley later transferred to Hillcrest High School, attended classes and played for its basketball team. He was found out when his former coach from another school spotted him playing at an inter-school tournament.
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Buffon confirms he will leave Juventus after 17 years
I've seen plenty of them down the years, so all that I ask for is your respect and affection towards me on the day". He has previously hinted that he will retire at end of the season but did not disclose this on Thursday.