Friday, 16 November, 2018

Oil heads for third weekly decline as equities resume slide

Oil Drops on Stock-Market Swings Chinese Bank Stops Iranian Oil Transactions Ahead of US Sanctions
Orlando Vargas | 28 October, 2018, 22:06

Brent crude slumped by around $1.05 and was being traded slightly below the $79 mark, at $78.84 a barrel. OPEC signaled Thursday it could cut output next year due to concerns about rising oil inventories and economic uncertainty, changing its position from just a few days ago of pumping flat out. Not only did you have Saudi Arabia backtrack from their "pump all you can" policy, you also had great earnings from energy companies and as of right now that does not even matter. These concerns were raised over USA sanctions on Iran going into effect by November 5.

Saudi Energy Minister Khalid al-Falih said this week, according to Russian news agency TASS, that the country would bump up its production to 11 million barrels a day to cool off the oil market, although some oil observers wonder if the kingdom would be able to fulfill this promise.

The market for months has weighed concern surrounding potential supply shortages from US sanctions on Iran, due to come into force November 4.

China's government has told at least two of its state oil companies to avoid purchasing Iranian oil as the US prepares to impose sanctions on the Persian Gulf state, according to people with knowledge of the matter.

United States had in May walked out of the Joint Comprehensive Plan of Action (JCPOA) with Iran and re-imposed economic sanctions on that country. EIA also forecast that total global liquid fuels inventories to decrease by 200,000 barrels per day in 2018, followed by an increase of 280,000 barrels per day in 2019.

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An equities rout in the USA late Wednesday is seeing crude oil take a step lower as energies traders reduce their oil exposure over concerns that a continued equities slide will see oil demand head further south.

Oil tumbled toward a third weekly drop as crumbling equity markets across the globe stoked concern about a slowdown in energy demand growth. Cumulatively the value of oil imports from Iran between April and September 2018 more than doubled to Dollars 7.74 billion from USD 3.84 billion in the corresponding period past year. Halting oil Iranian imports means its many refiners will have to seek alternative supplies elsewhere.

USA light crude CLc1 was up 20 cents at $67.02 after touching an intraday low of $65.99.

Financial markets have been roiled by the U.S. "Signs are mounting that shale won't keep growing at the same rate in the U.S. Drillers face pipeline bottlenecks moving crude out of West Texas". This situation could add to the global supply woes when the time comes.

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