Tuesday, 16 October, 2018

Oil prices rise amidst USA sanctions against Iran

Crude oil posted its worst monthly loss in two years in July Crude oil posted its worst monthly loss in two years in July
Kelvin Reese | 10 August, 2018, 03:42

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.15 per barrel, down 2 cents.

Unipec said that it expects to trade up to 300,000 barrels per day (bpd) of United States crude oil by the end of the year, about triple its trading volume of USA oil last year.

Meanwhile, stockpiles of gasoline and distillates, which include diesel and heating oil, rose more than expected. OPEC+ countries will increase production by 1 million barrels per day, of which 200,000 bpd will be provided by Russian Federation.

Exports to Asia fell to 1.76 million b/d in July from 1.85 million b/d in June as demand from South Korea and Taiwan dissipated as the former turned to other countries for condensates.

The increased purchase of United States oil companies has come ahead of re-imposition of economic sanctions against Iran - India's second-biggest supplier of oil. A second round is scheduled to begin in November.

"The impact of it is the greatest known unknown of the year".

Crude oil prices extended gains Tuesday as the Trump administration's sanctions against Tehran kicked in, setting the stage for a drop-off in production from the world's fifth-largest producer.

Looking ahead to 2020-21, Della Vigna anxious that the impacts of the slowing pace of new projects will start to be felt, and USA shale will begin to decline; however, he said now is a flawless opportunity for "big oil" firms to negotiate better tax terms with governments and "do more activity - that doesn't necessarily mean more money".

Stephen Colbert Obliterates Alex Jones With His Rant Impression
Dorsey said the company was committed to promoting "a healthy conversational environment" - which included Jones. Twitter had not removed Jones or InfoWars from its service, as of Monday afternoon NY time.

Over 100 rockets fired into Israel from Gaza
A video has been circulating on social media that captures the terror that Israelis endure when Hamas launches rockets at them. In another round of escalation, Israel responded to rocket fire by striking what it says are Hamas militant targets in Gaza .

Pensioners loudly echo Boris Johnson's niqab comments in doctor's surgery
Taking to Twitter, the Jaanan actress emphasized a woman's right to wear whatever she feels comfortable in. Boris has been accused of Tory Wets of breaching the party's "code of conduct" with his comments.

Total estimated export volumes on Aframaxes, Suezmaxes and VLCCs from Iranian ports in July fell by 7% to 2.32 million b/d from 2.49 million b/d in June, according to data from S&P Global Platts trade flow software cFlow. Following the announcement by EIA, the WTI lost 2.78 percent to 67.25 USA dollars, while Brent decreased 2.55 percent to 72.75 dollars. WTI settled at $69.17 on Tuesday and opened at $69.11 Wednesday morning.

Futures for September delivery lost 2.9 per cent to CNY 521.9 a barrel on the Shanghai International Energy Exchange.

Oil held a gain near $69 a barrel as USA crude inventories are seen declining. Distillate product supplied averaged 4 million barrels a day for the past four weeks, up by about 100,000 compared with the prior week.

Refinery crude runs rose by 118,000 barrels per day, EIA data showed.

Going forward, China's gas demand is projected by the IEA to rise by 60 percent between 2017 and 2023 to 376 billion cubic meters (bcm), including a spike in its LNG imports to 93 bcm by 2023 from 51 bcm a year ago. The U.S., for its part, has not posted a GDP growth rate above 5.12 percent since 2006.

Here is a look at how share prices for two blue-chip stocks and two exchange-traded funds reacted to this latest report. Over the past 12 months, Exxon stock has traded up about 0.8%.

Brent's April to May trading range is $65.29 to $79.37.

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