Tuesday, 11 December, 2018

France vows pushback against U.S. sanctions on Iran

Iran deal exit threatens Americans' tax cut savings US: Stocks end higher boosted by oil, bank shares
Orlando Vargas | 15 May, 2018, 02:41

Saudi stands to win as a result of sanctions on Iran oil production as prices will increase and the country has a net oil production that's nearly 21% of its GDP as of 2016, according to Bloomberg. "It's definitely not an environment to go home short over the weekend".

Global benchmark Brent LCOc1 gained $1.11 to settle at $78.23 a barrel.

US West Texas Intermediate (WTI) crude futures were down 15 US cents, or 0.2%, at US$71.21 a barrel after hitting a November 2014 high of US$71.89 per barrel on Thursday.

USA crude's discount to Brent WTCLc1-LCOc1 was more than $7, the widest since mid-December.

Zanganeh referred to the previous drop off in its oil exports courtesy of the previous sanctions "history".

A diplomatic source in Brussels told Sputnik that the United States' withdrawal might result in extraterritorial sanctions which target European companies that do business with Iran.

Inventories at Cushing, Oklahoma, the delivery point for USA crude futures, fell about 410,000 barrels between May 8 and May 11, said traders, citing data from market intelligence firm Genscape. The Brent variety declined by 0.22% to 77.30 Dollars per barrel.

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Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while US crude's discount to global benchmark Brent widened to more than $7, its deepest in five months.

Three OPEC-connected sources told Reuters that the Organization of the Petroleum Exporting Countries member states are in no rush to lay out the decision addressing the need to pump additional oil to compensate for the expected decline in Iranian exports following the USA re-imposition of harsh economic sanctions.

Jefferies said that OPEC has the capacity "to replace the Iranian losses" but added: "Even if physical supply is held constant ... the market will still be faced with a precariously low level of spare capacity".

ANZ bank said Trump's decision "puts into place a scenario that could see the crude oil market tighten significantly in H2 2018 and into next year". That's up 27 percent since mid-2016 and means USA output is creeping ever closer to that of top producer Russian Federation, which pumps around 11 million bpd.

There are, however, signals that other OPEC suppliers will increase production to offset supply cuts from Iran.

The EIA on Tuesday raised its forecast for US output in its monthly report to 12 million bpd late next year.

The weekly rig count data from GE's Baker Hughes division is expected at 1 p.m. on Friday.

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