Wednesday, 18 October, 2017

Oil extends gains, on track for biggest weekly rise this year (RDSA)

Oil prices dip but stay near eight-week highs on U.S. stock declines Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing
Mae Harvey | 29 July, 2017, 00:52

Oil prices were sitting just below 8-week highs on Thursday, buoyed by hopes that a steeper-than-expected decline in US crude oil inventories will reduce global oversupply.

Royal Dutch Shell Plc extended its force majeure on exports of Nigeria's Bonny Light crude oil to cover the outage of the Trans Niger pipeline, a statement from the company said on Friday, providing further support to Brent crude.

US oil drillers added two rigs in the most recent week, the third week of gains, raising the overall rig count to 766. The US West Texas Intermediate also increased and was sold at $48.85 Dollars a barrel.

Crude oil futures posted their biggest weekly gain of the year amid signs the global supply glut could be over within a year. WTI-Brent spread was stable on Jul-2017.

Reince Priebus out as White House chief of staff, John Kelly in
Priebus has had a diminished profile in the White House for weeks, and the president hasn't exactly expressed support for him. Priebus ally Sean Spicer left his post as White House press secretary on the same day Scaramucci's appointment was announced.

Back will keep Ravens' Flacco out at least a week
But less than 24 hours after making that comment, the Ravens ended up signing a different quarterback with ties to his brother. Ryan Mallett's ineptitude should give the Baltimore Ravens an appetite for a free-agent quarterback like Colin Kaepernick .

Kim Kardashian's surrogate is three months pregnant, report says
She even appeared in a promotional video with her own family to explain the process to potential parents-to-be. At the moment, Kim Kardashian and Kanye West are locked in a bitter feud with Beyonce and her husband , Jay Z.

ClipperData LLC, the global leader in real-time tracking of crude oil and petroleum product flows, today announced a no-cost trial of its Global Crude Oil Report to help serious market participants assess crude oil supplies at what could turn out to be a turning point for the oil market.

The U.S. Department of Energy reported that commercial oil reserves in the country for the week ended July 21 fell by 7.2 million barrels, or 1.5 percent - to 483.4 million barrels. The committee did not back capping Libyan output as it said its production was unlikely to exceed 1 million bpd in the near future compared to its capacity of 1.4 million-1.6 million bpd before unrest erupted in 2011 and plunged the nation into chaos.

But despite the move to the top of crude's recent trading range, Essner and other analysts expect prices to remain stuck between $42 and $55 a barrel.

"The market will likely be paying even more attention to drilling activity in the U.S.in the coming weeks, particularly after suggestions from certain industry players that the rig count in the U.S.is slowing", ING said in a research note on Wednesday.

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