Mexico



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Oil inches up Wednesday on tighter U.S. supply, looming Iran sanctions

By Henning Gloystein

SINGAPORE
Petroleumworld 07 04 2018

Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States.

Prices were also pushed up by looming U.S. sanctions against Iran, which threaten to cut supplies to an already tight market despite pledges by producer cartel OPEC to raise output to make up for the disruptions.

U.S. West Texas Intermediate (WTI) crude futures CLc1 had risen 37 cents, or 0.4 percent, to $74.51 a barrel by 0650 GMT, compared with their last settlement. On Tuesday, WTI hit its highest since November 2014 at $75.27.

Brent crude futures LCOc1 were changing hands at $78.04 per barrel, up 28 cents, or 0.4 percent, from their last close.

Trading activity is expected to be limited on Wednesday by the U.S. Independence Day holiday.

U.S. crude inventories fell by 4.5 million barrels to 416.9 million barrels in the week to June 29, the American Petroleum Institute (API) said on Tuesday. Gasoline and distillate stocks, which include diesel and heating oil, also fell, the API said.

“The draw in distillates was against expectations,” said Sukrit Vijayakar, managing director of energy consultancy Trifecta.

The decline in fuel inventories was largely down to the outage at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta. The outage is expected to last through July.

But brokerage Phillip Futures said the lower stocks come “as gasoline demand spikes on peak driving season in the northern hemisphere”.

Outside North America, looming U.S. sanctions against major oil exporter Iran were the focus of attention.

The U.S. government has demanded that all countries stop buying Iran's oil from November.

To make up for potential shortfalls in supply from Iran and other disruptions including in Libya and Venezuela, the Organization of the Petroleum Exporting Countries (OPEC) has agreed with Russia and other oil-producing non-OPEC members to raise output from July.

OPEC-member Iran, however, has warned it would not accept other producers reaping the benefits by taking its market share.

Iran's President Hassan Rouhani on Tuesday said it was “unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil”.

_________________________

Twitter: @petroleumworld1

Petroleumworld.com


Hit your target - Advertise with Us

Story by Henning Gloystein; Editing by Joseph Radford and Neil Fullick from Reuters.

reuters.com
07 04 2018 07:45 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

Twitter: @petroleumworld1


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.