Oil prices jump after data shows surprise United States stock draw
Oil prices jump after data shows surprise United States stock draw
An offshore oil platform is seen in Huntington Beach California
17 March, 2017, 01:05
We could see prices firm if OPEC announces it is considering an extension.
But the report revised up its estimate of oil supply from producers outside OPEC this year, as higher oil prices following the OPEC and non-OPEC cut help spur a revival in US shale drilling.
A bigger worry is the fact that Russian Federation also hasn't cut output as per the agreed terms with February production unchanged from January at 11.1 mbpd.
"The market needs time for the full impact of the big supply cuts under the output reduction agreements to be felt", the report said.
Oil prices have fallen after the Opec group of oil producing nations said global crude stocks had risen.
At first glance, the data looked like good news for the agreement the cartel made with some major non-OPEC producers late previous year that would trim overall production by roughly 1.8 million barrels a day. The uS price later recovered the $US48 a barrel level in after hours trading.
The OPEC production-cut deal needs more time to work and should result in an output shortfall, the International Energy Agency said Wednesday, sending oil prices as well as shares of Dow Jones industrial components Exxon Mobil (XOM) and Chevron (CVX) up early.
The kingdom, which had curbed supplies more than it needed in January to lead the way in an accord to re-balance world markets, boosted production by 263,300 barrels a day to 10.011 million a day, according to a monthly report from OPEC on Tuesday.
It should be noted, however, that even within the OPEC report, two sets of data regarding oil production exist alongside one another: one based on the official sources and one on secondary sources with the two often significantly different.
In addition, OPECs said crude inventories in developed countries rose above the five-year average in January, despite production cuts by some of the world's major exporters.
Oil prices fell below the $50-per-barrel-mark Tuesday following a hike in oil production by Saudi Arabia.
Brent futures were up 60c, or 1.2%, at $51.52, after settling down 43c at $50.92 on Tuesday, the lowest finish since November. This figure points to 91-percent compliance with the OPEC deal to reduce outstanding oil production volumes.
Meanwhile, IEA's data showed oil demand is expected to grow by 1.4m b/d in 2017 to 98m b/d - unchanged from prior estimates. United States oil inventories have increased by 50 million barrels so far this year, and are at a record high.
"Investor optimism over the effectiveness of the production adjustments encouraged record bets on a sustained rally", it said, adding however that "growing USA output and stubbornly high stockpiles kept price gains in check and contained prices within a tight range".
Oreshkin stressed that Russian Federation didn't expect the prices to remain at $55 per barrel for this long.
Trusted Reviews reports that nearly every one of the 1.5 million buyers of the Nintendo Switch also bought the new Zelda game. Does this strong start mean good things to come for Nintendo? The Nintendo Switch stock has been finally replenished.
The bleaching previous year of the reef "strongly reinforces the urgent need to limit climate change", says David Wachenfeld . Coral relies on a symbiotic relationship with algae to live, accepting photosynthesized food in return for a place to live.
That will likely suck up most of the oxygen in the multiplexes, making it hard for other films to keep drawing in big crowds. And rounding out the top five were holdovers The Shack with $18-million and The LEGO Batman Movie with $8-million.
Several people were injured during a shooting Thursday at a secondary school in Grasse , France, along the French Riviera. In this image from TV, Police cordon off the area as people gather to view the nearby high school following the shooting .
But Lukaku, 23, has knocked back the offer of around £130,000 a week in his determination to get Champions League football. However, Lukaku wants to keep his options open rather than put pen to paper on the £140,000-a-week terms on offer.
They say the airport is open though, so any flights that airlines don't cancel will have the resources to get in and out. As of 7:30 a.m., ET, FlightAware said more than 7,746 flights have been canceled, impacting at least 400,000 travelers.
The largely Catholic nation's Congress is now on break for Lent, so Alejano's complaint won't be heard until May 7. Jose said "these visits are part of the President's introductory visits to countries in Southeast Asia".
Last year, the Best Chef: South award went to New Orleans chef Justin Devillier of La Petite Grocery and Balise. The Esquire Tavern was a semifinalist this year for Outstanding Bar Program this year, but did not advance.
Little Ahsanti Hughes was killed when the gadget exploded while charging - causing a fire that destroyed an apartment building. Enterline says the fire has been ruled accidental and was caused by a hoverboard plugged in to a charging unit.
The review will offer a forum for parties involved to reach fresh consensus on the standards, she said in an interview . Evidently, that includes Obama-era fuel-efficiency standards, which in Trump's mind, represents an "assault".
'Family Link' Is Google's Twist on Parental Controls
From there, child account management works much like it does with other parental controls systems, like Microsoft Family. Google hopes to make the feature generally available in the U.S. in early summer and elsewhere in world later this year.
New Video Emerges in Michael Brown Case
The video, obtained by filmmaker Jason Pollock , shows Brown entering Ferguson Market and Liquor 11 hours before his death. Louis Post-Dispatch reported that multiple gunshots were fired across the street from the store, but no one was injured.
Lorde Dances Like Nobody's Watching on SNL
It will be C.K.'s fourth time as an emcee on the NBC sketch show, but it will be a first time for duo Drew Taggart and Alex Pall. And in case you missed it, be sure to check out with her BFF Taylor Swift had to say about "Green Light"!
SNL Reveals Ivanka Trump's Newest Perfume: 'Complicit'
The commercial continues with glamour shots of Ivanka and then comes the first comedic bulls eye: "She's handsome ". The award-winning actress appeared in a two-minute parody commercial for a fragrance called " Complicit ".
Ireland slips from world-beaters to Six Nations also-rans
Darting and sniping around the fringes, Webb departed to a standing ovation on 66 minutes when he was replaced by Gareth Davies. Sexton gave the Irish the lead on a rare foray out of their half but the Welsh pressure told eventually.