Skip to main content

Oil prices mixed as US stockpile rise takes shine off OPEC higher demand view Tokyo, Sept 13, 2017



 

BusinessLine

Oil prices mixed as US stockpile rise takes shine off OPEC higher demand view


Tokyo, Sept 13, 2017

Oil prices were mixed on Wednesday, dampened by reports of rising US crude stockpiles but retaining some of the gains made in the previous session after OPEC said it expected higher demand for its crude next year.


US West Texas Intermediate (WTI) was unchanged at $48.23 a barrel at around 0359 GMT after rising earlier in the day. The contract rose 0.3 per cent on Tuesday.

International benchmark Brent crude was down 13 cents, or 0.2 per cent, at $54.14 a barrel, having settled up 0.8 per cent in the previous session.

The difference between Brent and WTI, known as the spread, rose by 11 cents to $5.41 in the favour of the global benchmark, as Hurricanes Harvey and Irma continued to impact demand for both crude and oil products in the U.S.

“The market is still trying to assess...the positioning on Brent and the positioning on WTIE and that's reflected in the price spread,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.

Wednesday's drop came after a rise the day before when the Organization of Petroleum Exporting Countries (OPEC) forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

Analysts have warned current U.S. stocks data may not give a full picture in coming weeks because of weather disruption, but industry group the American Petroleum Institute reported late on Tuesday that U.S. crude stockpiles rose nearly twice expected levels last week. Refineries cut output following Hurricane Harvey, while gasoline and distillate inventories fell.

Crude inventories rose by 6.2 million barrels in the week to Sept. 8 to 468.8 million, nearly double analysts' expectations of an increase of 3.2 million barrels.

The US Department of Energy's Energy Information Administration (EIA) reports on stockpiles and refinery runs later on Wednesday.

The EIA also said on Tuesday it had revised both its 2017 and 2018 oil production forecast figures lower to reflect, in part, the effects of Hurricane Harvey.

The largest refinery in the United States, in Port Arthur Texas, was running at reduced rates, sources told Reuters.

Comments

Post a Comment

Popular posts from this blog

OnePlus 5T Rumours: Release Date, UK Price, Features & Specifications

OnePlus 5T Rumours: Release Date, UK Price, Features & Specifications  18 Oct. 2017 21:44 OnePlus 5T could be announced on 5 November. We round-up the rumours on the new OnePlus 5T specifications, features, price and UK launch date. We’ve seen a ’T’ suffixed OnePlus before in the  OnePlus 3T . That phone arrived six months after the OnePlus 3, so the timing is right here for a successor to the  OnePlus 5  in the OnePlus 5T. However, rumours of a  leaked event invite  for 5 November have been confirmed false by OnePlus. The original T model OnePlus in essence gave the handset a speed boost, moving from the 2.2GHz Snapdragon 820 in the OnePlus 3 to the 2.35GHz Snapdragon 821 in the 3T. The new chip offered a 10 percent performance boost. OnePlus also upgraded the selfie camera from an 8Mp model to a 16Mp version that performed better in low light, and it increased the battery capacity from 3000mAh to 3400mAh. A new 128GB stor...
Post a Comment
Read more

It departments seized 650 Crore from Cafe Coffee day’s owner Siddhartha!

  IT departments seized 650 Crore from Cafe Coffee day’s owner Siddhartha! 25 Sep. 17:46 IT departments seized 650 Crore from Cafe Coffee day’s owner Siddhartha!  :- Well, as per the sources reports, IT officials find 650 Crore from a BJP leader Krishna’s son-in-law’s house. The Income-tax Department seized the money as they were informed about some black money in his house. Also, the sources are saying that currently, anybody from the house is not saying anything because they all are exposed. A senior tax officer said “Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai, and Chennai have revealed concealed income of over Rs 650 crore,” Also, the reports are saying that department raided on 25 properties connected to VG Siddhartha began on Thursday. Also, the raided held in the state capital, Hassan, Chikmagalur, Chennai, and Mumbai. IT departments seized 65...
Post a Comment
Read more

Xiaomi Mi Mix 2 vs. Samsung Galaxy S8+: It's all in the details

BEZEL-LESS BATTLE Xiaomi Mi Mix 2 vs. Samsung Galaxy S8+: It's all in the details Wednesday, Oct 4, 2017 at 1:14 am EDT The Galaxy S8+ is still the best Android phone available today, but the Mi Mix 2 has a lot going for it. The  Galaxy S8+  is going strong five months after its release, with the phone  breaking Samsung's sales records . The South Korean manufacturer introduced the Infinity View display with the Galaxy S8 series, offering a dual curved display with minimal bezels at the top and bottom. The 6.2-inch Super AMOLED display on the phone is one of the best available on a phone today, and coupled with a class-leading camera, it's easy to see why the S8+ is so popular. Xiaomi, for its part, attracted considerable attention with the Mi Mix last year, and the company has refined the bezel-less formula with the  Mi Mix 2 . Xiaomi retained the razor-thin bezels, but tweaked the overall design aesthetic to make the Mi Mix 2 much more conducive for everyd...
Post a Comment
Read more