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vegassports-odds.com June 24, 2017


Crude Prices Higher on US Stocks Draw

20 May 2017, 10:34 | Melvin Schneider

Oil prices extended their gains after a report showed USA crude stockpiles fell by the biggest margin since December and were down for the fifth straight week. The API reported a draw of 5.789 million barrels during the week-ended May 5.

Production rose, however, and gasoline demand over the last four weeks was 2.5 percent lower than at the same time period a year ago.

Crude prices edged higher in Europe with WTI pushing towards $46.50 p/b where selling interest again emerged, although WTI did hold just above this level into the official inventories data with Brent trading close to $49.50.

U.S. West Texas Intermediate futures rocketed back above $47 a barrel and worldwide benchmark Brent topped $50 after the Energy Information Administration reported a much larger drop in the nation's crude stockpiles and a strong rebound in gasoline demand.

U.S. crude stockpiles posted their biggest weekly drawdown since December as imports dropped sharply, the U.S. Energy Department said Wednesday, while inventories of refined products also fell.

Brent futures LCOc1 were up 19 cents, or 0.4 percent, at $48.92 a barrel at 0612 GMT.

The Organisation of Petroleum Exporting Countries (OPEC) has called on United States shale oil drillers to cut output for the prosperity of global economy. The following month, 11 non-OPEC oil-producing countries pledged to cut an additional 558,000 barrels a day, reaching an overall reduction of 1.8 million.

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The oil producers will meet on May 25 in Vienna to discuss possibility of extension.

On Monday, Saudi Arabia's oil minister Khalid al-Falih said he expected the output deal to be extended to the end of the year or possibly longer.

As oil dropped below $50 last week, analysts expect producers will be forced to continue the cuts.

Oil prices have increased after Saudi oil giant Aramco announced cuts in supplies to the Asia market.

"Chief among (the) oil market's worries is that the renewed rise in US oil production is reducing the speed at which the supply surplus is being eroded", Fawad Razaqzada, market analyst at Forex.com, said in a note.

Because of a lag between the deployment of drilling rigs and realized oil production, recent rig increases indicate that USA oil production will likely rise further in the coming months.

The cartel raised its estimate of total oil supply growth from non-OPEC producers this year to 950,000 bpd from a previous forecast of 580,000 bpd.



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