Improving outlook for oil prices

FRANCE-OIL-TANKER

Hurricane Harvey and Irma too have raised some supply concerns as the two wreak havoc in the south of the U.S., lifting the crude oil prices as inventories depleted and USA rig count slipped.

As Hurricane Harvey swirled over the Gulf Coast, making landfall in Texas on August 25, refineries including those operated by Exxon Mobil Corp., Valero Energy Corp. and Marathon Petroleum Corp. swiftly worked to shut plants down.

Nigeria has agreed to join the OPEC+ deal once its daily crude production reaches 1.8 mln barrels, Kuwaiti Oil Minister Essam al-Marzouk said Wednesday.

Oil prices rose after the report was published, with Brent crude adding 10 cents to $54.37 per barrel around 0820 GMT.

OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices.

Improving outlook for oil prices
Improving outlook for oil prices

"While these bullish forecasts will buoy expectations for a sustained price recovery, we should caution that global oil stockpiles are expected build in the early part of next year", said Stephen Brennock, oil analyst at PVM oil, in a note.

Should OPEC keep pumping at August's rate, the market would see a small supply deficit next year, versus a 450,000-bpd surplus implied by last month's report. Growth is forecast to average 700,000 b/d in 2017 and almost 1.5 mb/d in 2018 as higher production from Canada and the North Sea offsets weaker USA and Brazilian estimates.

Gasoline stockpiles fell 8.4 million barrels for the week, the EIA said - the largest fall on record and due to the impact of Harvey on Gulf Coast refineries. OPEC's current production is still slightly higher than the amount of crude the group estimates will be needed from the cartel this year, at around 32.7 million barrels a day (b/d).

According to the International Energy Agency (IEA), the global demand for oil is set to increase speed faster than expected this year.

The bulls kept coming for crude oil on Thursday, Sept. 14, pushing prices to their best levels in a month and sparking a rally in energy stocks for the second day in a row. Talks will be held with other OPEC members about extending the cuts at an October 4 meeting of the Gas Exporting Countries Forum in Moscow.

India's WPI inflation hits four-month high in August
Petrol inflation, however, jumped by 24.55 per cent and diesel by 20.30 per cent im August. The sub-category of manufactured food products registered a rise of 1.84 per cent.

Related News:

  • Israel Folau cops backlash for gay marriage tweet

    Israel Folau cops backlash for gay marriage tweet

    Since then Turnbull has explained his support for marriage equality in multiple forums, including in several FM radio appearances. The 28-year-old fullback is a devout Christian, who grew up as a Mormon before leaving to join a smaller church in 2011.
    Fire at Kuala Lumpur's Islamic school kills 25 students and teachers

    Fire at Kuala Lumpur's Islamic school kills 25 students and teachers

    Another fire department official, Soiman Jahid, said firefighters heard shouts for help when they arrived at the school . The fire broke out in the rooms before dawn, according to an official of the fire services and emergency on-site.
    Visiting Florida, Trump Praises 'Incredible' First Responders, State Officials

    Visiting Florida, Trump Praises 'Incredible' First Responders, State Officials

    In Florida, some 2.69 million homes and businesses were still without power on Thursday, or about 1 in 4 Florida customers. White House officials acknowledged that assuming the "comforter in chief" role was harder than it appears on television.
  • International Olympic Committee  crowns Paris 2024, Los Angeles 2028 in unique double

    International Olympic Committee crowns Paris 2024, Los Angeles 2028 in unique double

    Both Paris 2024 and Los Angeles 2028 officials expressed their excitement at the decision to award their cities the Olympic Games. The city last held the Olympics in 1924, meaning 2024 will mark the 100-year anniversary of its previous hosting.
    How to Watch Saints vs. Vikings

    How to Watch Saints vs. Vikings

    Riley Reiff and Nick Easton shined in particular, making up for a few mistakes in the run game by pitching shutouts in the pass. The chants of "USA! USA!" This caused Adrian Peterson to openly pout and show his displeasure over not being in the game.
    School districts react to Freeman shooting

    School districts react to Freeman shooting

    The victims who were seriously injured Wednesday at Freeman High School in tiny Rockford, Washington , are expected to survive. The surviving victims, who were in their mid-teens, were listed in stable condition, a local hospital said.
  • 'Racism is as American as baseball' banner hung at A's game

    'Racism is as American as baseball' banner hung at A's game

    According to Evan Drellich of CSNNE, the banner was quickly confiscated and the fans using it were removed. The protesters later revealed to CSN New England that the banner was meant to be an anti-racist statement.
    Australia start India tour in style

    Australia start India tour in style

    Agar dented the middle and lower order with 4 for 44. "It is also about understanding conditions and what lengths you want". Being a day game, toss will not have much significance, but the captain who wins the toss will most likely bat first.
    Baldwin and Johnson sign on to opposing health care bills

    Baldwin and Johnson sign on to opposing health care bills

    In effect, this would mean less money for expansion (mostly blue) states, and more money for non-expansion (mostly red) states. It takes us off the path to single payer health care - which would be a disaster - and puts us on a path toward local control.
  • Jennifer Lawrence Talks about being a mother and film 'Mother'

    Jennifer Lawrence Talks about being a mother and film 'Mother'

    And then after a few years you're like, but that's not the way it is, it's just not. Did you hear that, how much they love me?' So I don't put any stock in it.
    Motel 6 & Guest Lists

    Motel 6 & Guest Lists

    An immigration attorney, Denise Aguilar, tells the New Times that some of her clients have heard these rumors, as well. In short: If you live in Arizona and you're an undocumented immigrant, better not book a room at a Motel 6.
    'Iranian pilgrims' among 50 dead in Islamic State-claimed Iraq blast

    'Iranian pilgrims' among 50 dead in Islamic State-claimed Iraq blast

    Local officials said the death toll was likely to climb with numerous wounded in a serious condition. Today, ISIS claimed responsibility for 2 deadly terror attacks in Iraq's southern city of Nasiriyah.


Most liked

White House Doubles Down: ESPN Host Who Criticized Trump Should Be Fired!
She thanked them for their support, writing, "Love that my @NABJSports brothers came to check on me". Co-host Michael Smith refused to do the show without Hill, according to the report.

Introducing the first Land Rover SVX
Tyres with higher side-walls reduce contact pressure and improve performance on soft surfaces. Hydraulic Active Roll Control (H-ARC), is new to Discovery on SVX.

Could Antero Resources Corporation (NYSE:AR) Change Direction After More Shorts?
The value of the investment in (RMP) decreased from $190,224,000 to $140,870,000 a change of $49,354,000 since the last quarter. Arete Wealth Advisors Llc increased Alphabet Inc stake by 3,748 shares to 4,028 valued at $3.19 million in 2016Q4.

Netflix's 'Last Chance U' Football Player Brothers Charged With Murder
A former college football player featured on the Netflix series "Last Chance U" was arrested Wednesday and charged with murder. A running back, Wright clashed with head coach Buddy Stephens and dealt with his fiancee's pregnancy and miscarriage.

Apple watch 3 has a cellular connection
Customers from different countries like the USA , the UK, Australia and Germany can get this watch from September 22nd, 2017. The new Apple TV 4K starts at only $30 more and will come in at $179 (about £135, AU$225) for the 32GB model.

Jennifer Lawrence is the ultimate femme fatale in first Red Sparrow trailer
After enduring the perverse and sadistic training process, she emerges as the most risky Sparrow the program has ever produced. In the film, Egorova suffers a career-ending injury, Dominika and her mother are facing a bleak and uncertain future.

Only one team tried to win - Mourinho frustrated by Stoke approach
Romelu Lukaku then fired United in front in the second half but Choupo-Moting's second in the 63rd minute earned Stoke a point. Mourinho refused to be drawn on the altercation with Hughes and his decision not to shake hands at the end of the game.

Greencore Group PLC (GNC.L) Trending Upward Near-term
The Williams %R indicator helps show the relative situation of the current price close to the period being observed. Pearson plc has a 50 day moving average of 636.33 GBX and the 200 Day Moving Average price is recorded at 685.07.

10 things Saints fans need to know about the New England Patriots
No one knows better than him that a similar effort to the one put forth vs. the Chiefs won't get it done on Sunday. The defense gave up big plays for touchdowns and the offense, despite scoring 27 points never got untracked.

Russian Federation launches military drills with Belarus, causing alarm
NATO Deputy Supreme Allied Commander Europe James Everard said there was no need to mirror Zapad. Army forces in Europe, told Reuters that "people are anxious this is a Trojan horse".

Congress Approves Resolution Condemning White Nationalists
He also proposed noting that Trump "failed to condemn white supremacists and erroneously blamed "both sides" for the violence". But as we learned last month, the president's immediate and unequivocal condemnation of racist groups is no longer a given.

Boyfriend charged with murder after body of missing pregnant teacher found
Her boyfriend, Tyler Tessier , had stood with her parents Monday at a news conference and made a soulful plea for her safe return. Surveillance video showed the two together on Saturday, Sept. 2, at a grocery store near Wallen's home.

American businessman Martin Shakirli was jailed for "feeling" Hillary — Financial Times
Shkreli will be sentenced early next year, and could face years in prison. "What's amusing about that", Matsumoto responded. His court case took a shock turn Wednesday night when Brooklyn Federal Judge Kiyo Matsumoto revoked his $5 million bail.

Bethesda announce Doom and Wolfenstein 2: The New Colossus for Nintendo Switch
The first person shooter continues the story from the first game, with the setting once again being Nazi occupied America. Due to size constraints as well, only the single-player campaign is on the game card.

Browns' rookie Kizer set to debut against Big Ben, Steelers
Myles Garett could have a major impact in the pass rush, and Jabril Peppers is an impact player on defense and in the return game. This year the Browns are being offered at +2500 to win the AFC North, +10000 to win the AFC and +30000 to win the Super Bowl.