API Reports Seventh Large Crude Draw In Seven Weeks

18 January, 2018, 14:21 | Author: Sheri Evans
  • HOUSTON Petroleumworld 01 17 2018

The high prices have been accompanied by money managers raising bullish positions in crude futures and options by record amounts, and this prompted Norbert Ruecker, head of commodity research at Julius Baer, to worry that "hedge fund expectations for further rising prices have reached excessive levels". As at yesterday evening, Brent crude oil price settled at N69.87 per barrel while the West Texas Intermediate (WTI) sold at N64.30 per barrel.The Secretary General, Organisation of the Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, also identified other factors contributing to the recently gathered pace of rebalancing.

But Rashidi believes that demand is still too high to suggest that more USA exports could hurt OPEC members' share of the market.

By 4:37pm EST, the WTI benchmark was trading up 0.27% on the day to $63.90 while Brent was trading up 0.19% on the day at $69.28.

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After long years of punishingly low oil prices, the global oil market is moving closer to reaching a healthy balance between supply and demand, OPEC said on Thursday.

“Prices. rallied on the back of noticeable de-stocking of crude inventories, ” said Fawad Razaqzada, market analyst at future brokerage Forex.com. The rise in Brent crude oil futures prices likely reflected global oil inventory draws that were estimated to be 0.3 million barrels per day (bpd) during the fourth quarter of 2017.Crude oil price is gradually moving to N70 a barrel.

The tighter supplies come on the back of supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and Russian Federation, who started to withhold production in January a year ago.

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“The upside is now limited for oil prices. The output cuts that began a year ago in a bid to remove a global oil glut have pushed up the price of benchmark Brent crude by more than 50 percent since mid-2017 to hit United States dollars 70 a barrel last week for the first time since December 2014.

Goldman Sachs is not ready to raise its $62 target on Brent and $57.50 forecast for USA crude in 2018, but says there's a growing risk that global inventories will fall too quickly and push up prices.

Gasoline stocks rose by 1.8 million barrels while distillate fuels stockpiles, which include diesel and heating oil, climbed by 609,000 barrels, the API data showed. The U.S. government's weekly supply data is due on Thursday.

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