Tuesday, 14 August, 2018

Oil prices edge higher but trade row caps gains Oil&Gas 14:32

Oil markets still pressured by persistent risk of oversupply Tehran: Trump Wrong to Expect Saudis to Cover Loss of Iran Oil Supply
Orlando Vargas | 02 August, 2018, 23:37

Lately there has been no shortage of news, in part because of President Donald Trump 's penchant unexpected comments on Twitter, as well as his administration's effort to impose sanctions on Iran, the world's fifth biggest oil producer.

Iran has renewed threats to block the Strait of Hormuz since the United States announced its plan to reinstate sanctions and cut shipments from OPEC's third-largest producer to zero from about 2.5 million barrels a day now. Output is now 2.8 million barrels per day, its oil minister said, an increase of 100,000 bpd from June's average.

A Reuters survey showed the Organization of the Petroleum Exporting Countries (OPEC) increased production in July. Saudi Arabia suspended oil shipments through the strait last week after the Houthis attacked two Saudi oil tankers.

The survey also found that OPEC's adherence with supply targets slipped to 111 percent in July from a revised 116 percent in June, meaning it is still cutting more production than agreed. US crude futures fell $1.37, or almost 2 percent, to settle at $68.76. The draw was due to 8.5 million barrels of higher exports and 8.8 million barrels of higher imports for the week ending in July 20 compared with the previous weekly report levels.

"Despite a rise in refinery runs, a cratering in crude exports last week yielded a whopping crude build of 5.6 million barrels on the Gulf Coast - leading to a solid build of 3.8 million barrels for total US stocks", said Matt Smith, director of commodities research at ClipperData.

White House: Trump receives new letter from Kim Jong Un
White House Press Secretary Sarah Huckabee Sanders confirmed that the latest letter was received by the White House on Wednesday. Trump had said after their summit in Singapore with Kim that he would like the leader to come to the White House for a visit.


England vs India, first Test day two
Behind Root as he walked back to the pavilion, Kohli celebrated by blowing a kiss, mouthing some fruity advice and putting his finger to his lips.


Samsung Galaxy Note 9 price confirmed via pre-order poster
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USA crude back over $70/bbl.

Alhajji said, "It is clear that the Saudis want a balanced market with the least political pressure possible".

However, weekly crude exports dropped by about 1.4 million bpd, sending stockpiles in the Gulf coast surging and pushing net USA crude imports USOICI=ECI up last week by 1.4 million bpd. Britain's Unite union said a 12-hour strike at Total's offshore oil and gas platforms in the North Sea will go ahead as planned on July 30th. WTI fell 1.3 per cent on Friday, marking a fourth week of declines. Analysts pointed out the widening gap between WTI and Brent can support US oil exports in the future. The new supply could help lift Petrobras' crude oil exports, which fell by 53.8% in June from a year ago to 696,000 bpd as the company increased its refinery output. "China trade wars continue to weigh on prices, while the halt in Saudi shipments through the Red Sea waterway has seemingly failed to provide a bullish fillip", said Stephen Innes, head of trading APAC at OANDA Brokerage.

Matt Smith, director of Commodity Research at Clipperdata, based in Houston, Texas told Xinhua that "The oil market continues to be pushed and pulled by two key factors: trade war concerns and geopolitical worries".

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