Markets

USA oil inventories drop despite jump in domestic output, DoE says

USA oil inventories drop despite jump in domestic output, DoE says

"However I don't believe that this strength will be long lived with rising USA production and a strengthening dollar". Output is seen at 100.62 million barrels a day, up from 100.43 million previously, with demand at 100.2 million, compared with 100.23 million.

That is due largely to the tight pipeline capacity and growing oil sands production forcing producers in western Canada to look for transportation alternatives, the Paris-based agency said Monday in a new report.

The main culprit for a slowdown in U.S. shipments to Asia is likely the narrowing discount of benchmark U.S. West Texas Intermediate (WTI) to Brent, the light crude grade used as a price marker for the rest of the world.

"Rising U.S. oil output coupled with a simultaneous upswing in domestic oil stockpiles has all the makings for a potent bearish cocktail", PVM Oil Associates strategist Stephen Brennock said.

The retreat by oil producers during an oil-price plunge between 2014 and 2016, however, continues to raise the specter that not enough money has been spent on exploration, which can result in shortages and price spikes.

"Oil fundamentals have been showing signs of weakening", said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. "The correlation between the (S&P index) and oil has been moving in synchronicity".

Michael B. Jordan in "Black Panther" Leads Girl to Break Her Retainer
Wait, that's what Dateline is all about, I wonder what her dad would say about this. Understandably, Robb was anxious about reporting this story to her orthodontist.

A voice for Wall Street in the White House, Cohn's move to resign came after he lost a fight over Trump's plans for hefty steel and aluminium import tariffs.

Crude inventories rose by 5.661 million barrels last week to 426.880 million barrels, data from the American Petroleum Institute showed on Tuesday.

With US output outpacing demand growth, analysts say the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation, who together with some other producers have been withholding production in order to prop up prices, are under pressure to keep up the supply restraint, even at the cost of market share.

According to the Energy Information Administration, the Department of Energy's statistical arm, over the week ending on 2 March crude oil inventories rose by 2.4m barrels versus the prior week to reach 425.9m barrels. The United States already passed top exporter Saudi Arabia late previous year.

The EIA said on Tuesday it expects United States crude output in the fourth quarter of 2018 to reach an average of 11.17 million bpd, up from the previous forecast a month ago of 11.04 million bpd.


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