Oil futures steady on market's long-term bearish focus
06 August, 2018, 00:54
Oil prices went down on Wednesday after official data showed that US crude oil inventories increased despite the fact that the analysts were expecting a draw.
In comments to Kuwait's Al-Rai newspaper, Rashidi said, "We are reaching a very stable stage for the crude market, whether for producers or consumers".
United States crude inventories rose by 3.8 million barrels last week as exports declined, creating the largest increase in Gulf Coast stocks since March, the Energy Information Administration said.
Net U.S. crude imports rose last week by 1.4 million barrels per day.
The question regarding Iranian oil supply now is, can the Trump Administration get everybody else except China, which has already said it won't recognize USA sanctions on Iran, out of the market, according to the strategist.
Smith noted while it's highly unlikely India will absorb China's share of USA crude, "we could see other East Asian destinations, such as Taiwan and South Korea, also picking up some of the slack".
U.S. West Texas Intermediate (WTI) crude futures CLc1 settled down 47 cents at $68.49 a barrel.
Besides, higher inventories dragged CPO prices in futures trade.
Saudi Arabia, Russia, Kuwait and the United Arab Emirates (UAE) have increased production to help compensate for an anticipated shortfall in Iranian crude supplies when planned U.S. sanctions take effect later this year.
The Organization of the Petroleum Exporting Countries and partners including Russian Federation had agreed in late 2016 to cut output by 1.8 million barrels per day to rebalance supply and demand.
China has said it plans to impose tariffs on liquefied natural gas, raising concerns that it could also impose tariffs on oil, said John Kilduff, partner at Again Capital Management in NY. "A lot of this is the risk premium priced in for Iran and when do we start seeing an impact on supply there", ING commodities strategist Warren Patterson said.
"It's a jittery feel here, as long as we have Iranian sanctions uncertainty and tariff uncertainty, and it doesn't take much to spark a significant swing one way or the other", said Jim Ritterbusch, an analyst in Galena, Illinois.
During the first half of the year, China imported an average of 330,000 Bpd from USA producers.
U.S. President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 percent tariff on $200 billion worth of Chinese imports.
The survey shows Saudi Arabia's output was below the 10.8 million barrels a day threshold that the kingdom was said to be indicating it would pump in July, suggesting demand for its oil isn't as strong as initially expected.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.
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