American shale oil set to flood the market

Oil Surplus Returns       Both OPEC and IEA forecasts suggest stockpiles will grow again in 1H                          
                    .cha

USA crude oil rose to its highest level in more than three years on Tuesday, supported by OPEC-led production cuts and expectations US crude inventories fell for an eighth week.

NEW YORK, Jan 10 (Reuters) - Crude oil prices jumped on Wednesday and settled near three-year highs after USA government data showed a drop in crude inventories and production, even as fuel inventories rose.

Data from the U. Analysts said that could have been the result of extreme cold temperatures across the United States.

WTI light sweet crude oil rose 60 cents to $63.64 a barrel this morning, the highest in more than three years.

Brent crude futures were flat from the previous day at $69.20 a barrel at 1407 GMT. The contract reached a high of $64.08 per barrel earlier in the day, its highest since December 2014. The session high for the global benchmark was $69.37, highest since May 2015.

Manager: Khabib Nurmagomedov Won't be Fighting For Any "Fake Belt"
Nurmagomedov is coming off a dominating unanimous decision victory over Edson Barboza. We appreciate everything the UFC has done for us, but it's time for a real belt.

The Versace Family is Pretty Mad About FX's 'American Crime Story'
Versace's family, who lived and worked closely with him and were in the best position to know the facts of his life". On Tuesday, Murphy told EW, "The Versace family has said it's a work of fiction - it is not a work of fiction".

Google's Meltdown and Spectre patch isn't slowing cloud systems
Intel's stock has taken a big hit since the announcement, in spite of the fact these issues affect nearly all modern chips. By December, the company was done rolling our protections against all three variants.

Last week, the American Petroleum Institute (API) reported a large draw of 4.992 million barrels of crude oil, along with an increase in gasoline inventories of 1.87 million barrels. A rally that began in June accelerated in December, with crude prices surging about 15 percent over the last month. Analysts warned the market is not paying enough attention to USA production increases.

EIA/STEO estimates the price difference between Brent and WTI reflects the competition of the two crude oils in global export markets. If the prediction is accurate, the USA would become the top oil producer in the world and beat both Saudi Arabia and Russian Federation for the first time since 1975.

"When it comes to hedge fund buying in general the commodities trade is front-and-center and that momentum is building for oil", said Rob Thummel, portfolio manager at energy investment manager Tortoise in Leawood, Kansas.

The continued drop in USA crude oil inventories comes as the United States continues to ramp up production, hitting the second highest production level of 2017 in the last week of December of 9.782 million bpd. The best grades of US crude are now priced at almost $63 a barrel, high enough to convince shale oil producers to expand drilling and production.

The and allies including Russian Federation are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. OPEC and non-OPEC participants agreed on November 30, 2017, to extend the production cuts through the end of 2018 in an effort to reduce global oil inventories.

Related News:



Most liked

Mark Wahlberg Refused to Approve Kevin Spacey's Replacement Unless He Got Paid
Formally vetoed the Oscar victor [Plummer] in a letter to financiers until his demand for additional payment was met". Neither star has commented on this latest development.

Trump goes for 1st medical checkup since becoming president
With his physical set for next week, the president decided to make a prediction and give a warning [VIDEO]in the process. President Donald Trump underwent his first medical exam as president, and his doctor says he's " in excellent health ".

US diplomats briefed on how to handle 'shithole' storm
Jeffress also said he was "grateful" to have Trump as president and thanked him for the "courage" to protect the U.S. Everyone in the room heard him repeatedly use that word to describe black and Hispanic countries.

Premier League Preview: Matchday Twenty-two
Jürgen Klopp's side have been bang in-form in the recent weeks and months and remain unbeaten since October. Jurgen Klopp will then look to hit City on the break and attack with the likes of Sadio Mane and Mo Salah .

Donald Trump Denies Making 'Shithole Countries' Comment In Immigration Meeting
President Donald Trump describing immigrants from Africa and Haiti as coming from "shithole" countries . By 7:45 a.m., the president took to his favorite platform, Twitter , to address his reported comment.

Liberum Capital Reiterates "Buy" Rating for Big Yellow Group plc (BYG)
Out of 2 Wall Street analysts rating Mettler-Toledo, 1 give it "Buy", 0 "Sell" rating, while 1 recommend "Hold". Little purchased 2,997 shares of the firm's stock in a transaction that occurred on Thursday, December 7th.

Seal blasts Oprah over claims she didn't know about Harvey Weinstein allegations
DeMille Award . "My bad." He added the hashtag #SanctimoniousHollywood . Weinstein said through a spokeswoman that the sex was consensual.

USA ambassador to Panama resigns saying he can not serve Trump
The resignation was made before Trump was publicly revealed to have described nations in Africa as well as Haiti as "s--hole countries".

Trump praises 'good energy' in talks between North and South Korea
The White House also said Trump thanked Moon for his "leadership in making the talks possible", Reuters reported . Kim Jong-Un has won this round", Putin told Russian journalists on Thursday. "I like it very much".

Rail services disrupted in Thane, Palghar due to Maharashtra bandh
Antisocial elements were trying to create tensions between Dalits and Maratha communities for political benefit, he said. Since Tuesday, 42 buses were damaged in stone pelting and since today morning, 10 to 12 busses were damaged, he said.

Wells Fargo to close 800 more branches by 2020
Also, the number of funds holding Wells Fargo & Company in their top 10 holdings decreased from 189 to 161 for a decrease of 28. San Francisco Sentry Investment Group Ca sold 14,359 shares as the company's stock declined 2.31% while stock markets rallied.

Thomas Davis to retire after 2018 season
He tore his ACL three different times, and he became the first professional athlete to return and play after three ACL tears. Over the 15 games he appeared in during the regular season, he recorded 76 tackles, 2.5 sacks, and recovered a fumble.

JPMorgan's 4th-Quarter Profit Weathers $2.4 Billion Charge Tied to Tax Bill
It is negative, as 32 investors sold PBF shares while 82 reduced holdings. 67 funds opened positions while 108 raised stakes. Prudential Finance Inc holds 0.02% of its portfolio in Catalent, Inc. ( JPM ) held 3.49 billion outstanding shares now .

Florida governor candidates react to President Trump's 's-hole' remark
Trump's denial came among a series of other tweets in which he defended his immigration stance. Day, noting the contributions of a "great American hero".

Joey Barton: Manchester City can break unwanted record against Liverpool
Few doubt Manchester City will go on to lift the Premier League title this season after an incredible first half of the campaign. This season is special as we are winning and winning and winning. "We have everything we need to go and get the right result".