Oil up, but Opec sees rapid growth in rival supply

14 March, 2018, 20:14 | Author: Regina Silva
  • Oil prices stable after two-day decline, but rising US output drags

Recently, a slew of USA shale firms predicted higher production this year as oil prices rebound.

Brent and WTI have shed around 1.5 and 2.4 percent since the start of the week, with prices hit by concerns over a relentless rise in US crude oil production that has also been contributing to increasing inventories. A broader market slump initially drove prices lower, while surging American production and increasing inventories remain a challenge.

The Organisation of Petroleum Exporting Countries acknowledged the scale of the shale boom, forecasting for the first time that supply growth from rivals will outstrip the increase in demand this year.

West Texas Intermediate for April delivery traded at $61.12 a barrel on the New York Mercantile Exchange, up 41 cents, at 9:18 am in New York, after dropping 65 cents on Tuesday. Total volume traded was about 11% below the 100-day average.

Crude oil prices were up USD0.50 at USD61.21 a barrel Wednesday morning.

Tillerson's replacement Mike Pompeo, now the Central Intelligence Agency director, is known as something of an Iran hawk, RBC chief commodities strategist Helima Croft said Tuesday. Gasoline stocks fell by 6.3 million barrels, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. The American Petroleum Institute on Tuesday (http://www.marketwatch.com/story/api-data-reportedly-show-a-weekly-rise-us-crude-supply-but-gasoline-stockpiles-fall-2018-03-13) reported a rise of almost 1.2 million barrels, according to sources.

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There is a split between Saudi Arabia and Iran on the ideal oil price.

The increases in US production has this year exceeded the supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), which have been in place since 2017 in an effort by the cartel, and supported by non-OPEC member Russian Federation, to prop up prices. The U.S. economy added the biggest number of jobs in more than a year in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.

Distillate inventories saw a large draw this week of 4.258 million barrels. Is the global market just showing a typical seasonal lull, or warning of something more ominous?

It's the fifth consecutive months that OPEC is producing less oil.

Oil prices fell on Wednesday, pressured as weekly US government data show a bigger-than-expected rise in crude supplies, but gasoline futures climbed on the back of a hefty inventory decline.



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