teknolojiarsivi.com
teknolojiarsivi.com October 20, 2017


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

ICON... Audre Lorde dedicated both her life and her creative talent to confronting and addressing the injustices of racism sexism and homophobia

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 prices rise on signs of drop in global inventories

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.

"Exempt members Libya and Nigeria may be bought into the fold of the production cut deal".

Rounding out action on Nymex, October natural gas traded at $3.126 per million British thermal units, up less than a half cent.




Other News

Trending Now

U.S. jets fly over Korean Peninsula after North Korea ballistic missile launch
North Korea's nuclear weapons program will be a major topic of discussion at this week's United Nations General Assembly in NY . The agency did not link the exercise, which follows an earlier joint drill in July, with the North Korea issue.

Over 200 Killed As 7.1 Magnitude Earthquake Hits Mexico City
The President of Mexico , Enrique Peña Nieto tweeted that he has ordered the evacuation of hospitals that have suffered damage. He added that he saw a woman fainting as 'people started to run'. "We are with you and will be there for you", Trump said.

WWE Posts Storyline Update on Vince McMahon
Last summer he appeared on Eric Bishoff's podcast, Bischoff on Wrestling , and explained why Owens is such a special talent. During a segment with Kevin Owens , The Chairman Of The Board got demolished.

Roy Hodgson sets sights on Crystal Palace survival
Roy Hodgson is confident of turning Crystal Palace's fortunes around - but admits things may get worse before they get better. A lovely effort from Manolo Gabbiadini against West Ham , and a tap in from Steven Davis against Crystal Palace .

50 people die in Iraq bombings
According to Reuters, the attackers disguised themselves as members of security forces and drove stolen army vehicles. Bomb attacks in southern Iraq, where the bulk of the country's oil is produced, are relatively rare.

Thyssenkrupp, Tata Steel Merger Should Not Happen At Any Price: German Minister
The deal could have sweeping implications for the industry and for 8,000 workers employed in the United Kingdom in particular. Commenting on the MoU, Tata Steel Chairman N.

FSU falls again in the AP Poll despite not playing
Clemson piled up 578 yards of total offense, including 297 on the ground, in a 47-21 victory at Louisville on Saturday night. Ohio State ran all over the Sooners with 291 rushing yards in a 45-24 win in Norman, Oklahoma, last season.

Centre files affidavit in Supreme Court terming Rohingyas threat to national security
The Principle of Non-Refoulement prohibits states from sending back refugees to a country where their life may be in danger. The Centre claimed that India can not be held to the provisions of the conventions mentioned by the refugees.

Senate Rejects Attempt To Repeal 16-Year-Old War Authorization
The White House, however, isn't looking for changes to the 2001 authorization, according to Legislative Director Marc Short. Among those critical of the amendment were Senators Jack Reed (D-RI), John McCain (R-AZ), and Bob Corker (R-TN).

Democratic Senate leader calls Trump's 'Rocket Man' remark at United Nations 'risky'
He is scheduled to address the world body, which he has criticized as weak and incompetent, on Tuesday. McMaster also said the reports are false. "Too bad!" Trump said in a Twitter post on Sunday morning.