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US crude exports to Asia are slumping as WTI…
09 March 2018, 03:24 | Vera Richards
US Crude Exports to Asia Slump as WTI Outperforms
USA output is expected to surge beyond 11-million bpd by late 2018, which would surpass the current leading producer Russian Federation.
Last week, the American Petroleum Institute (API) reported a build of 933,000 barrels of crude oil.
The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30a.m. EST.
Brent crude futures rose 24 cents to $US65.78 a barrel, a 0.4 per cent gain, in afternoon trade, while the US West Texas Intermediate (WTI) crude futures edged up three cents, or 0.1 per cent, to $US62.60 a barrel.
Dated Forties and Oseberg crude BFO- , a physical price for two Brent grades, ended last week at $64.77 a barrel, just $1.74 above the physical WTI Houston price of $63.03, as assessed by price reporting agency Argus.
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Distillate stockpiles, which include diesel and heating oil, fell by 559,000 barrels, the EIA data showed, versus expectations for a 1.2 million barrels drop.
Economic growth in Asia will propel demand for oil to 104.7 mb/d by 2023, an increase of 6.9 mb/d.
The retreat by oil producers during an oil-price plunge between 2014 and 2016, however, continues to raise the specter that not enough money has been spent on exploration, which can result in shortages and price spikes.
This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share.
Oil prices settled higher Monday (http://www.marketwatch.com/story/oil-prices-climb-amid-supply-issues-in-libya-2018-03-05), getting a lift from reports of a sizable weekly decline in crude stocks at the USA oil storage hub in Cushing, Okla. Traders also mulled a report from International Energy Agency, which forecast further growth in US crude production, but also emphasized the need for more investment in the market to avoid a supply shortage after 2020. Both benchmarks were trading down from last Tuesday afternoon. Traders are responding to White House comments saying Canada and Mexico, and possibly other countries, may be exempted from planned US import tariffs on steel and aluminum. Output is seen at 100.62 million barrels a day, up from 100.43 million previously, with demand at 100.2 million, compared with 100.23 million.
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