United States crude inventories jump, gasoline stocks drop most on record

14 September 2017, 12:40 | Isaac Mcdaniel

Hurricanes Harvey and Irma to support crude oil prices; buy on dips

US Hurricanes Affecting Oil Prices, Saudi Could Cut Output

The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) from 1.5 million bpd.

Analysts at Drillinginfo.com said any sustained rally in oil prices would depend on demand strengthening along the lines of the IEA's projections, along with supply cuts. And U.S. suppliers aren't just capable of seizing the opportunity for a rebound, they're chomping at the bit-low oil prices have put a significant dent in the shale boom, and there's already a backlog (or "fracklog") of drilled but not yet completed wells just waiting for the economics to change. The goal of the agreement is to reduce the global surplus of oil reserves and stabilize oil prices.

According to the report, the value of Iranian heavy crude was further lifted buoyed again by an uplift in OSP offsets and supported by healthy global sour markets.

October West Texas Intermediate crude CLV7, +1.20% tacked on 59 cents, or 1.2%, to settle at $48.07 a barrel on the New York Mercantile Exchange after tapping a low at $47.

Nymex reformulated gasoline blendstock-the benchmark gasoline contract-rose 0.1% to $1.66 a gallon. The different scenarios depend on multiple variables, including the level of compliance with agreed cuts by OPEC and its allies, the pace of the oil output recovery in Libya and Nigeria, the strength of global demand, and the pace of the recovery in U.S. shale output.

OPEC's crude oil exports fell by 920,000 bpd to 25.19 MMbpd in August 2017-compared to the previous month.

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The fall in production was the first in four months and follows hot on the heels of OPEC's recent decision to slow production.

According from the American Petroleum Institute, crude oil inventories increased 6.181 million barrels in the United States during the week-ending September 8.

Supply is also said to have been hampered by Hurricane Harvey in the USA, which caused refineries to shut. The U.S. Energy Information Administration lowered its forecast for total U.S. crude oil production, however.

Mexico produced 170,000 barrels per day, while it had to produce 100,000 barrels.

Thus, the organization expects that oil production in Russian Federation in 2018 will be 60,000 barrels per day above the level of 2017. Crude prices hit above $58 a barrel in January, fresh after OPEC begin its cuts, but have slipped since to stay in a range of $50-$54. But latest OPEC monthly report shows that Nigeria produced 1.861 million barrels per day in August.



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