losangelesnewstoday.com June 18, 2018

Oil prices rebound amid U.S. inventory data

23 September 2017, 01:20 | Katrina Lee

AFP Getty Images

AFP  Getty Images

It was trading up at $50.

Nov. WTI added 79 cents, or 1.6%, to settle at $50.69/bbl.

Elsewhere, Brent oil for November delivery on the ICE Futures Exchange in London was up 19 cents or about 0.34% at $56.10 a barrel, after hitting a fresh five-month high of $56.30 overnight.

Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 3.5 million barrels in the week ended September 15.

Prices were supported after the American Petroleum Institute said on Tuesday that us crude stocks rose last week, while gasoline and distillate stocks decreased.

"Nearly a month after Hurricane Harvey made landfall in South Texas, the data are finally signaling a return to more normal operations in the region", said Troy Vincent, oil analyst at ClipperData. "Shale [output] has shown how fast it can come back online". The S&P Global Platts survey forecasts a fall of 800,000 barrels for gasoline and a 1 million-barrel draw for distillates. The October contract expired Wednesday after gaining 1.9 percent to close at $50.41. Moreover, a report by the International Energy Agency (IEA) stated the glut is minimizing due to production declines in non-OPEC and OPEC countries and strong European and USA demand. "For example, production and processing weakened due to Harvey hurricane in Mexico gulf and this led to Brent crude to rise up to $52 a barrel".

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USA crude imports rose last week by 734,000 barrels per day.

On Friday the Organisation of the Petroleum Exporting Countries and other producers will meet in Vienna to discuss the progress of their deal to limit output.

Crude oil prices have risen approximately 20 per cent since OPEC and Non-OPEC agreed a six-month production cut of 1.8 MBPD in 2016.

Rising U.S. production is "a reminder to the market that OPEC has a significant problem on its hands from the continued rise in shale output", Again Capital's Kilduff said.

Saudi Arabia and Russian Federation are interested in extending the production cut deal.

Elsewhere, gasoline futures gained slipped 0.26% to $1.643 a gallon, while natural gas futures fell 0.36% to $3.083 per million British thermal units.

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