Crude Oil Steady Ahead Of Inventories

HOUSTON Petroleumworld 01 17 2018

This week, the API reported another, although smaller, build in gasoline inventories of 1.782 million barrels for the week ending January 12.

Big investment banks are raising their price targets for oil - or warning they may soon need to - as crude futures hit levels not seen since the early days of a slump in December 2014.

Oil prices rose on Thursday on a reported decline in US crude inventories, and as rebels in Nigeria threatened to attack the country's petroleum infrastructure. Both were delayed by a day due to the U.S. Martin Luther King Jr.

OPEC increased its forecast for rival oil-supply growth for a second month running after a recovery in prices sent Brent crude to $70 a barrel.

Toyota Introducing Apple CarPlay on New Avalon
And let's face it, the digital components are becoming more important than the analog aspects for many new-car buyers. Also new is an Adaptive Variable Suspension system, which provides real-time damping for better control and handling.

Morgan Stanley equity analyst Martijn Rats said Monday that strong capital flows into the oil market will occasionally push Brent prices into the $70-$75 range. Several analysts this week raised their expectation for 2018 prices on the back of the rally. The firm expected flows from hedge funds to keep prices elevated - even though it saw prices retreating later in the year.

Moreover, emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah urged participating countries to continue to show faith in implementing the voluntary production adjustments in 2018, until the common objective of returning OECD (Organization for Economic Co-operation and Development) inventories to the five-year average is achieved and the supply-demand balance is restored. The output cuts that began a year ago in a bid to remove a global oil glut have pushed up the price of benchmark Brent crude by more than 50 percent since mid-2017 to hit Dollars 70 a barrel last week for the first time since December 2014. This would put the USA on par with Saudi Arabia and Russia's output, ” Razaqzada said. Yet the rally has prompted concern that competitors in the US will be emboldened to expand production.

The United States Energy Information Administration (EIA), has attributed the current surge in oil prices to shutdown of the Forties Pipeline in the North Sea on December 11, as a result of a crack in the pipeline, which remained closed through December 30.

Related News:

  • Kazakhstan bus fire kills 52

    Kazakhstan bus fire kills 52

    Ministry representative Imankulov did not confirm this however, saying: "It's too early to talk about the reasons for the fire". Only five people managed to escape the burning vehicle, the interior ministry's emergencies department said in a statement.
    Snap a Selfie and Find Your Fine Art Doppelgänger

    Snap a Selfie and Find Your Fine Art Doppelgänger

    The Google Arts and Culture app helps users explore museums, learn about famous artists and has details on art projects. Google Arts & Culture app's description will now match your selfie with an actual portrait in a museum .
    Israel's Netanyahu in India to seal trade and defense deals

    Israel's Netanyahu in India to seal trade and defense deals

    It is considered important as Netanyahu chose to visit India within six month of Modi's trip to Israel in July a year ago . However, the fact that Congress chose to attack PM Modi at a time when Netanyahu is visiting wasn't lost on Twitter .
  • Cryptocurrencies Flagship Wallet Provider Bitcoin.com Surpasses 1 Million Downloads

    Cryptocurrencies Flagship Wallet Provider Bitcoin.com Surpasses 1 Million Downloads

    Other major cryptocoins including Ethereum , Ripple , Bitcoin Cash, Litecoin, and more are riding the same wave of uncertainty. Charles Hayter, founder of Cryptocompare, said: "There is a lot of panic in the market".
    Army kills 7 Pak soldiers along LoC in retaliation

    Army kills 7 Pak soldiers along LoC in retaliation

    On Saturday, Lance Naik Yogesh Muralidhar Bhandane was killed in firing from across the LoC. "Also, four others were wounded", they said. "We are working to stop them", he said.
    Josh McDaniels expected to bring Matt Eberflus as DC

    Josh McDaniels expected to bring Matt Eberflus as DC

    That kind of system has worked well enough for the Patriots to win two Super Bowls in the last three years. His tenure in Denver didn't end well after his team went 11-17 in McDaniels' two years as a head coach.
  • Kristen Wiig Roped In For Apple's Comedy Series

    Kristen Wiig Roped In For Apple's Comedy Series

    Witherspoon will executive produce via her Hello Sunshine banner along with Lauren Neustadter and Wiig. This is Wiig's first television series since she left " SNL " in 2012.
    Trump in 'excellent health', scores 30/30 in cognitive assessment

    Trump in 'excellent health', scores 30/30 in cognitive assessment

    The two Republican senators originally told the press that they did not recall what Trump said. Bush's second term and was kept on by both the Obama and Trump administrations.
    Honda Accord named vehicle  of the Year

    Honda Accord named vehicle of the Year

    This marks the third year in a row that Honda has received an award from the North American jury of automotive journalists. The Honda Ridgeline truck won truck of the year in 2017, and the Civic won auto of the year in 2016, CNN Money reported .
  • Google expands network adding new regions and subsea cables

    Google expands network adding new regions and subsea cables

    This cable, called Havfrue - Danish for mermaid - will be built by TE SubCom and is expected to come online by the end of 2019. The cables will run thousands of miles, stretching from the U.S.to parts of Europe and South America.
    Suspect in officers' shooting also shot at 'copter

    Suspect in officers' shooting also shot at 'copter

    Channel 9 is following breaking news in York County where officials said three law enforcement officers were shot overnight. They included Sergeant Randy Clinton, Sergeant Buddy Brown, Detective Mike Doty, and Officer Kyle Cummings.
    England beat Australia in Melbourne One Day International

    England beat Australia in Melbourne One Day International

    Chris Woakes - 5/10 - Leading the attack with Wood, Woakes picked up the crucial wicket of Stoinis towards the end of the innings. Meanwhile, the trio of Mitchell Starc , Pat Cummins and Josh Hazlewood has the pace and aggression to annihilate England .


Most liked

Trump says border wall stance has not 'evolved,' Mexico will pay
Kelly instead explained that the US need only construct "700 more miles of barrier" and that "concrete wall would be good in only certain places".

Rate Disclosed By Bank Of Canada
The bank also said governor Stephen Poloz's team is closely watching the economy's ability to grow without driving up inflation. The Bank of Canada announced Wednesday that it raises its key interest rate by a quarter percentage-point to 1.25 percent.

Djokovic denies ATP players talked potential union, boycotts over prize money
The Frenchwoman, who had a breakout year in 2017, winning two titles, eventually got over the line in nearly two-and-a-half hours. While the French tennis star is yet to take down Djokovic, the Serbian is attempting a return from injury as we speak.

Bad blood between Rockets, Clippers carries over after game
Williams torched the Golden State Warriors for 50 points in a victory Wednesday and leads the Clippers with 23.1 a game. Most of the focus of the Rockets anger seems to be directed at Rivers, who did not play because of ankle injury.

Karthik to replace injured Saha for third Test
Murali Vijay's wife, Nikita Vijay first married Dinesh Karthik and then the two got divorced in the year 2012. Karthik, if picked in the playing XI for the third Test, will be playing his first Test since 2010.

Ford Mustang Bullitt revealed
There's subtle badging with only the circular faux gas cap Bullitt logo on the rear visible on the outside of the vehicle . Ford also teased yet another new Mustang version due out in 2020, the Mach 1.

Phil Murphy sworn in as NJ governor, vows to legalize marijuana
Chris Christie gave his approval Monday to a ban on bump stocks in the state that critics say is redundant. On Tuesday, the governor signaled he would still like to raise taxes on the rich.

In the Supreme Court crisis, Tuesday might bring fresh fireworks
Finally on Tuesday, the CJI chose to break the ice and called to meet them and requested the judges to be in his chamber. Chelameswar , one of the four judges who led what was seen as a revolt against Chief Justice of India Dipak Mishra.

The 2019 Hyundai Veloster Is Finally A True Hot Hatchback Competitor
Available with either a 6-speed manual or a 7-speed dual-clutch automatic, it promises better acceleration than the base engine. The two-plus-one hatchback's overall profile and proportions are similar to the outgoing model, but modernized.

Carillion goes into liquidation
Contracts, joint venture partners and lenders are now hanging in the balance as a result of Carillion's demise. Pentonville Prison maintenance work will carry on as normal after Carillion's collapse.

Pat Shurmur new favorite to become Giants' head coach
But once the Vikings' playoff push is over, Shurmur is a virtual lock to take the reins of the Giants under new GM Dave Gettleman. NFL .com's Ian Rapoport reports Vikings OC Pat Shurmur has emerged as the Giants' "top choice" to replace Ben McAdoo.

Ford Will Invest $11 Billion In Electric Cars By 2022
This will be a huge increase from the $4.5 billion the automaker announced it would invest by 2020 in December 2015. He asked the capacity crowd at the end of the Ford presentation: "Can a battery electric vehicle stir the soul?"

South Africa vs India, 2nd Test, Day 4
Dean Elgar was batting on 36 and AB de Villers on 50. "If we get early wickets tomorrow, the match can be in anybody's favour". Kohli forged a crucial 71-run partnership for the seventh wicket with Ravichandran Ashwin (38) to stabilise the innings.

Giants to acquire center fielder Andrew McCutchen from the Pirates
If he struggled to patrol the gaps at PNC Park, then he'll have an even harder time guarding the spacious outfield at AT&T Park . They still have valuable pieces like Josh Bell , Starling Marte , Gregory Polanco , Josh Harrison and Adam Frazier .

Airbus lags Boeing in 2017 deliveries, but wins more orders
The 2017 total includes 558 single-aisle A320 Family (181 A320neos), 67 A330s, 78 A350 XWBs and 15 A380s. Airbus posted 1,229 gross or unadjusted orders compared with Boeing's 1,053.