Oil falls below $70 as supply risks assessed against Opec salvo
Oil falls below $70 as supply risks assessed against Opec salvo
Oil up over 2% on concerns over Iran, slower US output growth
16 September, 2018, 10:55
US crude oil exports were up by 787,000 b/d (nearly 80 percent) from the first half of a year ago to the first half of 2018.
More output by members of OPEC the Organization of Petroleum Countries was able to offset the seasonal declines by non-OPEC members, though supply from non-OPEC nations was up as well by 2.6 million barrels per day, led by the United States.
In addition, there is a risk to growth from an escalation of trade disputes, the Paris-based agency said.
Oil prices had their worst day in nearly a month Thursday, hurt by the latest signs that OPEC is ramping up production.
"A drawdown in crude oil inventories isn't very comforting when you're going to lose a lot of Iranian crude in a couple of weeks", said Phil Flynn, an analyst at Price Futures Group.
In the U.S., crude inventories dropped by 5.3 million barrels to 396.2 million barrels last week, the lowest since February 2015, according to the Energy Information Administration data.
The deal, in place since January 2017, has effectively lifted prices from a slump in 2015 to current levels of roughly $79 a barrel for Brent crude and $69/Bbl for U.S. West Texas Intermediate, CNBC reported. Eyes will be on Iranian oil import data from China and India who typically import around 500-700k barrels.
Storm Florence: The impact in numbers
The evacuation order for the Lowcountry is lifted as Tropical Storm Florence moves out of the coast areas and into the Midlands. More than a million people along the coastlines of North Carolina , South Carolina and Virginia have been ordered to evacuate.
The market tumbled early in the session as investors focused on the bearish elements of the IEA report, said Bob Yawger, director of energy futures at Mizuho in NY.
Crude oil also surpassed hydrocarbon gas liquids (HGLs) to become the largest US petroleum export product, with 1.8 million b/d of exports during the same period.
With frequent attacks on Libya's production and falling output in Venezuela, traders are weighing up whether Opec and its allies, as well as the U.S., will be able to ward off supply shortages.
The International Energy Agency warned that although the oil market was tightening at the moment and world oil demand would reach 100 million barrels per day (bpd) in the next three months, global economic risks were mounting.
Despite fear of disruptions to global oil supplies and curbs on production, OPEC sees global oil supplies as sufficient - it's demand people should be worrying about.
Expect a major oil price rally in November as a direct result of sanctions on Iran, not to mention a moribund Venezuelan oil production, and USA oil reserves falling. In August, OPEC's second-largest producer saw near-record production at 4.65 million bpd.
Such concerns have prompted U.S. Energy Secretary Rick Perry to meet his Saudi and Russian counterparts in an effort to convince those two countries to keep oil output high in order to offset a reduction in future Iranian oil exports.
There have been at least 11 storm-related deaths since Florence, then a Category-1 hurricane, made landfall Friday morning. The triple punch of falling rain, rising rivers and coastal storm surges was already triggering catastrophic floods.
Ultimate is getting a special hardware bundle with the Nintendo Switch system, and it's coming out before the game itself. Kirby's Epic Yarn is leaping from the Wii, on which it was released in 2011 and on Wii U in 2016, to 3DS next year.
MSNBC's Rachel Maddow reported Tuesday night on the FEMA transfer, and Wednesday night on the Coast Guard transfer. He based his claim on a 39-page Department of Homeland Security transfer and reprogramming report dated August 31.
NASA astronauts used a super wide-angle lens to capture the footage of Hurricane Florence , due to the massive size of it. The agencies' fleet of satellites track various elements, including location, wind speed, rainfall, and temperature.
An additional 25 percent of deaths are related to rain, he said. "Even if you've ridden out storms before, this one is different". Jeff Byard of the US Federal Emergency Management Agency said it was imperative locals heed the evacuation warnings.
Expert scientists, however, had said they were anxious about Brunswick because of scant public information about its readiness. It was expected to begin pushing its way westward across SC later in the day, in a watery siege that could go on all weekend.
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Cruz had earlier described the federal disaster response in the United States territory a "despicable act of neglect". DeSantis spokesman Stephen Lawson said the former congressman "doesn't believe any loss of life has been inflated".
He will make his second title defense against Brandon Cook (20-1, 13 KOs), 32, of Toronto, who weighed 153.2 pounds. Golovkin and Alvarez put on a real fight that had a little bit of everything - except a victor .
Severe flooding after Hurricane Florence makes landfall
Meanwhile, in SC , at least one gator seemed to be cool with the outer bands of wind and rain that whipped the Myrtle Beach area. Cooper cited a National Weather Service forecast that said almost the entire state could be covered in several feet of water.
Turkey bans property rent, sales in foreign currency
Turkish President Recep Erdogan on Thursday said interest rates are a " tool of exploitation " and called for low interest rates. Erdogan has no longer helped his case by doubling down on his intransigence some other time the US , analysts remark.
Isaac back at tropical storm strength: U.S. NHC
And Hurricane Florence will take aim at the Southeast coast of the United States late this week, likely as a major hurricane . Evacuation orders have been lifted in several coastal SC counties as Florence continues to dump rain on the state.
Pope Francis to Meet with US, World Catholic Leaders
Conference of Catholic Bishops , and also include Francis's top adviser on issues related to sex abuse, Cardinal Sean O'Malley. A US bishop accused of molesting adults resigned on Thursday, in the latest sex abuse scandal to rock the Catholic Church .
IPhone XR First Impressions
Apple announced on stage Bell Canada will be the only carrier in Canada to support eSIM on iPhone Xs and iPhone Xs Max at launch. It's an OLED panel with a resolution of 2688x1242 giving it the same density as the smaller iPhone Xs at 458 ppi.