losangelesnewstoday.com
losangelesnewstoday.com April 26, 2018


Prices slip but on track for weekly gain

15 April 2018, 12:15 | Maryann Sutton

Prices slip but on track for weekly gain

Oil has 'one last gush on the horizon'

Preliminary data for March is mixed, the IEA said, with USA stocks falling a further 17 million barrels on the month but higher crude stocks in Europe and Japan.

Stock levels are now 207 million barrels below their level in February 2017, with crude stocks in a surplus of 55 million barrels and product stocks in a deficit of 12 million.

The OPEC's report didn't provide any record for Iran's oil output based on direct communication in the mentioned month.

The price of oil was also supported by a drop in production by the Organisation of the Petroleum Exporting Countries (Opec) and Russian Federation, as they continued to comply with a 2016 deal that was reached in Vienna after prices crashed amid a global glut, the IEA said in the report.

NYMEX crude for May delivery was down 21 cents, or 0.3%, at $66.86 a barrel early on Friday. They mention that "it is not for us to declare on behalf of OPEC that it is mission accomplished", and that "if our outllok is accurate, it certainly looks very much like it". A price increase of that size and speed "can dampen oil demand growth to some extent".

It's possible that the balance between oil supply and demand for the major industrialized economies could slip below the five-year average, the International Energy Agency said Friday.

West Virginia woman decapitates boyfriend, pleads 'let me get my heads'.
Mills appeared at a competency listening to on Monday by which a decide dominated she wanted additional analysis. Deputies said they also found another body part of the victim in the home where they originally found Mills .

The IEA said Opec's compliance rate with these supply cuts was at 163 per cent in March due to extra cutbacks in places like Venezuela, Libya and Angola, while its non-Opec partners achieved a 90 per cent compliance rate.

Oil-market observers were looking ahead to weekly data Friday from Baker Hughes on the number of rigs drilling for oil in the US, a key metric for activity in the sector.

"The Syrian escalation risk can not be fully written off, but we view that it deserves less of a premium than three days ago", Petromatrix said in a note. Demand from India increased by 380,000 barrels a day in the first two months of the year.

Indeed, the IEA noted that, expressed on a days of forward demand basis, OECD oil stocks have already been below the five-year average since January this year.

Analysts at Tudor, Pickering and Holt said the IEA's latest stock figures imply that the oil market remains 600,000 b/d undersupplied.

A market surplus driven by past OPEC policies of defending markets shares with higher production and steady gains in USA output helped push the price of oil below $30 per barrel in early 2016.



Other News

Trending Now

Death toll rises in Gaza border protests
It said Israel fired nine artillery shells into lands owned by citizens in Hajr al-Deek in the central Gaza Strip. In the West Bank political capital of Ramallah, around 50 Palestinian journalists held a vigil for Murtaja.

United Kingdom organ donation numbers hit record levels in 2017-18
"This news will give hope to the desperately ill people who are waiting for that lifesaving phone call". In every city, the zonal organ transplant committee helps the needy patient waiting for organs.

Pep Guardiola: 'Manchester United can still catch Manchester City'
I don't know about Swansea if he will be ready, so hopefully for the last games if we need him and then for the World Cup ". Now Guardiola can not say for certain when City's all-time leading scorer will be available again. "That has happened.

Trump won't attend White House correspondents' dinner, again
Talev said Trump's press officer, Sarah Huckabee Sanders , instead will represent the White House at the head table. Among his quips: "I was very excited to receive this invitation and ruin your evening in person".

Sri Reddy Accuses Rana Daggubati's Brother Of Sexual Harassment, Shares Intimate Pics
Ram Gopal Varma has only superlative praises for Sri Reddy as the MAA lifts ban on her. When translated in English, it roughly reads, "Author Kona Venkat raped me".

Fortnite: Battle Royale Servers are Shutdown - Millions of Players are Outraged
The game has been suffering server issues for well over a day now which has made it very hard for players to access the game. In a tweet sent out by Epic Games , the developer wrote, "We're bringing the servers offline for emergency maintenance".

Trump's Troops Play Into Hand of Nationalist Candidate in Mexico
"Five migrants who were part of the caravan arrived here this week, but they're already gone", he said . He has also threatened to reduce USA aid to Honduras, the home country of numerous marchers.

Davis Cup: Rafael Nadal and David Ferrer put Spain into semi-finals
German Zverev, also a top five player, earned a comfortable victory over Valencia-native Davis Ferrer in the opening rubber.

Suit accuses 3 Spartans of sexual assault
She agreed to go to the party, but upon entering the apartment, she found no party. "Plaintiff was feeling discombobulated". Almost a year later the woman resumed classes at MSU, but to date her attorney claims that the university has done nothing.

Facebook CEO Mark Zuckerberg admits sharing his personal data with Cambridge Analytica
He fielded Senator Lindsey Graham's questions regarding whether Facebook was a monopoly by, "Doesn't feel like that to me". House of Representatives Energy and Commerce Committee, a day after he appeared for almost five hours before a U.S.