• News
  • Markets

Oil prices rally on reduced production

Oil prices rally on reduced production

The U.S. Energy Information Administration reported that U.S. oil stockpiles fell by 7.2 million barrels last week - well above the 2.6 million barrel drop that analysts surveyed by The Wall Street Journal had predicted.

In the week ending July 14, 2017, United States crude oil inventories fell by 4.7 MMbbls (million barrels) and were at 490.6 MMbbls. September crude rose 56 cents, or 1.2%, to $48.45 a barrel on the New York Mercantile Exchange. In the prior week, USA oil stockpiles dropped sharply but production rose to the highest level since late July 2015. The group's compliance with the deal has been weakening, while output in OPEC members Nigeria and Libya - both of which are exempt from making cuts due to their internal strife - has bounced back. EIA forecasts that most of the growth in US crude oil production through the end of 2018 will come from tight rock formations within the Permian region in Texas and from the Federal Gulf of Mexico.

And after months of false starts and crises of confidence that sent oil prices tumbling into bear market territory, investors are growing more comfortable that the answer to those questions is "yes".

USA crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday.

US producers might have a good reason to see a drop in the supply of oil.

Teen Driver Accused Of Livestreaming Crash That Killed Younger Sister
Relatives said Jacqueline was preparing for her Quincenera - fifteenth birthday celebrations celebrated by Latin Americans. As for the older sister, she was reportedly uncooperative with police officers and appeared to be highly intoxicated.

Chelsea pursue alternate wing back options after Danilo completes Manchester City transfer
Manchester United and Real Madrid play each other at 10pm (BST) tonight with De Gea expected to be involved. On playing in the Premier League, Danilo said: "It is a competition I always liked, I always wanted".

IN unemployment falls to 3 percent, sixth lowest in country
The lowest rates were in Del Mar, 0.4 percent; Coronado, 2.5 percent; and Poway, 2.8 percent. Job losses were experienced in Educational & Health Services (-100) and Construction (-500).

Gasoline stocks fell by 1 million barrels, compared with analyst expectations for a 614,000-barrel drop.

"Is it possible we've maxed out?"

USA crude stocks fell last week as refineries hiked output and imports dropped, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said.

"Either the rebalancing is actually occurring, or the bets being made that it's going to occur", he said. Nigeria, which has been exempted from OPEC-led production curbs, has agreed to cap or cut output when it stabilized at 1.8 million bpd. If that release shows a similar decline to API, prices will rise even more, said Michael McCarthy, an analyst at CMC Markets. "We're slowly convincing a skeptical market, but the data has to continue to come through".

Elsewhere on Nymex, gasoline futures for August was down half a cent to $1.597 a gallon, while August heating oil added 1.4 cents to $1.582 a gallon.

Leave Your Comment

Leave Your Comment


Latest News

  • Motorola Starts Preorders for Moto Z2 Force Edition Smartphone

    Motorola Starts Preorders for Moto Z2 Force Edition Smartphone

    This is a result of Motorola's promise that "atleast" three generations of Moto Z phones will be cross compatible with Moto Mods. Motorola , like many other Android manufacturers , has started moving more of its stock applications to the Play Store.
    Local Mosquitoes Test Positive For West Nile Virus

    Local Mosquitoes Test Positive For West Nile Virus

    Symptoms of West Nile fever - a mild form of the illness - include fever, headache, body aches, swollen lymph glands or a rash. The types of mosquitoes that can carry these viruses are most active throughout the evening and night, from dusk until dawn.
    Democrats preferred in 2018, but without anti-Trump motivation

    Democrats preferred in 2018, but without anti-Trump motivation

    Of the eight GOP seats, forecasters and party campaign committees consider only two to be genuinely competitive. Conservatives were the most cynical, with 72% saying Democrats just stood "Against Trump".
  • Poland Passes Law That EU Says Threatens Country's Democracy

    Poland Passes Law That EU Says Threatens Country's Democracy

    Ideally, therefore, victory needs to be won by the people of Poland, supported by democrats and progressives everywhere. The bill will go to parliament's upper house on Friday, where PiS has an absolute majority.
    Hugh Freeze Scandal: A Look at Ole Miss' Latest Debacle

    Hugh Freeze Scandal: A Look at Ole Miss' Latest Debacle

    After Orgeron was sacked in 2007, Freeze became the head coach at Lambuth, a tiny NAIA school in western Tennessee . Freeze took over after Houston Nutt was sacked during a miserable 2011 season that ended with a 2-10 record.
    State House Committee Rejects Texas Expansion Of Marijuana

    State House Committee Rejects Texas Expansion Of Marijuana

    When the Senators came back, Patrick didn't call the bills up for a vote as expected. The bathroom bill in North Carolina was later repealed.
  • Three Israelis Killed In West Bank Terror Home Invasion

    Three Israelis Killed In West Bank Terror Home Invasion

    The announcement followed days of violent clashes between Israeli security forces and Palestinians in the vicinity of the mosque. Just hours later, three Israelis were stabbed to death in the Jewish settlement of Neve Tsuf in the Israel-occupied West Bank.
    Dominion Diamond Corporation (DDC) Getting Favorable News Coverage, Report Shows

    Dominion Diamond Corporation (DDC) Getting Favorable News Coverage, Report Shows

    This repurchase authorization permits the basic materials company to purchase shares of its stock through open market purchases. Jane Street Group LLC purchased a new stake in Dominion Diamond Corporation during the first quarter valued at about $212,000.
    McCormick to acquire Reckitt Benckiser's food business for $4.2 billion

    McCormick to acquire Reckitt Benckiser's food business for $4.2 billion

    McCormick plans to fund the deal with a combination of equity and debt, and said it has obtained committed bridge financing. The deal represents a success for the firm after a failed bid to buy Premier Foods past year .
  • Mehbooba Mufti trashes Farooq Abdullah's talk about third party mediation

    Mehbooba Mufti trashes Farooq Abdullah's talk about third party mediation

    The Congress vice-president's statement is in stark contrast to the remarks on Kashmir made by his former ally Farooq Abdullah. BJP has not only rejected the suggestion , but has also condemned Abdullah for seeking third party intervention on Kashmir.
    School District Funding Bill Comparison

    School District Funding Bill Comparison

    The Senate margin is veto proof, but the House total is well short of the 60 percent required for an override. As districts across the state face the possibility of a delayed start to the school year this fall, Gov.
    United Kingdom  seeks progress on citizens' rights as Brexit talks resume

    United Kingdom seeks progress on citizens' rights as Brexit talks resume

    The rowing will be seen as further evidence of Theresa May's weakness after seeing her Commons majority wiped out in last month's general election.
  • Oil prices tick up ahead of Opec and non-Opec production meeting

    Oil prices tick up ahead of Opec and non-Opec production meeting

    For example, OPEC's production fell by 920,000 barrels a day from October to June, according to the International Energy Agency. Brent crude futures for July were up 39 cents, or 0.8 percent, at $51.15 a barrel by 0552 GMT, after trading higher earlier.
    'Kuwait orders Iran envoy to leave'

    'Kuwait orders Iran envoy to leave'

    There, security forces found weapons and explosives, believed to belong to infiltrators from Iran and Lebanon's Hezbollah. In August 2015, Kuwait said it had busted the 26-member cell and seized arms, ammunition and explosives from them.
    Samsung S8 sales 50% higher than S7 in LatAm since launch

    Samsung S8 sales 50% higher than S7 in LatAm since launch

    Samsung Electronics has sent out invitations for August 23 unpacking of next phablet succeeding the ill-fated Galaxy Note7. Samsung has been less successful than AAPL when it comes to keeping a lid on the details of its new flagship smartphone .
  • Asus ZenFone 4 Series Tipped to Debut Next Month

    Asus ZenFone 4 Series Tipped to Debut Next Month

    As per the GFXBench listing , the ZenFone 4 Selfie sports a 5.5-inch full-HD display with a screen resolution 1920 x 1080 pixels. On the battery front, the Asus Zenfone 4 Max packs a mammoth 5,000mAh battery with 10W rapid charging support.
    Bethesda is rebooting DOOM's multiplayer, all DLC now free

    Bethesda is rebooting DOOM's multiplayer, all DLC now free

    We'd encourage giving the game a shot and maybe even picking it up while you don't have to sell your soul for a copy. Furthermore, players will notice new gameplay. id Software has implemented new Runes in place of Hack Modules.
    Karnataka state to have its own flag?

    Karnataka state to have its own flag?

    This is an emotive issue in the state, symbolising all that is associated with Kannada culture, language and above all unity. As far as Kannadigas can remember, the yellow and red flag has come to be associated with Karnataka and Kannadigas.

Breaking News



Recommended

International Champions Cup: Bayern in Singapore beat Chelsea

Boga had a decent chance to pull a goal back after being set up by Cesc Fabregas but was denied by veteran keeper Tom Starke. Results of course don't really matter in pre-season, but just as it's much nicer to win, it's not almost as nice to lose.

Marvel Announced 'Captain Marvel's Time Period & '90s Kids Are Gonna Freak Out

Jackson is going to definitely be around as Nick Fury and that we'll see him with two good eyes... for a little bit, at least. Galactic war is coming to the Marvel Cinematic Universe, and this time we're not talking about Thanos.

Nintendo Switch Online App Available for Download

The player will then have to send invitations to friends who want to be part of the voice chat. How much does it cost? Now you need the new Splatoon 2 amiibo .

Humans Have Produced Whopping 9 Billion Tons of Plastic

Setting aside the low rate of recycling found in plastic production , another major problem is its short lifespan. Of the total amount of produced from 1950 to 2015, roughly half was manufactured in just the last 13 years.

Legendary Pokémon Finally Coming to 'Pokémon GO': Watch The Trailer

However, the legendaries do have unique moves that will make fighting them a lot different than fighting in a Tier 4 Raid Battle. Today, Niantic has announced the possibility for players to capture Legendary Pokemon as of July 22, in just a few days.

European Central Bank chief says patience needed with stimulus

Among the most important data expected in the coming week, investors will be keenly waiting for second-quarter U.S. The Japan trade surplus makes obvious the power of forex and Japanese yen ( JPY/USD ) weakness in the equation.

Dark web marketplaces fueling illegal U.S. gun exports

Alexandre Cazes was later found dead in a Bangkok jail after apparently taking his own life, the US Department of Justice said. Silk Road , formerly the biggest illegal online marketplace, operated from 2011 to 2013.

$5B in Student Loan Debt Could Be Gone Thanks to Missing Paperwork

According to the New York Times , the 166,000 loans that total $5 billion are now in the middle of a legal battle. But at issue is the group's ability to show paperwork proving that it owns the loans in question.

86-Year-Old Notorious Jewel Thief Doris Payne Is At It Again

The security officer , who was an off-duty cop , and the Walmart employee nailed her as she left the store. She was held there for nine months before being released because they could not find the ring.

European Union could be flexible over movement: Tony Blair

The only reason it is not on the table is because the Tories fear old internal wounds would be reopened if Brexit does not happen, he said.