Saturday, 21 July, 2018

API Reports Surprise Inventories Draw, but Traders Focused on EIA Report

WTI Crude Oil Daily May WTI Crude Oil
Lindsey Cook | 08 April, 2018, 02:11

The active United States rig count unexpectedly declined by 2 last week, with a 7 site drop in oil rigs, bringing the overall total to 979 sites.

Front-month London Brent crude for June delivery was up 27 cents, or 0.4 percent, at $68.29, having ended down 10 cents.

At 1005 GMT, ICE June Brent crude futures were at $67.92/b, up a touch from Monday's $67.64/b settle, while the NYMEX May light sweet crude contract was at $63.27/b, against Monday's $63.01/b settle.

The West Texas Intermediate for May delivery dropped 1.93 US dollars to settle at 63.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 1.70 dollars to close at 67.64 dollars a barrel on the London ICE Futures Exchange. All three major USA stock indexes were higher on Thursday [.N], after the United States said it could negotiate with China on trade issues.

OPEC and its allies are collectively curbing 1.8 million barrels per day of crude output to help eliminate a global oil glut.

After the Easter break, oil prices started the week on a weaker note as geopolitical development exacerbated operational concerns.

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According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, of the week ending March 30, decreased by 4.6 million barrels from the previous week.

Oil prices headed higher on Thursday after reports out of the United States showed a drawdown in USA crude stockpiles that analysts did not expect.

Oil prices were modestly higher on Thursday, helped by gains in US equities markets as trade tensions between China and the United States eased, but the advance was limited by strength in the dollar.S. Buyers initially supported the markets because the American Petroleum Institute (API) reported a surprise draw of 3.28 million barrels of USA crude oil inventories for the week-ending March 30, after analysts had anticipated a modest build in crude oil inventories of 246,000.

However, fresh data on Russian crude production shows the level is at an 11-month high. The reason is the low exports from Angola and the temporary problems in Libya.

OPEC and non-OPEC producers are still committed to cut output by 1.8M barrels per day this year.

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