Oil near $44 as Saudi Arabia's output increase raises doubts
Oil near $44 as Saudi Arabia's output increase raises doubts
Shutterstock CNNMoney via CNN
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.
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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.
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.
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.
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.
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.
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.
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 .
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.
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".
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.
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.
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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
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.
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.
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.