Venerdì, 23 Giugno, 2017

Global overcapacity drags oil prices down to six-month lows

Oil-Production-Consumption-by-World-Region-20170615 Global overcapacity drags oil prices down to six-month lows
Sveva Terracina | 19 Giugno, 2017, 05:01

Meanwhile, gasoline stockpiles rose unexpectedly, compounding concerns about low demand for oil products amid an oversupplied market.

This implies that crude oil price, which stood at $48.27 per barrel, last week, would increase to $51 per barrel or more, signalling a good omen for Nigeria, which depends on crude oil for its fiscal responsibilities.

Oil prices tumbled to the lowest level in seven months Wednesday, as high oil inventories continued to erode confidence in the ability of major producers to ease a global supply glut. Libya, exempt from the OPEC-led deal to cut supply, will boost output to 1 MMbpd by the end of July, according to the country's National Oil Co.

Crude prices drifted barely weaker oi Friday in Asia with investors eager to see if US shale drillers keep pouring on the heat for OPEC and allies or whether recent price falls bring a pause. He said that even bullish market watchers are accepting that prices are likely to remain lower for longer.

Though the United States crude oil inventories fell by 1.66 million-barrels, the decrease was below the analyst expectations of 2.45 million barrels of drawdown.

A surprise build in U.S. gasoline inventories pressured oil prices on June 14, 2017.

Oil prices sank more than 3 percent to their lowest in more than five weeks on Wednesday (June 14) following U.S. data showing an unexpectedly large weekly build in USA gasoline inventories and International Energy Agency (IEA) data projecting a big increase in non-Opec output in 2018.


The news underscored the market's ongoing struggles with weak gasoline demand in the United States, the world's top consumer of the motor fuel, and rising production, especially from USA shale drillers.

At 242.4 million, US gasoline inventories were 9 percent higher than the five-year average as demand was down 1.2 percent over the last four weeks when compared with a year ago, according to EIA.

U.S. West Texas Intermediate (WTI) crude futures were at $44.56 per barrel, up 10 cents, or 0.2 percent.

The US Energy Information Administration (EIA) said gasoline inventories increased by 2.1 million barrels during the week ended June 9, while crude inventories decreased by 1.7 million barrels. Production rose by 12,000 barrels a day to 9.33 million barrels per day.

The International Energy Agency says it expects oil supplies next year to outpace demand despite consumption hitting 100 million bpd for the first time.

"OPEC 2017 year-to-date exports are only down by 0.3 million barrels per day (bpd) from the October 2016 baseline", analysts at AB Bernstein said in a note.

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