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Oil to average in the US$50sa barrel in 2018: Gulf Intelligence
23 September 2017, 01:17 | Floyd Cook
Crude prices rise on signs of drop in global inventories
USA crude stockpiles rose to 472.8 million barrels last week, while inventories at the crucial trading hub in Cushing, Oklahoma, climbed to the highest since June.
Oil prices rallied Wednesday as official data showed that USA gasoline stockpiles fell to a 22-month low.
Gasoline inventories fell by 2.1 million barrels and distillate fuels, which include diesel and heating oil, dropped by 5.7 million barrels. Analysts forecast that stockpiles of gasoline likely fell 2.1 million barrels last week.
The International Energy Agency in its latest monthly report said commercial OECD oil stocks stayed flat in July, month-on-month, at 30.016 million barrels, about a 190 million barrels above Organization of the Petroleum Exporting Countries' target of the last five year average.
"Demand is clearly coming back, so there is a need for refining to come back online". The increase was the first in four weeks.Hedge funds and other money managers cut their bullish bets on U.S. crude futures and options in the week to September 12, the U.S. Commodity Futures Trading Commission reported on Friday.
Crude oil prices advanced to the highest level in months as expectations that OPEC will decide to extend its production-cut deal outweighed pressure from a third-straight weekly jump in the United States crude oil supplies and a hefty rise in production. Oct. WTI was up 93 cents, or 1.9%, to finish at $50.41/bbl on contract's expiration day. This came as even as oil refiners ran the most barrels of oil through the refineries since 2008.
OPEC, which has committed to take 1.8 million bpd off the market from cuts contributed by its 14 members and other allies, including Russian Federation, will meet in Vienna on Friday to review its price support efforts. The deal was extended in May through March 2018, but has been hindered by both a lack of compliance by some signatories and steady US shale output.
Market players were looking ahead to a meeting Friday between OPEC and other producers regarding a possible extension by more than three months of oil production cuts that expire in March 2018.
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