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

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.

Apple TV 4K Launched in Apple's Event
Why anyone would invest in more Apple TV storage, I don't know, and Apple has never properly explained why that's even an option. The much-rumored Apple TV with 4K support has been launched today by Apple at its event at the Steve Jobs Theater in Cupertino.

Fla. man gets free generator after giving away last one in store
Santiago couldn't say much to Brekke because of a language barrier, but that didn't stop him from helping out someone in need. In Florida, the people who aren't evacuating are preparing to withstand whatever Hurricane Irma has planned for them.

Senate committee to interview Trump Jr. behind closed doors
In an e-mail response to Goldstone, Trump Jr wrote that if the promised information about Clinton was as advertised, "I love it". Blumenthal told CNN that Trump Jr.'s interview did not put his concerns to rest, and instead opened up new lines of questioning.

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.


Popular
  • UFC 215 results: Amanda Nunes retains bantamweight title with split decision win

    UFC 215 results: Amanda Nunes retains bantamweight title with split decision win

    The card originally featured a bout between Demetrious Johnson and Ray Borg, but the fight was cancelled due to an illness. Henry Cejudo will face Wilson Reis , the last challenger for Johnson's belt, in the flyweight division on the main card.
    Man Trump Sent to Fire Comey Is Quitting

    Man Trump Sent to Fire Comey Is Quitting

    That investigation, which had been overseen by Comey, is also looking into the financial dealings of several Trump associates. A subsequent letter written by Deputy Attorney General Rod Rosenstein was used instead as the basis to terminate Comey.
    PSG sign Mbappe on loan with option to make deal permanent

    PSG sign Mbappe on loan with option to make deal permanent

    Brendan Rodgers, who manages Celtic - drawn in the same group as PSG in the Champions League, was more emphatic. He also made his debut in the French senior national team this year and has made four appearances.
  • All future Volkswagen models to be electric by 2030

    All future Volkswagen models to be electric by 2030

    He added that VW couldn't drop combustion engines entirely just yet, as the infrastructure for electric vehicles isn't in place.
    It Proves To Be A MASSIVE Hit At The Box Office!

    It Proves To Be A MASSIVE Hit At The Box Office!

    Summer tentpole numbers were posted on what historically has been one of the slowest weekends of the entire year. A handful of hits, like " Despicable Me 3" and Warner's " Wonder Woman ", took most of the buzz.
    Republic of Ireland have to settle for a point in Georgia

    Republic of Ireland have to settle for a point in Georgia

    But O'Neill's players clearly knew what was coming next and felt comfortable facing away from the ball for a kick-out. There is something radically wrong with a team full of professional footballers who are afraid of the ball.
  • Isaiah Thomas leaving Excel Sports Management, hiring new agent

    Isaiah Thomas leaving Excel Sports Management, hiring new agent

    But that won't just be 'the team I used to be on.' That's my old team. "I know he's reached out today, as well", Thomas said. However, one huge National Basketball Association player was actually a guest during a big tournament in the U.S.
    Kim Kardashian & Kanye West Expecting Third Child

    Kim Kardashian & Kanye West Expecting Third Child

    According to the american website, the couple has shelled out $ 45,000 (about € 37,000) for his child to be raised by another. Earlier this year, it was revealed that the celebrity duo hired a surrogate due to Kardashian West's medical condition.
    Cambodian PM says U.S.  behind opposition leader in conspiracy

    Cambodian PM says U.S. behind opposition leader in conspiracy

    Kem Sokha's arrest was quickly condemned by opposition leaders and worldwide human rights activists. The charges against Sokha carry a prison sentence of 15 to 30 years.
  • Princess Mako of Japan engaged to a commoner

    Princess Mako of Japan engaged to a commoner

    Prince Hisahito is now third in line to the throne after his uncle, Crown Prince Naruhito, and his father Prince Akishino . Komuro proposed to Princess Mako in December 2013, saying, "Let's marry in the future".
    Cowboys specialist Tim Zaleski whiffs on punt attempt

    Cowboys specialist Tim Zaleski whiffs on punt attempt

    Wyoming punter Tim Zaleski made his collegiate debut Saturday at Iowa and had a moment he'd like to quickly forget. While attempting to pin the Iowa offense as far back as possible, he forgot to actually kick the ball.
    Canada manufacturing growth cools in Aug, but employment jumps

    Canada manufacturing growth cools in Aug, but employment jumps

    This was above consensus forecasts of 55.0, the strongest reading for four months and the second-highest reading in 3 years. Combined, the findings of the official and private sector surveys suggested industrial output was resilient last month.

CONNECT