emfizz.com
emfizz.com June 23, 2017


Oil prices flat in choppy trade, rising U.S. production weighs

22 April 2017, 01:09 | Jan Cross

The US government's Energy Information Administration Wednesday reported a drawdown in commercial crude inventories for the week ended April 14, which should have been a bullish influence, but was overshadowed by a bearish build of 1.57 million barrels in gasoline stocks, against analyst expectations of a 2-million-barrel decline.

Based on China's National Bureau of Statistics, the country's March gasoline output surge 2.5 percent on a year over year basis to 11.24 million tonnes, marking its all-time high since April 2014.

The price increases on Thursday followed a more than 3.5% drop in both crude benchmarks during the previous session after the EIA reported surging petrol inventories as well as another rise in U.S. crude oil production to 9.25-million barrels a day, up nearly 10% since mid-2016.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 4 cents at $52.37 a barrel.

U.S. distillate production rose by 90,000 bpd (barrels per day) to 5,150,000 bpd on April 7-14, 2017. Gasoline stocks posted a counter-seasonal build of 1.5 million barrels, despite heavier refining activity.

"The glaring rise in USA gasoline refined product inventories, in combination with persistent lower-48 production growth, keeps us cautious on oil prices", said Chris Kettenmann, chief energy strategist at Macro Risk Advisors LLC in NY. And OPEC, in the wake of its production-freeze agreement late a year ago, appears to be once again losing market share - the recapturing of which was the reason the oil sheiks engaged in their price war in 2014 in the first place.

Women confess to killing man accused of blasphemy
They both were assassinated for seeking reforms in the blasphemy laws to discourage their misuse by religious fanatics. The women reportedly chanted "Allah-ho-Akbar" ("God is great") after fatally wounding Abbas.


Three soldiers killed by Boko Haram IED in Borno
He said troops recovered AK 47 rifles, nine rounds of ammunition and 22 rounds of North Atlantic Treaty Organisation ammunition. Enenche was holding a seminar with defence correspondents and will revert back as soon as possible.


Priyanka spends time with Robert De Niro, Whoopi Goldberg
Priyanka has made a name for herself in Hollywood, as she gained fame for her tv show Quantico where she plays the lead. Priyanka spoke about Baywatch on a call from a leading news daily and revealed about her appearance in India.


The continued growth in US production and the rise in stockpiles forced the market to respond bearishly based on the increased inventory outlook.

Last year's average barrel price was $42.84 per barrel, the report said, but this year the average should rise to $55.23.

Refineries processed 16.9 million barrels a day, up 241,000 barrels from the prior week and the highest since the record 17.1 million was touched in January.

"People dump gasoline in the USA because it's one of the few places in the world where demand has been consistently good", he said. "The reasons are twofold".

Gasoline futures lead the losses the energy futures, with May gasoline RBK7, -3.12% down 1.2 cents, or 0.7%, at $1.699 a gallon.

The declines are welcome news after steady gains earlier this year that pushed petroleum inventories to record levels. Crude prices also fell, despite a draw in crude inventories.



Other News

Trending Now

Police Officer Killed, Two Injured In Shooting
The attacker was targeting police near the Franklin Roosevelt subway station, a police spokeswoman told the Associated Press . Francois Fillon, who is the conservative candidate, said he would cancel the campaign events he had been planning for Friday.

Paris terror attack will affect French elections
Trump tweeted hours after a gunman shot dead a policeman and wounded two others on the world-famous Champs Elysees boulevard. The gunman, who was shot dead by police, had a long criminal record, a source close to the investigation told CNN.

North Korea promises 'super-mighty' pre-emptive strike
Next week, US Secretary of State Rex Tillerson will chair a minister-level meeting on the North Korean issue at the UN. North Korea has a long history of portraying mock violence against the United States in propaganda videos.

Giants ace Madison Bumgarner on DL after dirt bike accident in Colorado
He will be re-evaluated next week but is expected to miss 6 to 8 weeks, according to a report by Fox Sports' Ken Rosenthal. This is Bumgarner's first trip to the disabled list in his nine-year major league career.

What Trump's H-1B Order Means For Indian IT Companies: 10 Points
While today's order doesn't change policy, it continues to lift up the misguided narrative that immigration hurts U.S. workers. Citizenship and Immigration Services (USCIS) includes, but is not limited to, scientists, engineers or computer programmers.

North Korea says don't 'mess with us' as US plans next move
If that were to happen, neighboring South Korea and Japan likely would be in danger of retaliation, according to the Times . North Korea will continue to test missiles on a weekly, monthly and yearly basis, Vice Foreign Minister Han Song-ryol said.

Wells Fargo claws back $75M in pay from two former execs
Wells Fargo will claw back an additional $75 million from two former executives implicated in the bank's phony accounts scandal. He hasn't had other pay clawed back, in part because he wasn't closely involved in overseeing the retail unit until recently.

Euro steady below 3-week high, focus on French election
A new survey published Wednesday showed Macron leading on 23 percent to Le Pen's 22.5 percent - both of them down slightly. Its counterpart for volatility in Europe and Asia.VXEFA is trading near its highest since the election of U.S.

Part Five Of Injustice 2 Shattered Alliances Brings In Brainiac
With this success, Netherrealm aim to improve upon their already solid formula with Injustice 2 . Brainiac is coming to Injustice 2 and he's everything we want Super Villain.

Service charge in hotels, restaurants not mandatory
The state governments were instructed to ensure restaurant owners inform their customers about service charge not being mandatory. A new consumer protection bill is in the works and it may resolve the issue of whether service charge is an unfair practice.