Rocked By Trump's Sanctions, Iranian Oil Exports Drops Further
14 October, 2018, 03:04 | Author: Mary Valdez
Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing USA crude inventories rose more than expected.
US crude futures CLc1 were trading down over 1 percent at $74.14 per barrel Wednesday morning, reflecting the declining importance of Gulf of Mexico output that has resulted from the growth of production from the nation's onshore shale fields.
Oil prices slipped on Wednesday after the International Monetary Fund lowered its global growth forecasts, but markets were supported as Hurricane Michael moved toward Florida causing the shutdown of almost 40 per cent of U.S. Gulf of Mexico crude production.
The Canadian heavy oil differential widened against the West Texas Intermediate (WTI) benchmark on Tuesday, hitting a record-wide spread, while the light oil differential nudged up again, reaching a six-year record for the fourth trading day in a row.
"On the other hand, Iran sanctions are only weeks away". This survey signified that the OPEC (Organization of the Petroleum Exporting Countries) producers increased crude outcome in last month that eased global supply concerns.
Trump has demanded that OPEC cool prices by pumping more oil. The U.S. National Hurricane Center upgraded Michael to an "extremely dangerous" hurricane yesterday.
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The South Asian nation was hoping to lift significantly higher volumes in the current fiscal year, after Tehran offered a discount on shipping and an extended credit period, before the US decision on sanctions changed its plans.
Oil prices have rallied this year on expectations that USA sanctions on Iran will strain supplies by lowering shipments from OPEC's third-largest oil producer. That is down from at least 2.5 Mmbpd in April, before President Trump in May withdrew the US from a 2015 nuclear deal with Iran and reimposed sanctions. Analysts polled by S&P Global Platts expect the EIA to report a climb of 1.61 million barrels in crude supplies. The tankers are sailing to India, China and the Middle East.
Crude oil prices are up today.
Stockpiles of crude and refined products in industrialized countries rose by 14.2 million barrels in August, a second consecutive monthly increase.
The chief executive of Gunvor, Torbjorn Tornqvist, said he saw lower prices next year at $70-$75, citing a slowdown in demand growth and a well-supplied market.
A drop in USA oil production this week supported prices.
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