Oil prices sink after International Energy Agency's outlook

13 October, 2017, 06:42 | Author: Regina Silva
  • Angola falls back from leading oil production in Africa

The lowering of 2017 growth expectations should have been price-supportive, especially for WTI, but with this year nearing an end, attention will shift more to the output expectations for 2018, which at this point are bearish.

Crude oil inventories fell 2.7 million barrels in the October 6 week to 462.2 million, 2.5 percent below the level a year ago, the Energy Information Administration (EIA) said in its weekly report Thursday.

Brent crude futures, the global benchmark for oil prices, were down 78 cents, or 1.4%, at $56.16 late morning Thursday.

Crude prices gained in Asia on Friday with trade data from China supporting rising demand views as the market looks ahead to U.S data. Distillate stocks fell by 1.5 million barrels, short of expectations for a drop of 2.2 million barrels.

The Energy Department on Thursday lowered its forecast for oil demand for 2018.

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"There is little doubt that leading producers have re-committed to do whatever it takes to underpin the market", the IEA said in a report on Thursday.

Gasoline inventories, one of the products that crude is refined into, rose by roughly 2.5m barrels, confounding expectations of a draw of 480,000 barrels while distillate stockpiles fell by about 1.5m barrels, missing expectations of a decline of 2.2m barrels.

Meanwhile, the agency forecast that US oil demand for 2017 is set to grow by 230,000 bpd compared with previous forecast of 350,000 bpd.

"Additional U.S. supplies will weigh on Brent prices, and this will also encourage more production in the U.S.", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London. For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously.

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