m3n4.net
m3n4.net January 19, 2019


OPEC says it replaced Iran oil loss

19 December 2018, 01:58 | Vera Richards

Brent crude rises to $61 on Libyan supply cut, US inventories

Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province China

Inventories at the USA storage hub of Cushing, Oklahoma, delivery point for the oil futures contract, rose more than 1 million barrels from December 11 to 14, traders said, citing data from market intelligence firm Genscape.

Oil prices climbed by more than 1 percent on Wednesday, lifted by expectations that an OPEC-led supply cut announced last week for 2019 would stabilize markets as well as hopes that long-running Sino-American trade tensions could ease, Trend reports citing Reuters.

Prices rose almost one-percent earlier in the session, but the big wave of buying that could've triggered a breakout to the upside failed to materialize.

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OPEC and its partners made a decision to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies stepup their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry. It was only a one-week blip, however, as US imports exceeded exports last week.

Crude oil prices remained steady today after the Energy Information Administration confirmed an API estimate of a crude oil inventory draw but a much smaller one than API's 10.18 million barrels. Analysts were expecting a build of 2.461 million barrels for the week.

The agency's report stands in contrast to OPEC's own monthly oil market report, which was released Wednesday and showed a slight decline in the cartel's November output despite ballooning Saudi production.

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"Assuming we lose another, say, 400,000-500,000 combined from Iran, Libya and Venezuela in the first half of 2019, then the others will have probably done enough to prevent eye-popping stockbuilds early next year".

Early Tuesday, the EIA said the U.S.is set to end 2018 as the world's top oil producer. It also expected global liquid fuels production to increase by 1.4 million barrels per day in 2019 while total global liquid fuels inventories would increase by 0.2 million barrels per day.

Prices are in a range because the major players aren't convinced that the OPEC cuts will have an impact on the supply glut, especially with USA production continuing to remain at record highs.

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Brent crude oil was unchanged at $60.15 per barrel by 0945 GMT. In February 2017, China received more crude oil exports than Canada, and it was the first time that a country other than Canada received more USA crude oil exports in a month. However, the move would likely be limited and likely met with renewed selling pressure since the hedge and commodity funds are still short crude oil.



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