USA crude stockpiles fell more than expected last week

Equinor's oil platform in Johan Sverdrup oilfield in the North Sea Norway

Iranian oil exports have already fallen ahead of United States sanctions which come into force in November while production in Venezuela continues to decline. Brent touched $80 for the first time since May during Wednesday's session. The US has stepped up pressure on buyers to halt Iranian energy imports from November.

The cartel revised world oil demand growth in 2019 slightly lower by 20,000 from the previous month's report, again due to economic revisions to Latin America and the Middle East: "World oil demand growth is now anticipated at 1.41 million bpd and total global consumption at around 100.23 million bpd", it stated, adding that the trade war between the USA and China is also cause for ongoing concern.

"The Midwest accounted for the lion's share of the inventory drop, while lower crude imports, higher crude exports and higher refinery runs on the Gulf Coast also help explain away a good part of today's crude draw", he said.

In August, rising output in Libya, Iraq, Nigeria and Saudi Arabia offset declines in Iran, which is about to face new USA sanctions that are already hurting Iranian exports, and in Venezuela.

Oil prices rose on Tuesday as the U.S. Energy Information Administration (EIA) lifted oil-price forecasts and lowered U.S. crude output expectations.

The Paris-based energy agency said falling output in Iran and Venezuela could drive up prices if it is not offset by more production elsewhere.

Track Hurricane Florence With These Tools
He said parts of North Carolina had seen storm surges - the bulge of seawater pushed ashore by the hurricane - as high as 10 feet. North Carolina's Emergency Management tweeted that more than 154,000 homes were already without electricity by late Thursday.

Opec and its allies will meet in Algiers this month to assess global oil markets after having agreed to increase output at their last meeting in June.

Light, sweet crude for October delivery dropped $1.78, or 2.5%, to $68.59 a barrel on the New York Mercantile Exchange, its worst day since August 15 after it closed at its highest level since July 20 a session earlier.

Washington on Monday offered 11 million barrels of high-sulphur, or sour, crude from its Strategic Petroleum Reserve (SPR) for delivery from October 1 to November 30. "The situation should be closely watched, the right decisions should be taken", he said.

Gasoline stocks rose 1.3 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 6.2 million barrels, the EIA data showed.

Looking further ahead, however, Opec lowered its forecast, albeit modestly, for oil demand growth in 2019, saying rising challenges in some emerging and developing countries could negatively impact the global economy. The U.S., Saudi Arabia and Russian Federation are now the world's three largest oil producers, accounting for about a third of global crude oil output.

"If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere", the IEA warned.

Related News:

  • Russian biggest war-games

    Russian biggest war-games "Vostok-2018" underway

    He commended them for their "high-level performance" in the "most active stage" of Vostok-2018. The Kremlin said the war games were routine and did not pose a threat to other countries.
    Lloris handed driving ban, fined after pleading guilty in court

    Lloris handed driving ban, fined after pleading guilty in court

    Spurs will be missing Hugo Lloris and Dele Alli for Saturday's Premier League clash against Liverpool at Wembley Stadium. A team spokesman said before the sentencing that Tottenham were treating the entire matter "extremely seriously".
    President Trump Says Hurricane Maria Death Toll Rose Like 'Magic'

    President Trump Says Hurricane Maria Death Toll Rose Like 'Magic'

    San Juan Mayor Carmen Yulin Cruz responded: "Simply put: delusional, paranoid, and unhinged from any sense of reality". I hate that people that make it a political issue. "That's the official death toll, you lunatic", Meyers said.
  • Relentless Liverpool sweep aside Tottenham to stay top

    Relentless Liverpool sweep aside Tottenham to stay top

    It is not about playing well, it is about attitude and to say, "Hey, come on, we are aggressive and we try to win". Now we won a few games, that's good, but it doesn't change anything for us.
    Osaka not saddened by Serena row in US Open final

    Osaka not saddened by Serena row in US Open final

    Open mixed doubles champion Jamie Murray said that Serena Williams' reaction to her recent U.S. "The WTA defense surprised me". And then before I knew it, I was getting all of this hostile mail and all of that during my last couple of years.
    You Can Pre-Order The iPhone Xs In Australia Right Now

    You Can Pre-Order The iPhone Xs In Australia Right Now

    Three's most outstanding iPhone XS Max contract has unlimited data , minutes and texts priced at £ 64 a month , plus £99 upfront. After a cost cut for batteries following a scandal a year ago , Apple is putting up prices for iPhone ones by up to £40.
  • Florence 'unloading epic amounts of rainfall' in North Carolina

    Florence 'unloading epic amounts of rainfall' in North Carolina

    That, and the storm's vast circumference of hundreds of miles, means Wilmington will be inundated with rain, the advisory said. Storm Florence may have weakened but the full extent of the damage it has wreaked may not become clear for days.
    Mychal Kendricks agrees to one-year deal with Seahawks

    Mychal Kendricks agrees to one-year deal with Seahawks

    According to the Inquirer, the judge said she wanted to be sure that Kendricks was not coerced into pleading guilty. He ran yesterday and he's working out again today, so he hasn't done that yet. "He's feeling pretty good".
    Sharks Acquire Erik Karlsson From Senators

    Sharks Acquire Erik Karlsson From Senators

    The San Jose Sharks have acquired two-time Norris Trophy-winning defenceman Erik Karlsson from the Ottawa Senators . We're in the mode of trying to win right now, and I think that's something that's attractive to him.
  • Florence, a wet and unwanted visitor, besieges Carolinas

    It said it was located about 60 miles west of Myrtle Beach, South Carolina , and forecasters predicted a slow westward march. There are at least two other coal-fired Duke plants in North Carolina that are likely to affected by the storm.
    US says transfer from FEMA funds won't harm hurricane relief

    US says transfer from FEMA funds won't harm hurricane relief

    Additionally, Hurricane Harvey struck Texas in August and Hurricane Irma struck Florida in September, leaving FEMA stretched thin. Without the transfer of funds, the document notes, 'ICE will not be able to fulfill its adult detention requirements in FY 2018'.
    Hugo Lloris fined £50,000 after drink-driving admission - Premier League 2018

    Hugo Lloris fined £50,000 after drink-driving admission - Premier League 2018

    The court heard police in an unmarked auto spotted Lloris' Porsche Panamera driving at 15mph (24kph) in a 30mph (48kph) zone. Tottenham have won three of their first four matches and are now fifth in the English Premier League.


Most liked

Typhoon Mangkhut heads towards China
Last year, 10 people died in Macau as a result of Typhoon Hato, the strongest storm to hit the city in more than five decades. Pacific territories of Micronesia before edging towards the Philippines, where it is the 15th and strongest storm this year.

Trump Continues to Deny Puerto Rico Death Toll Despite Backlash
President Donald Trump tosses paper towels into the crowd during his visit to Puerto Rico in the aftermath of Hurricane Maria . He added that the death toll had been inflated by adding people who died of other causes.

'Tax Reform 2.0' Unveiled by House GOP
Trump previously had openly questioned whether the 2018 midterm elections even matter, but now he appears to be paying attention. Trump often cites the tax cuts enacted by Republicans as one of the driving forces behind the economy's aggressive growth.

Browns to release WR Josh Gordon
He first was suspended in 2014, and did not play again until November 2017, when he was reinstated on a conditional basis. Details are slowly starting to emerge surrounding the Cleveland Browns' shocking decision to move on from Josh Gordon .

Trump signs order for sanctions against foreigners who meddle in polls
Last week, executives from Facebook and Twitter testified before the Senate intelligence committee about Russian interference. Russian entities have not targeted those systems to the degree they did in 2016, Coats said Wednesday.

FEMA faces Hurricane Florence with range of housing options from 2017 storms
He said Secretary Kirstjen Nielsen "is confident in the leadership at FEMA and their proven disaster management ability", he said. Interior Secretary Ryan Zinke is now under investigation for his role in a real estate deal in his hometown.

Cloud Saves Disappear If Your Nintendo Switch Online Subscription Ends
Save data stored with Save Data Cloud can not be kept outside of the duration of your Nintendo Switch Online membership. That doesn't appear to be the case with the Switch unless Nintendo clarifies further in the future.

'Monster' Hurricane Florence Barrels Toward the Carolinas
Tens of thousands of homes and businesses could be flooded in North Carolina , Governor Roy Cooper warned. After Florence's rain starts to fall this week, he said, the rainfall could continue through Monday .

At Least 5 Dead from Hurricane Florence
Emergency declarations were in force in Georgia, South and North Carolina, Virginia, Maryland and the District of Columbia. McMaster had ordered residents in most of the state's coastal counties to evacuate ahead of Florence's arrival.

Hurricane Florence Satellite Images Revealed Rare Phenomenon Over The Atlantic
Ireland is expected to endure the worst of the storm, while Wales and the Cornish peninsula will bear its brunt in England. Tropical storm conditions are possible within the tropical storm watch area, also beginning late this morning.

Powers cite need for peace in Idlib — UN official
Turkey has also gathered forces on its own borders to deter Syrian civilians fleeing the fighting. UN Special Envoy for Syria Staffan de Mistura at a meeting in Geneva on September 14, 2018.

Win A Brand New iPhone XS Max!
For instance - AT&T will lease you the iPhone XS for less than $34 each month for tenure of 30 months. This is priced at CNY 6,699 (approx Rs 91,300) which resembles iPhone XS 64GB's pricing.

Hurricane Florence: Woman, baby die after tree falls on house
Authorities say at least 20,000 people have evacuated their homes and are sought refuge in shelters throughout North Carolina. In a hurricane, as Live Science has reported , the most significant threat is flooding, not the high winds.

3 new iPhones Xs, Xs Max & Xr and launched at Apple event
While global smartphone market growth has stalled, Apple has kept revenue rising by lifting average selling prices. The models would be sold through 2,500 retail outlets of the company across the country, a press release said.

Carolina coast braces for 'Mike Tyson punch' from hurricane
President Donald Trump has declared states of emergency for North and SC and Virginia, which frees up the way for federal aid. Emergency workers monitor hurricane progress at the Emergency operations centre in Wilmington, North Carolina.