emfizz.com
emfizz.com July 24, 2017


Oil prices down despite decreasing USA crude stocks

20 May 2017, 10:13 | Jan Cross

Crude oil futures rose Wednesday, after government data confirmed a surprising drop in USA oil stockpiles.

Brent crude was down 15 cents at $51.50 per barrel by 0851 GMT.

SINGAPORE, May 18 Oil prices dipped on Thursday, weighed down by plentiful supplies despite an ongoing effort led by OPEC to cut production in order to tighten the market and prop up prices.

The downward correction partly reversed gains from the previous session when prices rose on the back of a drawdown in USA crude inventories and a slight dip in American production.

Data from the government's Energy Information Agency, which is seen as more complete, is due later on Wednesday.

Similarly, distillate stocks increased by 1.8 million barrels, whereas, analysts expected it to drop by 1.1 million barrels. USA light crude slid 26 cents to $48.40.

Opec and other producers including Russian Federation have pledged to cut production by nearly 1.8-million barrels a day during the first half of 2016, a deal likely to be extended until the end of March 2018.

Russian Federation ridicules U.S. reaction to Comey's firing
Senate Intel Committee Ranking Member Mark Warner said he's hoping to hear from Comey in the "not-to-distant future". Comey declined to testify before the Senate Intelligence Committee; Rosenstein could still address the full Senate.


CERT NZ receives 'unconfirmed' reports WannaCry ransomware has struck NZ
Microsoft released a security update in March to protect against WannaCrypt but Windows XP was excluded from the patch . WannaCry is arguably the most frightening ransomware attack the world has ever seen.


Senators to sport Canadian flag on helmets for Game 4
Crosby stationed himself right on the doorstep to Anderson's left, his right leg hugging the post for support. Crosby and the Penguins don't need to look far for experience on how to bounce back.


"The recent stance of Saudi Arabia and Russian Federation on supporting an extension of the production cut deal by another nine months is favouring oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week, according to the EIA report.

"OECD stocks were up 24.1 million barrels (in Q1 2017) due to a large build in January", BMI Research said. Russian Federation on Monday joined with lead OPEC member Saudi Arabia in calling for reductions to be extended through March 2018.

Rebalancing the global oil glut is going to take more than a temporary pullback by the world's largest producers because US unconventional production is overwhelming any shortfall and coming back faster than anticipated, the International Energy Agency said.

North Sea oil output, generally seen in terminal decline, is expected to jump by a net 400,000 bpd in the next two years with new projects and greater efficiencies.

Global stockpiles have remained stubbornly high despite the curbs, in part because US production has climbed 10 per cent since mid-2016 to 9.3 million bpd, not far off that of top producers Russian Federation and Saudi Arabia.

Trade sources and Reuters shipping data indicated a rising number of tankers storing oil offshore China because facilities on land are full.



Other News

Trending Now

Kyle Larson takes poles for NASCAR All-Star race
He has been at his best at the 1.5-mile ovals, compiling a 10.2 average finish and ranking third in both dominator stats. Jimmie Johnson (185.370mph), Kurt Busch (185.370mph), Kyle Larson (185.217mph) and Martin Truex Jr .

South Korea: Sanctions, Dialogue to Denuclearize North Korea
South Korea's Han said Sunday's test was "successful in flight". We would make North Korea an unlivable radioactive wasteland.

Trump calls himself victim of 'single greatest witch hunt'
Richard Burr, a North Carolina Republican who chairs the Senate intelligence committee, called the appointment a "good decision". White House officials such press secretary Sean Spicer had said as recently as Tuesday there was no need for a special counsel .

Iran opposition complains of election 'infractions'
Election officials extended voting hours at least three times at the more than 63,000 polling places to accommodate the crowds. State television showed long queues outside voting stations in several cities, shortly after polls opened at 03:30GMT.

Macron arrives in Mali for military review
New French President Emmanuel Macron has urged the regional countries to make joint efforts to eliminate terrorism. The eastern city Macron visited, Gao , is home of the permanent French military base in Mali , with 1,600 troops.

Time To Rake In Healthy Returns From Medical Properties Trust, Inc. (MPW)
The company's current price-earnings ratio amounts to 15.63 times earnings, below the average P/E ratio of 29.79 times earnings. Texas Permanent School Fund boosted its stake in shares of Medical Properties Trust by 22.7% in the third quarter.

Moto Z2 Force Leaked In Press Render
Amidst all these, the phone scored a healthy 1930 single-core score along with a multi-core score of 6207. As we can see from the photo, on the back of the Moto Z2 Force there are dual cameras and an LED flash.

Where's the drama? Blowouts the rule in these NBA playoffs
The Warriors learned that no series lead is safe, while the Cavaliers learned that no series deficit is insurmountable. A new year begins and there are usually four, maybe five teams with a realistic shot of winning the title.

Kremlin denies reports on Trump's leaking secrets to Russia
During a stop in Saudi Arabia, he'll meet with important Arab allies working with the US on the fight against the Islamic State. A Japanese government official said it was simply not possible to stop cooperating with Washington on intelligence matters.

Final Confederate monument to come down in New Orleans
The statue, designed by New York-based sculptor Alexander Doyle, was placed atop a 60-foot-tall granite column and cost $10,000. In a speech about the removal of the monuments, the mayor said they were landmarks that were not a true reflection of the city.