Oil prices fall on weak Asian industry data, rise in United States supply
Mar 02, 2018, 03:36
"In spite of refiners undergoing maintenance, they continue to process more crude compared to previous years adding to gasoline and diesel supply", said Andrew Lipow, president at Lipow Oil Associates in Houston. Higher Nigerian output offset losses elsewhere.
Nigeria's crude oil output, which level stood at 1.819 mbpd in January this year had been on a steady rise from the beginning of 2017 to December of the same year, when it achieved 1.828 mbpd. According to a recent study by the EIA, under certain scenarios, total United States crude oil production could surpass 14M b/d by 2050.
The United States will overtake Russian Federation as the world's biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country's shale oil boom continues to upend global markets. The decision was approved in July by OPEC and non-OPEC producers led by Russian Federation.
The US reserves are expected to grow 2.7 million barrels per day, according to a preliminary data.
"The report was bearish, primarily due to the fairly large crude oil and gasoline inventory builds", said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.
Oil prices have rebounded to around $70 a barrel as a result of the policy. "Compliance with output cuts by non-OPEC countries was 85 per cent".
Workers hired by U.S. oil and gas company Apache Corp drill a horizontal well in the Wolfcamp Shale in west Texas Permian Basin near the town of Mertzon, Texas, U.S., October 29, 2013.
"The comments from the IEA head about the pace of USA shale growth might have taken the wind out of the bull's sails", said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d.
Even if the demand for oil increases (if you subscribe to the theory that states the global economy is witnessing robust growth), the supply side will flood the oil market, and it could have an adverse effect on oil prices.
Other catalysts include Tuesday's American Petroleum Institute and Wednesday's U.S. Energy Information Administration's weekly inventories report.
There is little OPEC can do about rising US-produced overseas crude oil sales without turning open the taps again.
'Prices will likely be more volatile in 2018 than 2017, driven by whipsawing sentiment around the pace of USA growth'. During the session, it hit a three-week high of US$67.90. Meanwhile, Cushing stockpiles fell by 1.28 million barrels.
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