GIQ Industry Survey: Oil to Average in the $50sa Barrel in 2018
GIQ Industry Survey: Oil to Average in the $50sa Barrel in 2018
Crude prices rise on signs of drop in global inventories
23 September, 2017, 01:19
Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 3.5 million barrels in the week ended September 15.
Oil hovered close to $50 a barrel amid conflicting signals from OPEC ministers about whether an extension of supply limits is on the table for the cartel's meeting on Friday.
Consequently, in spite of efforts of OPEC and non-OPEC countries to artificially reduce output, the United States shale oil and gas producers start to export large volume of crude oil to world markets when the oil price exceeds $45 a barrel.
Brent for November settlement lost 27 cents to $56.02 a barrel on the London-based ICE Futures Europe exchange, after advancing $1.15 on Wednesday.
Opec and non-Opec producers including Russian Federation have agreed to reduce output by about 1.8 million barrels per day (b/d) until March to reduce global oil inventories and support prices.
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Prices were supported after the American Petroleum Institute said on Tuesday that USA crude stocks rose last week, while gasoline and distillate stocks decreased.
Oil prices advanced Wednesday amid ongoing optimism that production cuts have shown some success in bringing down global inventories. It rebounded to 9.35 million barrels per day in the prior week, but was still below the 9.53 million bpd rate before Harvey hit. The U.S. government's Energy Information Administration (EIA) will issue its next weekly dataset for oil-supply demand on Wednesday. Ahead of that, will be API's closely-watched inventory sampling at 4:30 p.m. on Tuesday. According to The Economic Times, oil producers Saudi Arabia and Iraq have already cut oil production and export to strengthen prices. "The question now is whether the $50-per-barrel WTI price is attractive enough for shale producers to sell their production forward".
"There are still a ton of barrels offshore looking to come onshore", he said, referring to stalled imports into the U.S. Gulf of Mexico since the hurricane.
Inventories of diesel and other distillates slid to the lowest level since 2011 while exporters shipped 5.42 million barrels of oil and fuels amid the recovery from Hurricane Harvey, the report showed.
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