Monday, 25 September, 2017

Oil near $44 as Saudi Arabia's output increase raises doubts

Look out OPEC! U.S. to become top 10 oil exporter by 2020 Shutterstock CNNMoney via CNN
Mae Harvey | 13 July, 2017, 00:31

The US government cut its crude production outlook for the next year and as fuel inventories plunged. Brent crude, the global benchmark, was up 86 cents, at $48.38 a barrel by 0824 GMT.

That is more than double the draw estimated by analysts surveyed by The Wall Street Journal and almost confirmed a drawdown of 8.1 million barrels that the American Petroleum Institute estimated Tuesday evening.

The EIA said that US crude production will average 9.9 million barrels a day, down from a previous forecast of 10.1 million barrels a day in what I predict will be the first of more production downgrades in the future. A Saudi industry source said on Wednesday Riyadh planned to cut shipments in August by more than 600,000 bpd, taking exports for that month to their lowest level this year, to balance a seasonal rise in domestic use.

Saudi Arabia's state-run oil giant said it would cut the price of its lighter crude grades to Asia in August, amid rising competition from rival producers in the Organization of the Petroleum Exporting Countries (OPEC). According to ClipperData, OPEC's exports - including those of Saudi Arabia - jumped in June, and the cartel exported more crude in June than it did in October, while total global crude exports are more than 10% higher than year-ago levels.

Before EIA released the storage report, Brent was up 1.9% and USA was up 2.4%.

Output by all 13 OPEC members in June rose to about 32.47 million barrels per day, according to the average assessments of secondary sources OPEC uses to monitor its output.

The price cut follows a series of downward revisions to oil prices by investment banks.

Tsai urges China to give Liu Xiaobo freedom to make medical choice
Liu, 61, was granted medical parole and released from jail last month after he was diagnosed with late-stage liver cancer. News searches for Liu's name on Baidu, China's largest internet search engine, have turned up no hits since February.

Amazon Takes Aim at Best Buy's Geek Squad
Recode first reported that, over the last few months, Amazon has slowly hired technology experts to offer free in-home Alexa help. Amazon Prime now claims an estimated 85 million USA subscribers - almost as many Americans as subscribe to pay TV.

AP, Honda: Takata airbag inflator kills man fixing Accord at home
The company added that it had mailed 12 notices about the recall effort over almost seven years to the owners of the vehicle. An autopsy found that the cause of death were the metal and plastic fragments that cut her neck from the ruptured air bag.

Last week, money managers added their net long USA crude futures and options positions to 341k from a week ago level of 327.2k but this week certainly they will bound to cut net longs on falling oil prices.

It may be time for OPEC and USA shale producers to pump the brakes.

The EIA (U.S. Energy Information Administration) estimates that weekly USA gasoline demand rose by 167,000 bpd (barrels per day) to 9,705,000 bpd on June 23-30, 2017.

Gasoline was also trading up on the day, by 1.46% at $1.5181.

USA crude exports rose in the week to 918,000 bpd from 768,000 bpd the previous week.

The U.S. vaulting into the top ranks of exporters would have been unthinkable even a few years ago.

USA production rose to 9.338 mbpd in the week ended June 30, 2017, up from a week ago level of 9.25, near its 22-month high of 9.35 mbd.

Recommended

  • Bucks DA: Person of interest arrested in case of missing men

    Bucks DA: Person of interest arrested in case of missing men

    Weintraub said he would continue to devote significant resources to the case and stay at the farm until the search was complete. In addition to five local law enforcement agencies, the FBI and Pennsylvania state police also joined in the investigation.
    Emotion-charged Charlie Gard case to continue

    Emotion-charged Charlie Gard case to continue

    The evidence came from researchers at the Vatican's children's hospital and another facility outside of Britain, AP reported. Baby Charlie Gard with his parents, Connie Yates and Chris Gard.
    New Zealand media attack referee Romain Poite's late penalty U-turn

    New Zealand media attack referee Romain Poite's late penalty U-turn

    The ref's initial instincts were that it was a penalty, then he spoke to his team of three and one suggested it was accidental. I think we've had a few things not go our way with injures and stuff not like that, and we haven't quibbled about it.
  • I Will Follow The Facts — FBI Director Appointee

    I Will Follow The Facts — FBI Director Appointee

    He headed the department's criminal division from 2003 to 2005, and from 2001-2002 he was the deputy attorney general's deputy. But he would also help carry out Attorney General Jeff Sessions's focus on fighting illegal immigration and violent crime.
    Bills lineman arrested on weapon charges outside of OH  waterpark

    Bills lineman arrested on weapon charges outside of OH waterpark

    Washington later pleaded guilty to the misdemeanor charge and entered a program to have the charge dropped. "I learned from it". The 22-year-old Washington has a concealed carry permit, but he is being charged for violation of Ohio's concealed carry law.
    Derrius Guice Gives Amazing Ed Orgeron Impersonation

    Derrius Guice Gives Amazing Ed Orgeron Impersonation

    Steve Spurrier (Florida/South Carolina) and Nick Saban (LSU/Alabama) both took their second SEC job after rough stints in the NFL. The kid left Larose to become a defensive lineman himself, at Northwestern (La.) State.
  • Trump vote fraud panel puts extensive data request on hold

    Trump vote fraud panel puts extensive data request on hold

    The chief election officer in each state should be told if there was or is an attempt to hack the voter registration. Both actions are in violation of FACA's explicit rules governing these official bodies according to the ACLU .
    Stocks flat ahead of Yellen testimony

    Stocks flat ahead of Yellen testimony

    The ICE Dollar Index, which measures the dollar against a basket of six currencies, was 0.1% higher, at 96.13. A higher dollar, in which gold is priced, would also lower the value of the yellow metal.
    Murray and Konta targeting Wimbledon quarter-finals on Manic Monday

    Murray and Konta targeting Wimbledon quarter-finals on Manic Monday

    Wimbledon , but it's better to have plenty of British players to win", Wade said in comments released by the All England Club . Konta said she was "excited and humble" to be facing Venus Williams , a match that Wade predicted the Briton would win.
  • Wimbledon - Men's Singles: Querrey halts Murray for his first GS semi-final

    Wimbledon - Men's Singles: Querrey halts Murray for his first GS semi-final

    Maybe that can have a small part in playing that match. "I'm sure moving forward I'll be able to get through it (the hip problem). I'm sad it's over". "I don't think anyone has ever stayed at number one their whole career".
    At Least 16 Dead in Marine Aircraft Crash in Mississippi

    At Least 16 Dead in Marine Aircraft Crash in Mississippi

    Their bodies were recovered late Monday, Leflore County Emergency Management Agency Director Frank Randle told reporters . Chris Nissen, who shot video of the aftermath, said there were lots of small explosions after the initial crash.

    Manchester United could beat Chelsea to Tiemoue Bakayoko transfer

    Returning to The Star and it is reported that despite interest from West Ham Theo Walcott wants to remain with Arsenal. He'll want more than that and there will be some fiddling but we're not going more than £2-4 million higher than that.

Donald Trump to attend Mayweather vs McGregor boxing match? Donald Trump to attend Mayweather vs McGregor boxing match? McGregor kicked off the event, where he boldly predicted that he would finish Mayweather in the first four rounds of the event. For those of you at home, the pay-per-view will cost $99.95 in high definition and $89.95 in standard definition.

Northern California Wildfire Leaves Path of Destruction Near Oroville Northern California Wildfire Leaves Path of Destruction Near Oroville Land Resources Minister Steve Crocker said the online map will make the province's emergency response teams more efficient. She initially went to 100 Mile House to stay with her parents, but had to leave Sunday when that town was evacuated, too.

Microsoft launches iPhone app that narrates the world for blind people Microsoft launches iPhone app that narrates the world for blind people The app emits a series of beeps to indicate how close the viewfinder is to the barcode, helping users align the camera properly. Recognize and locate the faces of people you're with, as well as facial characteristics, approximate age, emotion, and more.

China Officially Sets Up Its First Overseas Base in Djibouti China Officially Sets Up Its First Overseas Base in Djibouti In any case, China's military advancement was tied in with ensuring its own particular security, it said. China officially describes Djibouti, its first overseas naval base, as a logistics facility.

NY area airport workers delay strike, but threat looms NY  area airport workers delay strike, but threat looms In April, these employees voted to affiliate with SEIU, and the National Labor Relations Board approved the election. The 32BJ Service Employees International Union says they were intimidating workers on their negotiations team.

Los Angeles Lakers acquire Kentavious Caldwell-Pope Los Angeles Lakers acquire Kentavious Caldwell-Pope Not only is Caldwell-Pope a solid scorer, he has developed into one of the better wing defenders in the league. Paul George has said that the idea of him storming after the Lakers in 2018 free agency is overblown.

'Wonder Woman 2' Is Being Set in Your Favorite Decade 'Wonder Woman 2' Is Being Set in Your Favorite Decade Jenkins recently spoke about her plans for the sequel , leading many to presume that she was confirmed to direct it. Gird your loins, Wade: Wonder Woman isn't done with you - or those Guardians of the Galaxy - just yet.

Venus Williams becomes oldest Wimbledon semi-finalist Venus Williams becomes oldest Wimbledon semi-finalist But Garbine Muguruza said she was not being coached by her team during Tuesday's 6-3, 6-4 quarterfinal victory at Wimbledon . The Russian won the first set 7-5 and was trailing 0-1 in the second when she retired after 39-minutes of play .

Bixby Bombing Suspect Faces Federal Charges Bixby Bombing Suspect Faces Federal Charges Witnesses said someone on a red motorcycle tossed a backpack, which then exploded, Tulsa news station KJRH-TV reported. One of the office's two front doors was off its hinges Tuesday morning and lying in the parking lot.

Japan's Okinoshima Island gains Unesco World Heritage status Japan's Okinoshima Island gains Unesco World Heritage status A Shinto priest is traditioned to pray to the island's goddess and this culture is being followed by since centuries. A standout on the list was the men's-only island, Okinoshima which was added based upon its cultural significance.

Critics Blocked from President's Twitter Account File Suit Critics Blocked from President's Twitter Account File Suit Her reply got 9,033 likes and 3,371 retweets and was blocked by the president shortly afterwards. After the election, I programmed my phone to alert me whenever Trump tweeted .

New Studies Show Coffee Drinkers May Live Longer New Studies Show Coffee Drinkers May Live Longer Jon LaPook said it can be hard to make recommendations based on dietary studies "because there are lots of different variables". Beside caffeine it contains polyphenols and other bioactive compounds with antioxidant properties that are good for our bodies.

Dwayne 'The Rock' Johnson Reportedly Really, Actually Eyeing 2020 Presidential Run Dwayne 'The Rock' Johnson Reportedly Really, Actually Eyeing 2020 Presidential Run Of note here as well is that The Rock is now registered as neither Democratic nor Republican but rather as an Independent. Such an event would pit Apprentice star and current US President Donald Trump against a former WWE wrestler.

Oil continues mild rebound with production cuts a possibility Oil continues mild rebound with production cuts a possibility However, it is not clear if Nigeria would be allowed to get back production up to 2 million bpd before the cap is implemented. Oil prices were also lifted by reports that OPEC may be considering capping production in members Nigeria and Lybia.

Jeff Kennett 'disappointed' by Malcolm Turnbull's crack at Tony Abbott Jeff Kennett 'disappointed' by Malcolm Turnbull's crack at Tony Abbott The Liberal party has been embroiled in scandal in recent months amid rising tensions between conservative and moderate ministers. He said it was true Sir Robert had "expressly distinguished liberalism from conservatives".