Thursday, 30 March, 2017

Oil prices jump after data shows surprise United States stock draw

An offshore oil platform is seen in Huntington Beach California An offshore oil platform is seen in Huntington Beach California
Preston Stone | 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.

Williamson put South Africa under pressure
His ton, and a half-century by BJ Watling, gave the Kiwi's a 33-run first-innings cushion. Their 308 was anchored by 140 from opener Elgar.

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.

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