Energy stocks get whacked after OPEC says oil is 'well supplied'

14 October, 2018, 03:06 | Author: Billie Castillo
  • Oil price extend losses as other markets fall, stockpiles climb

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing US crude inventories rose more than expected.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT.

Crude output lost in the two days of storm shut-ins represents about 9 percent of the USA production of 11.1 million barrels per day, according to data from the Energy Information Administration. Bijan Zanganeh-Iran's Oil Minister-reported that the oil market will not tolerate Saudi Arabia's claim that it has been compromising for the loss of Iran's oil exports.

The country's largest privately owned crude terminal, the Louisiana Offshore Oil Port LLC, said on Tuesday it had halted operations at its marine terminal.

The International Energy Agency, the West's energy watchdog said in its monthly report that the market looked "adequately supplied for now" and trimmed its forecasts for world oil demand growth this year and next.

Trump has demanded that OPEC cool prices by pumping more oil. Iranian crude exports dropped down further in the last week, as per an industry source and the tanker data, since customers are looking for alternatives before the start of the US sanctions.

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Oil futures lost more ground in electronic trading late Wednesday, after settling with a loss of more than 2% in NY. It had planned to import of 9 million tonnes of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019) or 0.75 million tonnes a month.

U.S. sanction go into place on November 4th.

The U.S. President has reaffirmed economic sanctions on Iran during his recent speech at the United Nation's General Assembly. OPEC and its allies "are ready and willing to continue to make sure that the market remains well supplied". Platts estimates crude oil volumes have fallen 11.5 percent, to 1.7 million barrels per day in September.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said.

Oil prices have rallied this year as market watchers expect that USA sanctions on Iran, OPEC's third-largest oil producer, will reduce oil supplies. "As a result, Indian refiners will increase dependence on the remaining Middle Eastern crude oil suppliers (mainly Saudi Arabia and Iraq), aside from Iran", Moody's has said recently.

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