Oil prices retreat as data point to continued gains in United States output

14 Marcha, 2018, 04:04 | Author: Arnold Perez
  • Oil prices stable after two-day decline but rising U.S. output drags

The news is not likely to change the outlook for rising USA production which is now up to 10.37 million barrels per day (bpd).

The crude oil production in the U.S. rose to over 10 million barrels per day by the end of 2017, according to the International Energy Agency.

Sentiment is being soured further as USA inventories are forecast to have risen for a third week.

That has undercut some of the enthusiasm for oil, as investors weigh increased USA supply against the likelihood that the Organization of the Petroleum Exporting Countries and non-OPEC producers will maintain supply cuts that have been in effect for more than a year.

As crisis-stricken Venezuela is struggling with a steep decline in its oil production, India's average oil imports from the Latin American OPEC member have slumped over the last few months to their lowest level since 2012, Reuters reported on Tuesday, quoting industry and shipping sources.

Oil rose on Tuesday, after Libya said loadings of crude at a key port had been suspended, offseting an earlier dent to the price caused by evidence of the inexorable growth in United States oil output. West Texas Intermediate, the USA marker, is now near $62 a barrel. The spread between the first two contracts settled at minus 4 cents, the first time it closed at a discount since January 22.

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May WTI Crude Oil settled at $61.33, down $0.59 or -0.95% and June Brent Crude Oil finished the session at $64.79, down $0.48 or -0.74%. The global benchmark traded at a $3.58 premium to May WTI.

The most significant price action this week is likely to take place after the release of the American Petroleum Institute's weekly inventories report on Tuesday and Wednesday's U.S. Energy Information Administration report. The Permian Basin is seen leading the way with an 80,000-barrel increase.

Wood Mackenzie Ltd. last week forecast that US crude shipments overseas will soar to nearly 4 million bpd by the mid-2020s, rivaling shipments from Iraq and Canada; and as far as Patterson is concerned, the Middle East won't give up Asia easily.

Workers at Libya's Zawiya oil export terminal started a strike on Monday over delayed salary payments, according to people with knowledge of the matter, who asked not to be identified because they are not authorized to speak to media.

Among refined products, Nymex reformulated gasoline blendstock-the benchmark gasoline contract-was down 0.5%, at $1.89 a gallon. Contributions of 200 words or more will be considered for publication.

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