Oil Prices Fall After IEA Says Global Stockpiles Up
Oil Prices Fall After IEA Says Global Stockpiles Up
15 June, 2017, 02:15
OPEC and in inclusive with other exporters such as Russian Federation have accepted to keep manufacturing nearly 1.8 million barrels per day and will not increase the output until the end of the 1 quarter of 2018.
Crude output from Opec nations rose by 290,000 bpd in May to a 2017 high of 32.08 million bpd, still within the confines of the supply deal, after comebacks in Libya and Nigeria, which are exempt from cuts.
The U.S. Energy Information Administrationreported that domestic crude supplies fell (http://www.marketwatch.com/story/oil-prices-extend-losses-as-eia-reports-smaller-than-expected-fall-in-us-crude-supplies-2017-06-14) by 1.7 million barrels for the week ended June 9.
At the same time, overall global demand is expected to pick up by 1.4 million bpd to 99.3 million bpd next year, the IEA predicted.
"The market tightening intended by OPEC has thus failed to materialize", Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt, said in a report.
But those efforts have been blunted by a massive boom in production by USA shale operators, who have become much more efficient.
"The revisions to non-OPEC supply growth have been much greater than the upward adjustments to world oil demand growth, accentuating the imbalance in the market", it said.
He said that USA refinery inputs hit a record last week, with the amount of crude processed at just over 1 million barrels a day more than the same time a year ago.
It's not like the Saudis are enjoying significantly higher prices, with Brent crude ending on Tuesday at $48.72 a barrel, perilously close to the $46.38 close the day before the November 30 deal between OPEC and its allies.
Oilstocks are near record highs in some parts of the world, and producers that are not part of the OPEC deal are increasing output. "The industry continues to turn a crude oil surplus into a gasoline and distillate product surplus", Andrew Lipow, president of Lipow Oil Associates in Houston said.
Energy sector shares tracked the slide in crude prices and weighed on the S&P 500, which had been trading higher earlier in the session.
US crude production has been steadily growing and last week rose to 9.33 million bpd, up 12,000 from the previous week, the EIA said.
OPEC and non-OPEC countries chose to extend oil output cuts for nine months in Vienna on May 25. OPEC output rose in May as Libya and Nigeria revived production halted by attacks and political crises, a report from the group showed Tuesday.
Both contracts hit their lowest since May 5, driving them into technically oversold territory. The API reported builds of around 2.8 million barrels in United States commercial crude stocks and around 1.8 million barrels in gasoline stocks.
Supply grew by 585,000 bpd last month alone, with the rapid return of U.S. shale adding to strong gains from Opec's exempt members, Libya and Nigeria.
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