Surprise Inventory Build Pushes Oil Back Toward Yearly Lows (USO)
Jun 18, 2017, 01:28
Additionally, the EIAreports that the largest global increase for crude oil will occur in quarter two of 2018, due to OPEC and Brazilian-driven production are on the rise.
Traders said the slight increases were a result of a partial export halt in Libya. The Energy Information Administration (EIA) forecasts that American output will surpass 10 million bpd next year. "Chinese demand is slow.so we have a build-up of crude in Asia where demand seems to have slowed for now", said Oystein Berentsen, managing director for oil trading company Strong Petroleum.
High inventories have weighed on the futures' market's crack spreads, a measure of refining margins, throughout spring when refiners produce more gasoline for driving season.
US stockpiles have dwindled 9 in 10 weeks, failing to support oil futures because of the slow pace of declines.
Oil prices on Friday bounced up off the year's lows as some producers reduced exports and US rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply. Both benchmarks notched a weekly loss exceeding 1.6 percent.
Oil prices fell to their lowest in over five weeks on Wednesday, following USA data showing an unexpectedly large weekly build in US gasoline inventories and International Energy Agency (IEA) data projecting an increase in non-OPEC production.
The so-called USA driving season starts at the beginning of summer when gasoline demand peaks to its highest level of the year.
OPEC and its allies efforts to remove about 1.8 million barrels of crude oil supply have not been successful.
In the report, OPEC pointed to continued high compliance by its members with the supply deal and said oil stocks in industrialised nations fell in April - although they are still 251 million barrels above the five-year average.
If correct, that could keep a lid on oil and energy prices as a glut of supply grows despite the efforts of countries in the OPEC cartel and allies like Russian Federation to limit production.
"A relentless build in the U.S. rig count, weekly builds in United States inventories, rising production in Nigeria and Libya, and weak compliance by key OPEC members Iraq and the UAE" are among the main reasons for falling oil prices, according to analysts at USA investment bank Jefferies. New supplies from OPEC rivals will be more than enough to meet demand growth next year, the International Energy Agency said Wednesday in its first forecast for 2018.
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According to traders Brent crude oil futures were at $50.21 per barrel on Monday - an increase of 26 cents, or 0.5 percent. There are already doubts that the effort to curb production by nearly 1.8 million bpd is seriously denting crude exports.
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