Crude Oil Up 5.1% For The Week

Why US Crude Oil Production Rose Last Week

"Increased estimates of oil demand by IEA and OPEC, driven by China and the U.S., continue to reverberate through the market", ANZ Research analysts said in a note Friday.

US crude prices posted solid gains this week, as the International Energy Agency (IEA) reported a surplus of crude supply was starting to decline.

The Organisation of the Petroleum Exporting Countries (OPEC) this week forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non- member countries is helping to tackle a supply glut.

That was followed by the International Energy Agency report in 2017 by 100,000 barrels a day (bpd) to 1.6m bpd, or 1.7%.

Iran has been boosting oil production since western sanctions over its nuclear programme were lifted last year, aiming to increase crude output to 4.5 million bpd within five years.

"In our opinion, the medium-term price trend will be influenced more by whether, and how, United States production continues to rise - recently it fell short of expectations", said analysts from Commerzbank in a note Thursday.

Hamas Capitulates under PA Repression, Dissolves Government, Announces Elections
Hamas has been greatly weakened by an Israeli and Egyptian blockade, three wars with Israel and global isolation. The coastal enclave of some two million people also has one of the world's highest unemployment rates.

Second quarter: OR 28, Wyoming 10
The Pokes continue their four-game home-stand with their Mountain West opener next Saturday against the Hawai'i Rainbow Warriors. Junior safety Andrew Wingard recorded 14 tackles, his first double-digit tackle game of the season and the 15th of his career.

Ohio Firefighter Says He'd Save Dogs Before Black Men
Still, the president of the Board of Trustees wouldn't say definitively Roysdon should be fired for his comment. Although he has deleted the comments on Facebook, this was not before it was screen-grabbed.

Oil had its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.

The post-Harvey refinery recovery is underway, however, as data earlier in the week from IHS Markit indicated that 13 of 20 affected US refineries were restarting operations. It flipped briefly into contango at end August before flipping back into backwardation September 5, and settling at 25 cents/b at the NY close Thursday.

The spread between Brent and WTI will narrow in coming weeks as US refining capacity recovers from the disruption by Hurricane Harvey, according to Fitch's BMI Research. Two weeks later, only three Gulf Coast refineries remain shut, according to the Department of Energy.

Data from both IEA and OPEC therefore suggest global oil demand will climb this year by the most since 2015, amid stronger-than-expected consumption in Europe and the US.

"The feel-good factor appears to have returned to the oil market", said Stephen Brennock, an analyst at PVM Oil Associates Ltd. "Underpinning the prevailing sentiment is the positive afterglow of this week's frenzy of bullish oil demand forecasts from the leading energy agencies".

Related:

Comments

Latest news

British Airways Flight Held at Paris Airport Fearing 'Security Threat'
It was followed by the pilot announcing they had to evacuate on account of a " direct threat " involving the flight specifically. However, it is still unclear what the " direct threat " was that led to the whole episode.

Mahant Bhaskar Das Chief litigant in Ayodhya case is dead
Apart from that, Bhaskar Das was also a mahant of the Naka Hanuman Gandhi temple town in Faizabad district of Uttar Pradesh. Mahant Bhaskar Das , the main litigant in the Babri Masjid-Ram Janmabhoomi case , passed away in Ayodhya on September 16.

BC government lifting provincial state of emergency
Wildfires continue to rage across B.C., the province warned, and those in affected communities should remain prepared. This means the Canadian Forces will be demobilizing members who've been working with the provincial wildfire service.

North Korea Threatens to 'Sink' Japan
Sources have said Chinese companies shipping oil to the North will also probably be targeted by future United States sanctions . The outlandish threats look created to pull Japan into on-going tensions that have focused on the USA and China up until now.

Trump Adviser Says Military Option Not Preferred for North Korea
But the North has ignored countless global reproaches previously. "We absolutely can not accept these provocations", Abe said. Security Council resolution imposing new sanctions against it for its September 3 nuclear test, its most powerful by far.

Scientists develop way to delivery multiple vaccines in one injection
In mice, the researchers showed that particles release in sharp bursts, without prior leakage, at 9, 20, and 41 days after injection.

Hurricane Irma exposes Trump's wilful blindness on climate change
Because it is water that powers hurricanes, hotter oceans and more evaporation should produce, in part, more intense hurricanes. Back in 2012, Comedy Central's Stephen Colbert famously ridiculed North Carolina as the state that outlawed climate change .

Liverpool v Burnley - Confirmed lineups - Klopp makes surprise change to starting XI
Robbie Brady won an aerial challenge with Trent Alexander-Arnold, heading into the area where centre-halves Ragnar Klavan and Joel Matip were drawn into a challenge on Chris...

Kevin Hart I'm Being Extorted Over a Sexually Suggestive Video
While TMZ has stated that the video is not a sex tape, it does show the two of them - Hart and the woman - in a prelude to sex. Speculations are abuzz that the 38-year-old is being blackmailed with a sex tape leak that confirms his cheating.

Motorcycle passenger killed in Williamsburg County crash
Neither the 44-year-old driver of the Envoy nor his 9-year-old passenger were injured in the collision. Traffic in both directions was temporarily using the northbound travel lanes, the Highway Patrol said.

Fresno State vs. Washington
NOTES: Freshman TE Hunter Bryant made his first start for the Huskies in place of Drew Sample, who injured his ankle last week vs. Fresno State Bulldogs and Washington Huskies are pitted against each other in a 2017 college football encounter on Saturday.

Marvell Technology Group Ltd. (MRVL) 16.14% off from 200- SMA
Equities research analysts expect that Marvell Technology Group will post $1.12 earnings per share for the current fiscal year. It increased, as 25 investors sold MRVL shares while 106 reduced holdings. 127 funds opened positions while 440 raised stakes.

Top UFC contender manhandles Bronx native David Branch
You want me to beat some sense in you? The 10-fight event kicks off Satruday with four preliminary card bouts at airing 8 p.m. He wanted GSP to know that he feels he's not equipped to deal with the heavier weight class. "Now I'm coming for that belt".

Top 10 players from USC-Texas title game based on National Football League careers
The first three possessions of the game all ended on downs, including a goal line stand on fourth-and-one by the Longhorns. Darnold was the catalyst for the Rose Bowl victory over Penn State as he threw for over 450 yards and five touchdowns.

Japan's Abe says United Nations resolution must force change in North Korea
The marketplace is so far showing a very muted reaction to the news North Korea has fired another ballistic missile over Japan. It turns out that Seoul had launched two Hunmoo-2 missiles in response to the DPRK's test.

Other news