Вторник, 12 Декабря, 2017

Oil prices continue to decline

Crude oil futures up 1 pc on global cues Oil prices continue to decline
Kelvin Reese | 01 Декабря, 2017, 06:37

For Brent, WTI, U.S. gasoline and U.S. heating oil, the net long declined by 28 million barrels after rising by 237 million barrels over the previous four weeks, data from regulators and exchanges shows. US West Texas Intermediate (WTI) futures were down 33 cents, or 0,6%, at US$57,78 a barrel, after falling 1,4% in the last session.

Iraqi Oil Minister Jabbar al-Luaibi expects the oil-producing countries participating in the OPEC + agreement will decide to extend it.

Data released Wednesday by the U.S. Energy Information Administration revealed U.S. commercial crude inventories dropped by 3.4 million barrels, versus expectations for a 2.3-million-barrel drawdown. That was a bit bigger than the forecast for a decline of 3 million barrels from analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday had reported an increase of 1.8 million barrels, according to sources.

"Refining activity continues to be super strong-back above 17 million barrels per day for the first time since late August, and over 700,000 [barrels per day] higher than year-ago levels", Matt Smith, director of commodity research at ClipperData, told MarketWatch.

Читайте также: Russian Fighter Intercepts US Reconaissance Aircraft over Black Sea

OPEC members made a decision to cut production by 1.2 million barrels per day.

However, gasoline and distillate stocks rose more than anticipated last week, according to the EIA.

Failure to extend the agreement for the full nine months could therefore spark a sharp correction, but pressing ahead will fuel concerns about the market tightening too much by the end of 2018.

Distillate inventories also saw a build this week, up 2.696 million barrels, against a forecast of a 230,000-barrel build. Refinery utilization rates rose by 1.3 percentage points.

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