Oil stocks rise, surprising analysts and causing price to slip
04 August, 2018, 18:25 | Author: Brooke Harris
Oil prices rose, with United States crude futures jumping more than 2%.
On Tuesday, the EIA reported that USA crude production fell 30,000 barrels per day to 10.44 million bpd in May.
Oil traders said prices pulled back after information supplier, Genscape reported that inventories at Cushing, Oklahoma, the delivery hub for U.S. crude, rose almost 200,000 barrels, or nearly one per cent, from Tuesday to Friday last week.
Iran has renewed threats to block the Strait of Hormuz since the United States announced its plan to reinstate sanctions and cut shipments from Opec's third-largest producer to zero from about 2.5 million barrels a day now.
In the Reuters survey at the end of last month, analysts had expected WTI to average $66.79 per barrel this year, up from the $66.47 forecast in May, as they expected supply deficits from Venezuela and Iran to outweigh OPEC's production boost.
On Monday, WTI prices reached 69.31 dollars a barrel on the New York Mercantile Exchange but it took a steep dive due to those concerns and settled at 67.89 dollars.
Analysts polled by IG Group had expected a slight inventory decline of 200,000 barrels, after the previous week's major, 6.1-million-barrel draw reported by the EIA.
Brent crude, the global benchmark, was down 1.3% to $73.22 a barrel on London's Intercontinental Exchange.
Brent lost more than 6 percent in July, while USA crude futures slumped about 7 percent, the biggest monthly decline for both benchmarks since July 2016.
Gasoline stocks USOILG=ECI declined 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for USA crude futures USOICC=ECI fell by 1.3 million barrels, EIA data showed.
Geopolitical tensions have roiled the crude market, sending Brent prices higher since mid-July as global supplies tighten. September WTI fell 92 cents, or 1.32%, to settle at $$68.69 a barrel, for a weekly gain of 0.6%. Saudi production increased but was offset by a decline in Iranian supply due to the restart of USA sanctions, the survey found.
In other news, Yemen's Houthi group said that it would suspend attacks in the Red Sea in order to support peace efforts.
The Organization of the Petroleum Exporting Countries, plus Russian Federation and other allies, decided in June to ease supply cuts that had been in place since 2017. Saudi Arabia suspended oil shipments through the strait last week after the Houthis attacked two Saudi oil tankers. "Even though trade war worries were eased between the US and European Union this week, they still loom large with China, weighing on prices".
Concern over slowing economic growth because of a trade dispute between the U.S. and China are also putting downward pressure on the market.
Oil retreated in NY, heading for its biggest monthly loss since March 2017, as some of the supply risks facing the market abated.
President Donald Trump shake hands on November 9, 2017, during a meeting outside the Great Hall of the People in Beijing. Beijing said it would be forced to take countermeasures to defend Chinese interests, free trade and the global order.
The death penalty was meant only to protect society. "The key point here is really human dignity ", Burke said. Pope Francis addresses his weekly audience in Saint Peter's square at the Vatican on June 6, 2018.
The US president's comments after a day after his former campaign chairman Paul Manafort went on trial in Alexandria, Virginia. He also appeared blindsided when he was told the White House is in discussions about inviting Putin to Washington in the fall.
The fire burning near Redding has grown to 206 square miles (533 square kilometers) and destroyed at least 1,060 homes. Varney's radio wasn't communicating with headquarters, so his assistant relayed messages - until they lost contact.
You can also search for a specific soundtrack by tapping on the floating search bar on the bottom right corner. Google is calling these "musical alarms" which is just a fancy word for alarms with a song as the ringtone.
She has spent a grand total of 322 days in space including a stint commanding the space station and performing seven spacewalks. Ferguson, who has been involved from the start in the Starliner's development, flew three shuttle missions as a Nasa astronaut.
But the policies for individuals have no guarantees of coverage for existing medical conditions and come with limited benefits. That means consumers may be able to stick with a plan for up to 36 months instead of shopping for a new plan each year.
The US and China are now involved in a trade war, with President Donald Trump imposing tariffs and Beijing responding in kind. They claim that Google has already demonstrated the service to the Chinese government, with negotiations between them ongoing.
Players will instead have to use a separate installer provided by Epic to download the game directly from the Fortnite website. As such, says the Epic executive, "any device from up to three years ago with a high-end GPU should run the game pretty well".
Labour MP Luciana Berger speaks during a protest against anti-Semitism in the Labour party in Parliament Square, London. Labour insisted that, while they were not reproduced word for word, they are covered in the new code.
The stock has risen more than 21 per cent this year and an eye-watering 50,000 per cent since it became a public company in 1980. The iPhone maker's market capitalisation reached the figure in afternoon trading in NY as its shares rose above $207.
Turns Out Former Browns QB Johnny Manziel Sucks in Canada Too
With the score 47-3 in favor of Hamilton in the opening minutes of the fourth quarter, Manziel was replaced by Vernon Adams Jr. The defense was porous and the special teams even gave up points, when a punt was blocked and returned for a touchdown.
Right royal Audi RS6 for sale
She said: "Just picture me with my curly hair and a gap in my teeth and my little school uniform with Keds (sneakers) on". Meghan told Marie Claire her interest in drama and politics saw her change her degree at Northwestern University.
Urban Meyer: 'I am confident that I took appropriate action'
On his reaction to Meyer's official statement from Friday: "That was as heartfelt, honest, true a statement as I've ever heard". Meyer's future remains unclear as the team begins preparation for its opener September 1 at home against Oregon State.
'I'll go to bed dreaming of getting Kohli out,' says Anderson
First to go was Vijay (20 ), plumb LBW to a late inswinger, then KL Rahul (4 ) played on to leave the tourists on 54 for two. Following scans on Thursday, England have confirmed Jos Buttler did not suffer a fractured finger in the morning session .
Nikki Haley Slams Russia for Violating North Korea Sanctions
The labour prohibition is a part of a broader array of sanctions aimed at eliminating an important revenue stream for North Korea. As for United Nations financial sanctions, the report said they are among the most poorly implemented and evaded measures.