Oil Advances on Signs US Stockpile Gains Easing After Harvey
21 September, 2017, 00:09 | Author: Elaine Woods
November WTI Crude Oil settled at settled at $50.28, down $0.07 or -0.14% and December Brent Crude oil closed at $55.15, down $0.10 or -0.18%.
In New York Mercantile Exchange electronic trading, October West Texas Intermediate crude CLV7, +1.21% the USA benchmark, rose 54 cents, or 1.1%, to push just back above $50 a barrel, trading this week at their highest since the end of July, according to FactSet data.
West Texas Intermediate for October delivery, which expires Wednesday, rose as much as 62 cents to $50.10 a barrel on the New York Mercantile Exchange, after sliding 43 cents on Tuesday.
"Demand forecasts from OPEC and IEA... continued to improve sentiment in the market".
Inventories of diesel and other distillates slid to the lowest level since 2011 while exporters shipped 5.42 million barrels of oil and fuels amid the recovery from Hurricane Harvey, the report showed.
USA gasoline held in storage shrank by 2.13 million barrels last week to a level not seen since November 2015, the Energy Information Administration said in a weekly report on September 20.
Gasoline stocks fell by 2.1 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop. Furthermore, higher demand for oil in 2018 has been anticipated by the Organization of the Petroleum Exporting Countries.
This comes despite OPEC's decision in January to cut oil production by 1.8 million bpd at least until March 2018, a cut made in conjunction with along with major oil producer Russian Federation.
Prices continue to be supported by last week's report from the International Energy Agency which lifted its 2017 demand outlook.
Some cartel members-including less compliant nations like Iraq-have indicated in recent weeks that they would be open to extending the production cuts after the deal expires early next year, but analysts and investors don't expect a final decision until OPEC's next official gathering in November.
"While demand seasonality in the summer worked to reinforce the impact of supply restraint by producers, the autumn will work against OPEC's efforts as oil product demand and refinery crude throughputs decline". The global benchmark crude traded at a premium of $5.32 to November WTI.
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