Oil Climbs To Approximately $80 With Equities, Supply Disruptions Persist

14 July, 2018, 08:03 | Author: Billie Castillo
  • Oil prices rise as looming Norway strike adds to disruptions

-Chinese trade war-are set to reshuffle the US oil flows to the world's fastest-growing oil market, Asia.

Futures for September delivery rose 0.4 percent to 506.9 yuan a barrel on the Shanghai International Energy Exchange. As trading volumes on up days continue to exceed trading volumes on down days, crude oil buyers remain in control.

Sources at South Korean refining companies and a Chinese trading firm indicated that light sweet and medium sour U.S. crude suppliers may have to step up efforts to remain competitive in the Asian market, especially due to China's continued threats to levy a 25% tariff on American energy products. -Chinese trade war took a turn for the worse in recent weeks.

China, which is now embroiled in a trade dispute with the United States, hasn't yet made any public announcement on whether it will fold to America's demands to halt purchases of Iranian crude.

Washington had earlier told countries they must halt all imports of Iranian oil from November 4 or face USA financial measures, with no exemptions.

But the problem with India possibly replacing Iranian oil with US crude is that American light oil isn't a substitute for heavy high-sulfur Iranian crude.

US Crude inventories fell last week by 6.8-M bbl, according to the American Petroleum Institute (API). "Before that, it was in the $1s/b [premium to Dated Brent] range", a sweet crude trader at a trading house said. A stronger dollar can weaken dollar-denominated commodities, like crude.

Fears that a U.S. "They can import more, but can they process it?"

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NYMEX WTI Crude was down 85c at 73.26 bbl.

"There will be a handful of countries that come to the United States and ask for relief from that".

If proposed USA tariffs on Chinese goods go into effect, duties will cover almost half of all American imports from the Asian nation.

Libya's national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28-million bpd in February following recent oil port closures, National Oil said on Monday.

China was the world's biggest oil importer a year ago, followed by the US.

Adding to the bearish mood were signs of a possible relaxation of US sanctions on Iranian crude exports. Close American allies such as South Korea and Japan are grappling with how to sustain their ties with the U.S. without jeopardising their energy industry as well as their relationship with long-time crude supplier Iran.

India will first cater to its own national interest, its oil minister Dharmendra Pradhan said in an interview with BusinessLine published over the weekend.

With geopolitics-tariffs and sanctions-reshuffling the oil interests and oil flows of the U.S., China, India, and Iran, India alone may not be enough to absorb the U.S. oil exports to China, now America's second-largest single oil customer after Canada.



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