nsucurrent.com February 22, 2018

Oil trades at three-week low amid rising shale output

16 August 2017, 03:21 | Ruby West

A view shows a petrol nozzle refuelling a car at a petrol station in Viterbo

Oil prices dip on weak Chinese refining activity

Total volume traded was about 30 percent above the 100-day average. West Texas Intermediate, the USA benchmark for the price of oil, was down 0.55 percent to $47.33 per barrel.

September West Texas Intermediate crude oil CLU7, +0.34% fell 4 cents, or less than 0.1%, to settle at $47.55 a barrel on the New York Mercantile Exchange-off the day's low of $47.02. A stronger dollar makes oil more expensive for buyers using other currencies. "The market doesn't want to take WTI prices over $50 [a barrel] and encourage USA production growth, but Brent prices below $50 are viewed as too low, with inventories on the decline and demand showing relative strength".

State-run refiner Indian Oil Corp. has for the first time bought 950,000 barrels of light sweet Eagle Ford shale oil from the USA, company officials said Friday.

Chinese refineries processed 10.71 million barrels per day (bpd) in July, National Bureau of Statistics data showed, down around 500,000 bpd from June and the lowest rate since September 2016. The drop was steeper than expected, raising concerns over the state of Chinese demand and the level of domestic stocks. Some investors turned to oil and gold as safe haven investments last week as tensions rose between the United States and North Korea.

An announcement by the Nigerian subsidiary of Royal Dutch Shell that it had lifted a force majeure on Bonny Light crude exports also added to market surplus woes.

Last week, oil prices settled higher on Friday, but still ended the week with a loss amid lingering concerns over a global supply glut.

More broadly, analysts said ample supplies were preventing prices from moving much higher. "We actually need product demand for that to happen". US oil inventories are expected to have decreased by 3 million barrels on average in the week ended Aug 11., according to a survey of 12 analysts and traders by The Wall Street Journal.

Analysts polled by S&P Global Platts expect the EIA report to show that crude supplies fell 3.6 million barrels for the week ended August 11.

NOC gave no detail of the incidents in a statement released late on Sunday, but said the head of security at the field had reported that the breaches were due to "individual action" and that "the security situation is good".

Oil in NY has been unable to hold a rally above $50/bbl this month as investors concerns on rising global supplies outweigh cuts by the Organization of Petroleum Exporting Countries and its allies.

Other News

Trending Now

July Canadian Employment Rose 10900, Neutral Monetary Policy Implications
Ambulatory healthcare services showed the biggest employment growth in the industry in July, adding 30,000 jobs. Economists had forecast a 12,500 increase in employment for July, and a $1.25-billion June trade deficit.

Microsoft Now Offering Surface Leasing Programs
The program also includes a dedicated device service and support, as well as an in-store support and tech help. It's a simple plan to enable customers to jump on the hardware that Microsoft has so meticulously created.

Eye-Tracking Support Headed to Windows 10
Microsoft has released many such updates, including three major ones: November Update , Anniversary Update , and Creators Update . While Eye Control sounds like a fun new way to operate your laptop, Microsoft is positioning it as a more important tool.

Top US Military Officer Warns North Korea That US Military Ready
Joseph Dunford, chairman of the US Joint Chiefs of Staff, before their meeting at Cheong Wa Dae in Seoul on Monday. The North's news agency, KCNA, warned on Monday that a conflict could be sparked with "a minor incident".

Mega Millions and Powerball jackpots pass $300 million
On Saturday, five tickets were sold that matched five numbers but not the Powerball for the $286 million drawing. The $323 million Mega Millions puts Friday's jackpot in the top 10 list of all-time high jackpots for the game.

Taylor Swift Testifies In Court During Groping Trial
Call said he was "shocked" and "embarrassed" upon learning about the incident and anxious how it would reflect on the station. When pressed if she thought Mueller got what he deserved when he was sacked , Taylor said: "I don't feel anything about Mr.

Quarterback Ryan Tannehill incurs left knee injury
The Miami Herald reported that he stayed down for about 15 seconds before going to the locker room with an injured left knee. Tannehill seemed to suffer a non-contact injury, which normally indicates a severe leg or knee injury.

Maxine Waters: Trump 'Most Deplorable Person I've Met in My Life'
Trump if they know that anything they say may wind up in major USA newspapers. The interview on " The View " was Waters' second TV appearance of the day.

North Waziristan Agency tribes warn they will 'besiege' Ayesha Gulalai's house
On Friday, the PTI spokesperson rejected the demand for a bi-partisan parliamentary committee to probe Gulalai's allegations. The SHO Hayatabad said they had received the application but it could not be entertained because it had no legal grounds.

Perseid meteor shower expected to peak this weekend
Its name comes from the point at which the meteors appear to come from - its radiant - in the constellation of Perseus. A good number of Perseid meteors will be bright, so you should be able to see Perseids, despite the moonlit glare.