U.S. crude inventories continue to increase

U.S. crude inventories continue to increase

Net U.S. crude imports fell last week by 407,000 barrels per day.

Futures in NY narrowed their decline after the American Petroleum Institute was said to have reported distillate inventories sank 4.26 million barrels and gasoline also fell.

Inventories at the Cushing, Oklahoma, site decreased by 156,000 barrels this week.

Despite this, oil markets remain relatively weak.

Oil may also soon get some support from seasonal demand. This means the oil cartel will have to cut about 200,000 barrels a day from its supply. Nationwide stockpiles rose 5.02 MMbbl last week, their third consecutive increase.

"Commercial crude stocks in the USA have been recovering and are at their highest level since December 2017". While a brighter economic outlook has underpinned demand expectations, expanding American production remains a challenge to the Organisation of Petroleum Exporting Countries and its allies, which are trying to prop up prices via output curbs. The spread between the first two contracts settled at minus 4 cents, the first time it closed at a discount since January 22.

Lok Sabha stalemate continues, House adjourned for the day
Indexation benefits allow the owner of shares to raise the cost of acquisition and consequently reduce capital gains. However, all gains up to January 31, 2018 will be grandfathered, he had said in the Budget speech.

Brent crude futures LCOc1 were at $64.47 per barrel, down 17 cents, or 0.26 percent. The global benchmark widened to a US$3.89 premium to May WTI.

On Monday, the EIA said production from major US shale formations should rise by 131,000 barrels per day in April vs. the previous month to an all-time high of 6.95 million bpd. The Permian Basin is seen leading the way with an 80,000-barrel increase.

ING commodities strategist Oliver Nugent said the Chinese industrial output was "reinforcing that bullish narrative" across the commodities market, including oil.

"The average monthly increase (in shale output) in the eight months since September is 155,000 bpd".

Credit rating agency Moody's Investors Service today announced it has raised its medium-term price band for crude oil in a range between $45 per barrel and $65 per barrel as continued OPEC-led production restraint and strong global demand growth have contributed to declining global inventories, offsetting rapid increases in United States shale production.

Oil prices were little changed from before the data, after some volatility in the minutes after the release.

Related Articles

  • FBI's Andrew McCabe Might Be Fired Days Before Retirement

    FBI's Andrew McCabe Might Be Fired Days Before Retirement

    It was assumed he'd take extra vacation days until his official retirement date on Sunday. McCabe briefly took over as the FBI's acting director after Trump fired Comey in May.
    France to Take Legal Action Against US Tech Giants

    France to Take Legal Action Against US Tech Giants

    Le Parisien reported last December that the Finance Ministry is seeking to fine Amazon 10 million euros. Spokespeople for Apple France and Google France did not immediately respond to requests for comment.
    Scrapping of LoUs by RBI will raise cost of credit: CII

    Scrapping of LoUs by RBI will raise cost of credit: CII

    However, it mentioned that the changes will be applicable from the date of issuance of the circular. The latest regulatory clampdown by the RBI came in the wake of fraud in Punjab National Bank.
  • NCAA women's bracket 2018

    NCAA women's bracket 2018

    But, it also is no surprise this group came out ready to play and took care of business against an overmatched team . The Ducks made one of the great runs previous year reaching the Elite Eight for the first time in program history.
    Mkhitaryan Stands Out As A Key Figure In Arsenal

    Mkhitaryan Stands Out As A Key Figure In Arsenal

    Anything can run against you we just have to produce a performance that is expected from us. This competition is at a higher level than ever.
    Cardinals officially release veteran RB Adrian Peterson

    Cardinals officially release veteran RB Adrian Peterson

    Adam Schefter of ESPN explained there was a financial incentive to release Peterson now since he was due a $750,000 bonus Friday. He has rushed for 12,276 yards, 12th on the all-time list, and is just 4 yards from passing Marshall Faulk for 11th place.
  • Tyrann Mathieu handled his release from the Cardinals in the classiest way

    Tyrann Mathieu handled his release from the Cardinals in the classiest way

    He was due $13.75 million in guaranteed salary for 2018 and 2019 had he been on the Cardinals' roster at 4 p.m. However, an agreement never came to fruition, and the 25-year old defensive back is now available.
    County health rankings in the TN Valley

    County health rankings in the TN Valley

    The report showed 36 percent of Putnam County children live in poverty, while only 26 percent do in Union. Locally, Tioga County ranked 40, Steuben at 45, Schuyler at 46, and Chemung at 49.
    RB McKinnon Signing With 49ers

    RB McKinnon Signing With 49ers

    Minnesota used Murray primarily as the early-down runner with McKinnon getting passing-down duties. The Jet will land in San Francisco.
  • YouTube will augment conspiracy theories with Wikipedia excerpts

    YouTube will augment conspiracy theories with Wikipedia excerpts

    YouTube said these features will roll out in the coming months, but she can not share further information about its plans at this stage.
    Kevin Love May Return To The Court Next Week

    Kevin Love May Return To The Court Next Week

    James made five of his seven free throws and finished the period with seven points, five rebounds and three assists. Nance had only four points, ending his career-best string of seven consecutive double-digit scoring games.
    Kiss From Katy Perry Made

    Kiss From Katy Perry Made "American Idol" Contestant "Uncomfortable"

    Unfortunately, Glaze wanted his first kiss to be with someone he is in a relationship with and wanted it to be special. For many, having the chance to kiss pop mega-star Katy Perry would be beyond their wildest dreams.