Tuesday, 16 October, 2018

US Crude Oil Inventories Have Fallen ~10.6% in 2017

U.S. operators are setting the stage for an active 2018 according to data from the Energy Information Administration US Crude Oil Inventories Have Fallen ~10.6% in 2017
Lindsey Cook | 01 January, 2018, 04:35

WTI prices were further boosted by a fall in U.S. commercial crude storage levels, which dropped by 4.6 million barrels in the week to December 22 to 431.9 million barrels, according to the EIA.

Washington lifted a ban on petroleum exports in December 2015. Based on our detailed well data, we find that half of those missing barrels comes from under-estimated oil production. And even this is below average for the October-December quarter.

Both pipelines are expected to return to normal operations over the new year or in early January.

The EIA released its weekly crude oil inventory report on December 28.

Brent broke through $67 earlier this week for the first time since May 2015.

USA oil prices hit their highest levels since mid-2015 on the last trading day of the year as an unexpected fall in American production, as well as a fall in commercial crude inventories, stoked buying.

More news: Colts expected to fire Chuck Pagano
More news: Fourth-down decision almost dooms Northwestern in Music City Bowl
More news: Packers finish with first losing season since 2008 after Lions loss

To note, one barrel equals 158,988 liters.

Although U.S. shale drillers are now exhibiting restraint, speculation is rising that they will put more rigs into operation next year as oil strengthens: Gene McGillian, a market research manager at Tradition Energy, pointed out that "With that partially offsetting production cuts by OPEC and Russian Federation, the market will have to get confirmation that global inventories will keep coming down".

In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut this month after a crack was found.

Others predict that arbitrage trading will narrow the global price gap. WTI will face downward pressure if increases in shale oil production pick up pace, and the Trump administration is eager to promote oil exports as part of its plans to put "America first" in the energy sector.

Many buyers see adding American oil to their import mix as a way to increase their bargaining power with producers in the Middle East, Africa and elsewhere.

Recommended

  • Wind Chills Could Go Below Zero on New Year's Day

    Wind Chills Could Go Below Zero on New Year's Day

    Dangerously cold wind chill values are expected as a bitterly cold Arctic airmass remains across the area. We will only make it to a few degrees above zero for New Year's Eve, but at least there will be sunshine.

    Markle Bond girl role?

    In their engagement interview with BBC , Meghan said that she was "transitioning" away from acting to focus on royal duties. "Producers had narrowed down her and four other actresses on a shortlist past year with Bond 25 in mind".

    Gunman Kills 9 in Attack on Egypt Church

    On Palm Sunday in April, terrorists staged an explosion in the main church of the city of Tanta, where about 30 people died. The American president also emphasized that the United States is committed to defeat terrorism and extremism in all forms.
  • Browns end perfectly bad  season -- 0-16

    Browns end perfectly bad season -- 0-16

    Despite his team's victory, Colts head coach Chuck Pagano said, "We fell short, I fell short". "We fought for it", Gordon said. Haslam is scheduled to meet with reporters after the game, as he sometimes does after the finale, and reaffirm his support.
    Luv Tyagi is lucky again, Priyank Sharma gets evicted

    Luv Tyagi is lucky again, Priyank Sharma gets evicted

    Soon the housemates are called in a witness box that is placed there and one by one asked questions from the family members. Salman is surprised that a hygienic person like Hina gave her clothes to someone like Akash, who keeps itching himself.
    Multiple injured in shooting at Long Beach business, police say

    Multiple injured in shooting at Long Beach business, police say

    Officials did not say what business was involved, but the Long Beach Press-Telegram reported it was a law office located at 350 E. Police officers, including SWAT team members have reached the scene in Long Beach, 32 km south of downtown Los Angeles.
  • Jack Del Rio Fired by Mark Davis After Raiders' Loss to Chargers

    Jack Del Rio Fired by Mark Davis After Raiders' Loss to Chargers

    Under first-year coordinator Todd Downing, the group appeared to take a step back, particularly Carr and receiver Amari Cooper. The Raiders are believed to be on the verge of hiring Jon Gruden, their coach from 1998-2001, as Del Rio's replacement.
    Dozens Killed in Bombing at Shiite Center and News Agency in Kabul

    Dozens Killed in Bombing at Shiite Center and News Agency in Kabul

    The main blast went off inside the Tabayan cultural center, but offices of Afghan Voice are also at the location of the attack. In October, ISIS claimed responsibility for twin attacks on Shiite mosques in Afghanistan that killed almost 60 people.

    Wade Davis Agrees To Terms With Rockies

    The Cubs do have all those young position players, and remember that Davis was acquired in an offseason trade with the Royals. Davis won a World Series ring with the Royals in 2015 and helped the Cubs to another World Series appearance previous year .
  • Family identifies Wichita man killed by police in possible 'swatting' prank

    Swatting is reporting a fake crime to police with the intent of getting police SWAT teams to respond to the target home. But Livingston said the man moved a hand toward the area of his waistband - a common place where guns are concealed.
    Penn State holds off Washington to win Fiesta Bowl

    Penn State holds off Washington to win Fiesta Bowl

    Myles Gaskin is an absolute stud and Jake Browning has loads of experience after starting as a freshman two years ago. He finished the game 32-41 passing for 322 yards, two touchdowns and two interceptions.
    Iran: Protest over soaring cost of living

    Iran: Protest over soaring cost of living

    In the northeastern city of Mashhad, Iran's second largest city, security forces sprayed tear gas at the demonstrating crowds.

Late strikes give Carvalhal dream start at Swansea Late strikes give Carvalhal dream start at Swansea If this is the beginning, we will be better in the future because with more training to change the dynamic we will be better. Watford had taken the lead on 11 minutes, Andre Carrillo heading in after Richarlison's shot had been saved.

Salina Celebrates Noon Year's Eve Salina Celebrates Noon Year's Eve The Tony's Pizza Events Center, Salina Parks & Rec, and Rocking M Media hosted the 4th annual " Noon Year's Eve " event. Megan Lojewski said she and her family didn't plan on staying up until midnight so the event was a good option.

'Multiple' Americans killed in Costa Rica plane crash 'Multiple' Americans killed in Costa Rica plane crash State Department spokesperson said. "We express our condolences to all those affected by this tragedy", the spokesperson said. The private aircraft, a Cessna 208B Grand Caravan registered as TI-BEI, was part of Nature Air's fleet, officials said.

Biggest pregame story lines heading into Bucs vs. Saints Biggest pregame story lines heading into Bucs vs. Saints Bryan Angers punt was fielded deep by New Orleans Tommylee Lewis, and special-teams captain Josh Robinson stripped the ball loose. Saints defensive end Cameron Jordan picked up his 13th sack of the season, on a play that ended the first half.

Mike Pence's neighbors put up a clever banner to protest his homophobia Mike Pence's neighbors put up a clever banner to protest his homophobia Fox News confirmed the Aspen Times's reporting that Pence's family arrived Tuesday and is expected to stay until New Year's Day. The banner reads "Make America Gay Again" - a play on President Donald Trump's campaign slogan "Make America Great Again".

'Kanna, please wait for 10 more minutes,' says actor on political entry 'Kanna, please wait for 10 more minutes,' says actor on political entry "About my political entry, I do not know how curious the people are, but the media is". If we step on the battlefield, we should win the war.

Powerball jackpot at $384M for Saturday drawing Powerball jackpot at $384M for Saturday drawing Since no one won the jackpot in Friday night's drawing, Tuesday night's jackpot is an estimated $343 million for a single victor . There's also a chance to win big before the New Year- Powerball's drawing for a $384 million jackpot is on Saturday night.

George Weah declared victor of Liberia vote George Weah declared victor  of Liberia vote Weah was declared the victor of Liberia's presidential election run-off on Friday, the country's elections commission confirmed. President elect George Weah has said corruption will have no place in his government, APA reports quoting AA.

Cong legislator slaps Himachal woman cop Cong legislator slaps Himachal woman cop Kumari claimed that constable was abusive and even pushed her. "Raising hand on anyone is against Congress culture". Another legislator and former Cabinet Minister Mukesh Agnihotri was also accompanying Asha Kumari.

Trump fires entire HIV/AIDS advisory council via FedEx letter Trump fires entire HIV/AIDS advisory council via FedEx letter He also noted that some people on the board were sworn back in as members earlier this year when their initial terms expired. However, according to him, "a lot of those key vulnerable populations are not being prioritized in this administration".

New Hampshire reverses decision, opts-in to FirstNet instead The First Responder Network Authority will make payments to AT&T based on success, ultimately shelling out $6.5 billion. States that don't announce decisions will be included in the FirstNet project. "And they'll be able to help people".

Selena Gomez rings in the New Year with a Mexican vacation Selena Gomez rings in the New Year with a Mexican vacation We're a little surprised they won't be ringing in the new year together, but maybe some space will do them some good?? Singer-actress Selena Gomez is in Cabo, Mexico, for a New Year's vacation with a few close friends.

United Blood Services needs donor's United Blood Services needs donor's While some people are spending time at home with their families, others are spending the holidays in the hospital. Frigid temps are keeping people indoors and officials with United Blood Services says they are in need of donors.

Dirk Koetter will be retained by Buccaneers in 2018 Dirk Koetter will be retained by Buccaneers in 2018 But are they making the right move? Winston and Koetter have been together since Winston's first year in the NFL. Under Koetter the coordinator, the Bucs offense ranked fifth in yards per game and 20th in points in 2014.

HTC and Motorola don't intentionally slow down older devices, unlike Apple HTC and Motorola don't intentionally slow down older devices, unlike Apple Some customers have complained that they replaced their entire phone, and not just the battery, in order to have a fast cellphone. We're proud that Apple products are known for their durability, and for holding their value longer than our competitors' devices.