Oil prices settle lower after U.S. crude stocks rise

16 November, 2017, 02:18 | Author: Manuel Hopkins
  • IEA cuts oil demand forecast

USA crude and gasoline stocks increased while distillate inventories fell, the Energy Information Administration said on Wednesday.

West Texas Intermediate for December delivery fell 37 cents to settle at US$55.33 a barrel on the New York Mercantile Exchange, the lowest close since Nov 2.

Growth is expected to accelerate to 1.4 million bpd in the last three months of this year, even though mild temperatures and rising prices will restrain demand, the IEA said.

West Texas Intermediate crude have both shed about $3 a barrel, or almost 5 percent, from more than two-year highs struck last week.

The U.S. benchmark slipped as much as 1.5 percent on Wednesday after Energy Information Administration data showed U.S. crude inventories rose by 1.85 million barrels last week and production climbed to a fresh record-high.

But on Tuesday, the International Energy Agency lowered its outlook for demand growth in both 2017 and 2018, in part because of warmer than expected winter weather.

The U.S. benchmark slipped 0.7 percent on Wednesday as Russian Federation believes it's too early to announce a possible extension at OPEC's meeting at the end of the month, according to two people with knowledge of the matter.

NFF, Super Eagles agree World Cup bonuses to avoid another pay strike
The 31-year-old conceded two mischievous goals as Argentina raced to a 2-0 lead in the first half of the ongoing global friendly in Krasnodar.

"Using a scenario whereby current levels of OPEC production are maintained, the oil market faces a hard challenge in 1Q18 with supply expected to exceed demand by 600,000 bpd followed by another, smaller, surplus of 200,000 bpd in 2Q18", the agency said.

Geopolitical tension in the Middle East and intermittent supply outages in the likes of Nigeria and Iraq have pushed oil above $60 a barrel for the first time since 2015, while global inventories have fallen, prompting many market watchers to raise their price forecasts.

U.S. oil and gas output is projected to surpass that of any other country in history, due to "a remarkable ability to unlock new resources cost-effectively".

This projected spike in U.S. oil production is also expected to reduce the country's dependence on oil imports, giving more business to American companies.

Global demand will struggle to sop up rising output by producers outside the 14-member OPEC cartel, particularly from the United States, IEA said in its monthly oil report. But analysts expect the price to not rise much further in coming months as the US ramps up production. The deal expires in March 2018 but OPEC will meet on November 30 to discuss policy, and it is expected to agree an extension of the cuts.

As welcome as these projections are for the U.S. oil and gas industry, they should be taken with a grain of salt, as renewable energy sources like solar continue to get more affordable.


  • Russian Federation  releases video game screenshot as 'proof' USA  is working with IS

    Russian Federation releases video game screenshot as 'proof' USA is working with IS

    It later reposted the same statement with different images. "The claim itself is actually ridiculous", Kofman said, with a laugh. The ministry is investigating its civil employee who attached a wrong photo to illustrate the ministry's statement on Abu Kamal.
    Barbie's newest doll includes a hijab for the first time

    Barbie's newest doll includes a hijab for the first time

    Scroll below to see photos of Muhammad's Shero Barbie. "I feel like we're just shattering all the little glass ceilings". Like Graham before her, Muhammad made sure the doll represented her in body shape and in her makeup.
    Qualcomm 'set to reject' Broadcom takeover offer

    Qualcomm 'set to reject' Broadcom takeover offer

    Broadcom quickly fired back a few hours later, saying it "remains fully committed" to buying Qualcomm. Qualcomm and Broadcom did not immediately respond to requests for comment.
  • British Parliament to get binding vote on final Brexit deal

    British Parliament to get binding vote on final Brexit deal

    He said the government will introduce a new immigration bill next year setting out those plans in more detail. It will deal with issues including the financial settlement, citizens' rights and transition arrangements.
    Mass stabbing at Mall of America in Minnesota

    Mass stabbing at Mall of America in Minnesota

    Their alleged assailant, Mahad Abdiaziz Abdirahaman , is being held on suspicion of first-degree assault. Reports on Twitter said the stabbing happened in the men's department at Macy's on the first level.
    Trump vows support to Japan against North Korea

    Trump vows support to Japan against North Korea

    By the time Trump called Abe to wave him off, however, Trump said Abe was already on the plane to NY . Abe did not shoot down missiles that North Korea recently fired over Japan.
  • Dem Reads Trump Tweets During Sessions Hearing

    Dem Reads Trump Tweets During Sessions Hearing

    Jeff Sessions's memory works in mysterious ways. "But I will not accept and reject accusations that I have ever lied under oath. Under pressure, Sessions recused himself from the Russian Federation investigation.
    This is the OnePlus 5T before official launch

    This is the OnePlus 5T before official launch

    The black box is similar to the OnePlus 5 boxes that were received by the media, you can check out our OnePlus 5 unboxing here . The OnePlus 5T is powered by the Qualcomm Snapdragon 835 processor and Adreno 540 GPU with either 6 GB or 8 GB of RAM.

    The Millennium Falcon Is Hidden Near a Golf Course in Rural England

    Filming for 2015's "The Force Awakens" also took place in the United Kingdom , but at Pinewood Studios in Buckinghamshire. Longcross Studios sits along the M3 Highway in Surrey, England, and so does the iconic Millenium Falcon .
  • IPhone X Face ID security software apparently tricked by 3D printed mask

    IPhone X Face ID security software apparently tricked by 3D printed mask

    Face ID uses artificial intelligence to distinguish real faces from images, videos or masks, but it "learns" a face over time. The hack was cheap - Bkav estimates the total cost in materials for a face to hoodwink Face ID was around $150.
    Parent of Chinese news app Toutiao buys Musical.ly for reported $800m

    Parent of Chinese news app Toutiao buys Musical.ly for reported $800m

    The only Chinese social-media company to build a major network outside China will be taken over by a fast-growing Chinese upstart. Bytedance itself has been on a tear over the past two years thanks primarily to Toutiao, which claims 120 million monthly users.
    14 drown as boat capsizes in Krishna river

    14 drown as boat capsizes in Krishna river

    Some of the survivors complained that the police that the boat was shaking right from moment it started from Bhavani Island. They were helped by trained swimmers and local fishermen who launched rescue efforts when the boat capsized.


Airbus to sell 430 planes to USA firm in £37.5bn deal
The airlines that use the aircraft will include Frontier Airlines, based in Denver, JetSMART of Chile, Volaris in Mexico and Wizz Air of Hungary.

Dead, Students Wounded In Shooting Spree In Rural California Town
In another recent fatal school shooting, a student opened fire at Freeman High School in Rockford, WA, on Sep. Separately, three people were being treated at a hospital in Redding, about 80km north of the shootings.

Brookfield Property makes big retail real estate play in US
Stock buyback programs are generally an indication that the company's board believes its shares are undervalued. As of the end of the quarter Cannell Peter B & Co Inc had disposed of 7,062 shares trimming its position 4.1%.

Call of Duty: WW2 Dev "Working Around The Clock" To Address Issues
For now, so long as players don't drop connection or lose stats, being alone in a social area is a small price to pay. Post-match disconnects, on the other hand, are also having a impact on players trying to complete in-game challenges.

Google acknowledges Pixel 2 XL unresponsive edges issue, promises a fix
For now, it appears that the unresponsive screen edges of Google Pixel 2 XL have nothing to do with hardware defects. However, we tried to summon Google Assistant with a pair of Sound One headphones and it worked absolutely fine.

Italy Miss First World Cup In 60 Years As Sweden Qualify
You can listen to Italy v Sweden in the World Cup play-off second leg live on talkSPORT2, on Monday, November 13 from 19:45 . It's make or break for the Azzurri tonight as they go into the pivotal qualifier 1-0 down against the Swedes.

IPhone X Users Report Annoying Earpiece 'Crackling' Sounds
All of them are going to sport a high screen-to-body ratio and there is also going to be an LCD model included. If true Apple may use the device's displays to differentiate between high-end and mid-range models.

Yemen Blockade Result of UN Silence, US Support: Yemeni Politician
The government-held southern Yemeni port of Aden was reopened on Wednesday, but ports in Houthi-held areas are still shut. Iran denies it supplies arms to the Houthis but has said the missile was a reaction to Saudi "aggression".

Rian Johnson to create new 'Star Wars' trilogy
Johnson will re-team with Ram Bergman, his longtime producer who helped him on previous films such as Brick and Looper . Lucasfilm president Kathleen Kennedy said, "Rian will do fantastic things with the blank canvas of this new trilogy".

TripAdvisor marks hotels where sexual assaults have been reported with red badges
But hotel experts warned the badges could be hugely damaging to hotels who had false or unsubstantiated claims made against them. TripAdvisor is also rolling out a new policy on communicating with users about why reviews or forum posts are rejected.