Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Oil prices fall Thursday on rising U.S. crude inventories, record production

By Henning Gloystein

SINGAPORE
Petroleumworld 05 03
2018

Oil prices dipped on Thursday, weighed down by swelling U.S. crude inventories and record weekly U.S. production that is countering efforts by producer group OPEC to cut supplies and prop up prices.

Brent crude oil futures LCOc1 were at $73.19 per barrel at 0404 GMT, down 17 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.2 percent, at $67.82 per barrel.

Prices were pulled down by a report from the U.S. Energy Information Administration (EIA) on Wednesday showing U.S. crude inventories jumped by 6.2 million barrels to 435.96 million barrels C-STK-T-EIA in the week to April 27, the highest level in 2018.

“The (EIA) report showed a much larger than expected crude build for last week as well as an unexpected build in gasoline inventories,” said William O'Loughlin, investment analyst at Australia's Rivkin Securities.

U.S. oil production also rose to a record of 10.62 million barrels per day (bpd), a jump of more than a quarter since mid-2016.

The United States now produces more crude oil than top exporter and Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries.

GRAPHIC: U.S. oil production and storage levels - reut.rs/2riHTd9

Only Russia currently pumps more oil, at around 11 million bpd, though the United States could surpass that level soon.

U.S. drillers added five oil rigs looking for new production in the week to April 27, according to energy services firm Baker Hughes, bringing the total count to 825, the most since March 2015.

U.S. producers are being incentivised to ramp up production as OPEC restricts production and raises prices.

State-owned producer Saudi Aramco said on Wednesday it has raised the June price for its Arab Light grade for Asian customers by 70 cents a barrel versus May to a premium of $1.90 a barrel to the Oman/Dubai average, the highest since August 2014.

Overall, OPEC produced around 32 million bpd of crude oil in April, according to a Reuters survey, implying that its production is slightly below its target of 32.5 million bpd, due largely to plunging output in Venezuela.

BMI Research said it expects OPEC's output to remain stable around or slightly above 32 million bpd for the rest of the year.

Petroleumworld.com

Hit your target - Advertise with Us

Story by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger from Reuters.

reuters.com 05 03 2018 04:13 GMT

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

 


November 13 - 15, 2018.

Gubkin University, Moscow
SPE Student Chapter

 

 

 

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.