Thursday, 15 November, 2018

Oil dips in nervous markets with U.S., China on brink…

Oil snip 2 Oil dips in nervous markets with U.S., China on brink…
Jean Garcia | 09 July, 2018, 21:15

"Stringent sanctions on Iran will take both Saudi Arabia and the oil market into the unknown".

As part of the retaliatory response, Beijing has threatened a 25 percent tariff on US crude imports, although it has not specified an introduction date. US crude CLc1 was down 25 cents at $73.55.

Trump's trade war with China - which like the Iran conflict was predicated on the not entirely inaccurate argument that the US was getting the short end of the stick with regards to business relations - is another example in which pundits are predicting rough road ahead, despite compelling arguments from minority voices that the dispute will eventually resolve in the Americans' favour.

Global benchmark Brent was up 14 cents, or 0.2 per cent, at 77.25 a barrel by 0113 GMT.

Weighing on prices was a rise in U.S. crude inventories C-STK-T-EIA of 1.2 million barrels in the week to June 29, to 417.88 million barrels, the U.S. Energy Administration (EIA) said on Thursday.

The analysts estimate that every million barrel per day shift in supply and demand balances would push oil prices by $17 a barrel on average.

Additionally, gasoline stockpiles fell by 1.5 million barrels for the week, but distillate stockpiles were up by 100,000 barrels for the week, according to the EIA. The stoppage at the 360,000 barrels per day (bpd) Syncrude facility in Canada has contributed to a sharp reduction in the discount for USA crude versus Brent crude over the past month.

Jack Wilshere completes free transfer to West Ham on three-year deal
However, the club suits him down to the ground and he should settle in quickly, assuming he avoids injury. West Ham have been very active in the summer transfer window and have already made a number of signings.

Crude oil inventories at Cushing, Oklahoma, the delivery point for USA crude futures, have fallen to their lowest in 3-1/2 years, data showed last week. This means China would begin buying more oil from the Middle East or West Africa. While OPEC is facing mounting pressure from Trump to do more, America's sanctions on group members Iran and Venezuela are adding uncertainties, just as USA tariffs on Chinese goods kick in on Friday.

USA energy companies last week increased the number of rigs drilling for oil by five to 863, up 100 year-on-year, General Electric Co's (GE.N) Baker Hughes energy services firm said in its closely followed report late on Friday.

He said his refinery had cancelled USA crude orders and would switch to Middle East or West African supplies instead.

In other news, potential supply shortages continue to be the hot topic.

"Looming U.S. sanctions on Iran, however, are causing serious concerns amongst market players".

"Iran's exports are some 2.7-million barrels a day, including condensate", it noted.

The United States says it wants to reduce oil exports from Iran, the world's fifth biggest oil producer, to zero by November, in a move that will oblige other big producers such as Saudi Arabia to pump more. At this time, there may not be enough spare capacity to cover the losses from Venezuela and Libya.

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