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27 July 2017, 02:40 | Maryann Sutton
Oil prices surge on falling U.S. inventories
In the July STEO, the Permian region is expected to produce 2.9 million b/d of crude oil by the end of 2018, about 0.5 million b/d more than the estimated June 2017 production level, representing almost 30% of total US crude oil production in 2018. This compares with a 4.4-million-barrel draw a week earlier. - Wednesday announced that it is seeking interest from prospective shippers to utilise its existing Louisiana Offshore Oil Port for crude oil exportation.
On Monday, Anadarko Petroleum Corp said it would cut its 2017 capital budget by $300-million because of depressed oil prices, the first major USA oil producer to do so, after posting a larger-than-expected quarterly loss. In fact, the worldwide Brent crude benchmark is down 13.3% and the U.S. West Texas Intermediate is down 14.4% in the year-to-date period as seen in the chart below.
2017 has already been a banner year for Americanoil production.
Oil prices were sitting just below eight-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in U.S. crude inventories will reduce global oversupply.
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The third reason investors can look forward to an uptrend in oil prices is that Saudi Arabia has promised that it will reduce its oil exports. The cartel also got a commitment from some other non-OPEC countries such as Russian Federation and Venezuela to reduce their oil output.
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Nigeria also agreed to join a push to rein in production by capping or cutting its output from 1.8 million bpd once it stabilizes at that level. Unshockingly, the UAE, which is comprised of individual emirates that are responsible for managing their own oil production and resource development, failed to hit its production promises every month since the deal was signed. However, the September delivery for NYMEX crude remained unchanged at $45.77.
However, the current uptrend in oil prices could be limited to the low $50 per barrel region, according to Ric Spooner, chief market analyst at CMC Markets in Sydney. The growth in imports comes on the back of higher refinery runs after a maintenance period, as well as dwindling local crude production.
Used primarily as a blending component in the production of motor gasoline, ethanol's demand increased as US motor gasoline consumption grew in the past four years from 8.7 million b/d in 2012 to 9.3 million b/d in 2016.
Oil built on Tuesday's sharp gain Wednesday, supported by views that US inventories may have fallen sharply last week.
For distillate inventories including diesel, the EIA reported a fall of 2.9 million barrels.
Still, many analysts and investors believe the oil-price recovery is still tentative.
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