United States now exporting more crude oil than Nigeria
United States now exporting more crude oil than Nigeria
FxPro Forex Analysis: Crude Oil Analysis Ahead of EIA Inventories Data – April 25, 2018
29 April, 2018, 00:51
Oil prices are surprising to the upside lately, hitting their highest levels since 2014, say Desjardins economists in a Thursday report.
In 2016, the USA exported an average of 520,000 bpd.
Moscow is holding off on taking retaliatory measures against the United States for imposing sanctions on Rusal, hoping the European Union can persuade Washington to ease restrictions against the world's second largest aluminium producer further, sources told Reuters. This might eventually pressure crude prices, even though oil and the dollar have moved in tandem for a few weeks. "Our base-case scenario is that Donald Trump will not sign the nuclear waiver agreement on May 12", Khoman said.
Crude imports climbed 539,000 b/d last week to 8.469 million b/d, while refinery utilization rates averaged 90.8% for the week ending April 20, down 1.6%.
United States crude production C-OUT-T-EIA rose by 46,000 barrels per day (bpd) on the previous week, to 10.59 bpd.
Looking at USA crude oil stocks, the most recent EIA figures (April 18) showed falling crude oil stocks and falling gasoline inventories.
Near-term supports for WTI crude are placed at $61 per barrel, a close below which crude prices should drop to $58 per barrel, the bottom of the medium-term bearish channel, where prices are likely to find a bottom.
"One might wonder what is behind this increase when the dramatic surge in USA crude production signalled just recently a balanced global oil market and the price of WTI staying at around US$60 a barrel", says the report. Also, crude oil for June delivery was trading lower by Rs 13 or 0.28 per cent at Rs 4,552 per barrel with a business volume of 147 lots. However, the fall in crude-oil output by OPEC members was well supported by U.S. producers, with output rising to more than 47-year highs. Crude supply to the world market is also under the threat of action by Libyan militants that will push up prices further.
Crude oil is in a long-term bullish trend, no doubt about it.
Still others noted that the US dollar hitting its highest level since mid January did little to damage crude's performance this week: "Oil has had a very good week so far given what the dollar has done", said Bill Baruch, president of Blue Line Futures, adding that "I expect the market to have a good finish for the week given the uncertainty around the Iran deal".
Later in the press conference, Draghi said they have an unchanged confidence about reaching the 2 percent inflation target. But with the risk of a global trade war still looming, it may not make a decision until absolutely necessary.
However, Syrian Ambassador to Russia Riyad Haddad said that S-300 missile systems had been delivered to Syria last month. Syria and Russian Federation , a key ally of Assad, strongly deny the Syrian government was behind the attack.
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