U.S. crude exports to China fall ahead of tariffs

06 August, 2018, 02:18 | Author: Manuel Hopkins
  • Crude Oil Rallies on Reported Cushing Drawdown

Crude palm oil prices went up by 0.27 per cent to Rs 590.50 per 10 kg in futures trade today as speculators widened their positions amid firm demand at the spot market.

The increase in American oil shipments follows the world's fifth-largest oil importer halting Iran crude loadings from July, ahead of US sanctions, while its refiners are also seeking cheaper alternatives to Iraq's Basra crude. Brent crude futures LCOc1 settled at $73.21 per barrel, down 24 cents from their last close.

Saudi Arabia, Russia, Kuwait and the United Arab Emirates (UAE) have increased production to help compensate for an anticipated shortfall in Iranian crude supplies when planned USA sanctions take effect later this year.

Low stocks were still providing a floor as overall US crude inventories are below the 5-year average of around 420 million barrels.

Stocks at the key Cushing storage hub in Oklahoma fell by 1.3-million barrels, the lowest level since October 2014, according to data from the Energy Information Administration (EIA).

U.S. West Texas Intermediate (WTI) crude futures were at $68.87 per barrel at 0647 GMT, down 9 cents from their last settlement.

Crude oil futures remained relatively stable in European morning trading, following yesterday's rally of more than $1/b, as the market held up against short-term bearish factors that continue to weigh on sentiment.

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"The increase in production is aimed at maintaining stability of the (global) oil market within the framework of joint actions of OPEC and non-OPEC countries", Novak said.

Saudi Arabia's output rose by 230,000 barrels a day in July to 10.65 million barrels per day.

Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting US crude stockpiles would soon begin to decline again after a surprise rise in the latest week. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", Patterson said. Jakob from PetroMatrix commented, "Unipec saying they won't buy USA crude and China saying they won't comply with Iran sanctions are bearish".

The United States, China and India have previously urged oil producers to release more supply to prevent an oil deficit that could undermine global economic growth.

U.S. President Donald Trump's decision to pull out of an worldwide nuclear deal and reimpose sanctions on Iran has angered Tehran.

American oil production in May actually inched down from April by 0.3 percent, according to EIA's Monthly Crude Oil and Natural Gas Production report.

Trump has turned up pressure on China for trade concessions by proposing a higher 25% tariff on $200 billion of Chinese imports and China has said it will retaliate. That's compared with a forecast for a 3-million-barrel decline in a Bloomberg survey of analysts.

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