Saturday, 17 November, 2018

Crude Oil Has Another Down Day

Forty years of American hostility’ Iran releases video responding to new US sanctions You Tube Javad Zarif
Kelvin Reese | 09 November, 2018, 22:58

"Certainly, the waivers on USA sanctions for Iranian crude have really accelerated the decline from last month and sensitivity to those issues have been high in recent times", said Daniel Hynes, a Sydney-based senior strategist at Australia & New Zealand Banking Group Ltd.

Asked if the administration had a target in reducing Iranian oil exports in the next six months, Hook said, "I can't tell you what our target is; we do have a target".

Benchmark Brent crude LCOc1 fell below $70 a barrel for the first time since early April, and was down almost 20 percent since reaching four-year highs at the beginning of October. Since the EIA report is positively correlated with API, can we expect EIA to report a build in inventories?

Brent futures for January settlement edged up 9 cents to $70.74 a barrel on the London-based ICE Futures Europe exchange.

The United States, Russia and Saudi Arabia are pumping at or near record highs, producing more than 33 million barrels per day (bpd), a third of the world's oil.

Iran has mocked the United States sanctions.

The American Petroleum Institute, an industry group, said on Tuesday U.S. crude stocks rose by 7.8 million barrels last week, more than analysts had forecast.

Boeing Issues Safety Warning on 737 Max After Lion Air Crash
The Lion Air crash is the worst airline disaster in Indonesia since 1997, when 234 people died on a Garuda flight near Medan. If the angle of attack is too high, then its speed decreases and the aircraft could enter an aerodynamic stall.

Rashida Tlaib becomes first Muslim woman elected to Congress
MA will also be getting its first black congresswoman while Arizona and Tennessee stand to elect their first woman senators. Tlaib actually campaigned with Omar ahead of the latter's primary race earlier this year.

Samsung unveils foldable smartphone with flexible display
Samsung helped create the big-phone trend that's become the standard with devices such as Apple's iPhone XS Max. Reports also suggest that the new smartphone will feature an OLED screen and will be powered by an intel chip.

Oil in NY fell into a bear market, adding pressure on OPEC and its allies to cut production just months after adding barrels.

The State Department reminded the global shipping and insurance industries Wednesday that as part of the Trump administration's "maximum pressure campaign" to get Iran to change its behavior, insuring Iranian tankers will now incur penalties under US sanctions reinstated this week.

Futures in NY gained 1 per cent. Ministers from the Organization of Petroleum Exporting Countries gathering in Abu Dhabi this weekend will discuss options for 2019 including the scenario of fresh supply cuts, said delegates. In October, OPEC's crude production hit the highest since 2016 and Russian Federation hiked its output to a record of nearly 11.41 million barrels a day.

All of this has come as something of a surprise to the market which, in late September and early October, was more focused on a loss of supplies from Iran due to sanctions and also on weaker supplies from Marxist Venezuela due to the collapse of its economy.

Also Thursday, Iran's representative to OPEC, Hossein Kazempour Ardebili, claimed that Russian Federation and Saudi Arabia were helping Trump by increasing their own production to keep oil prices low.

"We appreciate that the United States recognized the role which this Port will play to bring strategic and long term benefits to Afghanistan as well as enhance Afghanistan's connectivity with the outside world", the MEA spokesman said.

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