Saturday, 18 August, 2018

Oil up; traders cite industry report of crude build at Cushing

Crude Oil Prices Swing on Supply Concerns July Support Remains Oil Ticks Up to End a Volatile Week
Kelvin Reese | 06 August, 2018, 02:17

On Friday, the U.S. Department of Labor reported total non-farm payrolls increased 157,000 in July, lower than the net average gain of 203,000 over the last 12 months.

Brent crude futures were at $73.15 per barrel, down 30 cents from their last close.

Saudi Arabia, Russia, Kuwait and the United Arab Emirates (UAE) have increased production to help compensate for an anticipated shortfall in Iranian crude supplies when planned U.S. sanctions take effect later this year.

USA stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied.

It was gathered that the Arabic nation's production increased by 230,000 barrels daily in July to 10.65 million barrels per day.

The West Texas Intermediate (WTI) for September delivery lost 1.10 US dollars to settle at 67.66 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 1.82 dollars to close at 72.39 dollars a barrel on the London ICE Futures Exchange.

Oil prices were on the downward trajectory on Tuesday even though Chief Executive Officer, BP, Bob Dudley, said he saw a series of supply-side issues that would be supportive in the short-term, according UPN.

"Oil is holding up reasonably well ..."

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But many experts say those are neither irrevocable nor serious steps that could show the country is honest about denuclearisation. Trump asserted last week that his administration's plan to dismantle North Korea's nuclear weapons is "going very well".

Russian oil output rose by 150,000 barrels per day (bpd) in July from a month earlier, to 11.21 million bpd, energy ministry data showed on Thursday. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", ING commodities strategist Warren Patterson said.

Overall US crude oil inventories actually rose by 3.8-million barrels last week to 408.74-million barrels, the EIA data showed.

"South Korean refiners are turning to US crude because of Iran sanctions".

Worries about the possible loss of Iranian supply are being somewhat offset by concerns that global trade tensions could slow economic growth and crimp energy demand.

The price jump earlier this summer had come about in large part because of President Donald Trump 's decision to pull the USA out of an global agreement to curb Iran's nuclear program.

China said it would hit back if the United States takes further steps hindering trade, as the Trump administration considers slapping a 25 percent tariff on $200 billion worth of Chinese goods.

Price differentials for the medium-sour Mars grade to Dubai quotes on arrival in North Asia have fallen to 50 cents to $1 a barrel, down from indications of $1-$1.50 at the start of July, partly as China avoided USA crude due to potential import tariffs. Senior Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports.

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