Oil supported as new hedges placed, but higher supplies weigh

06 August, 2018, 02:13 | Author: Billie Castillo
  • North Dakota production has increased significantly in the last two months. They were up 67,000 bpd in April and up another 25,000 bpd in May

Brent crude futures fell $1.82 to settle at $72.39 a barrel, a 2.5 percent loss.

Brent crude futures LCOc1 were up 32 cents at $72.71 a barrel by 10:37 a.m. EDT (1437 GMT), while US crude CLc1 futures rose 60 cents to $68.26 a barrel.

Prices had tumbled to a six-week.

In Vienna in June, OPEC and other producers led by Russian Federation agreed to ease global output cuts, adding around 1 million barrels per day (bpd) to the market from July 1.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 3.8 million barrels last week.

Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year. USA crude ended the week down 0.4 percent, while Brent has fallen 1.5 percent in the week so far.

The increase in American oil shipments follows the world's fifth-largest oil importer halting Iran crude loadings from July, ahead of USA sanctions, while its refiners are also seeking cheaper alternatives to Iraq's Basra crude.

EIA's latest Short-Term Energy Outlook (STEO) from July forecasts that USA crude oil production will average 10.8 million bpd this year, up from 9.4 million bpd in 2017. US Crude oil exports have fallen right off the table from last week's 2.7 million barrels per day to only 1.3 million barrels per day while clocking the slowest reading since April.

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OPEC+ may discuss whether a bigger production increase is needed when they meet in September, Novak said last month.

Stocks at the key Cushing storage hub in Oklahoma fell by 1.3-million barrels, the lowest level since October 2014, according to data from the Energy Information Administration (EIA).

Elsewhere, oil prices may be moving on growing concerns about US-Chinese trade policies.

The kingdom has been under acute pressure from President Donald Trump to open the taps as he chokes off exports from Saudi's political rival, Iran.

While the Saudis and their Gulf allies said they would increase production to make up for countries unable to, Iran argues that they're violating individual country targets and ultimately betraying the organisation.

On Monday, a Reuters survey found that OPEC production reached a 2018 high in July.

"Under different scenarios, Iranian supplies could drop as much as 0.8 million barrels per day".

At a June 22 meeting, OPEC agreed to boost output by returning to 100 percent compliance with oil output cuts that took effect in January 2017, after months of underproduction by countries including Venezuela and Angola.



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