Oil drops as wave of supply meets global economic gloom

03 November, 2018, 02:00 | Author: Mary Valdez
  • Oil price falls to $75 from high of $86

U.S. West Texas Intermediate (WTI) crude futures advanced 28 cents, or 0.4 percent, to $66.46 a barrel on Wednesday.

In the previous week ending October 19, WTI and Brent lost 3.7 percent and 1.2 percent, respectively, and WTI and Brent settled at 69.12 USA dollars and 79.78 dollars per barrel, respectively, at the end of the week. Thanks largely to US shale, the fast-growing production from the USA has moved the United States ahead of both Russian Federation and Saudi Arabia.

Goldman Sachs estimates that Iranian crude exports will fall to 1.15 million barrels by the end of the year, down from 2.5 million barrels a day mid-year.

"In spite of the increase of crude oil inventories, crude futures prices are being supported by the inventory decline in refined products", said Andrew Lipow, president of Lipow Oil Associates in Houston.

According to the data released by the U.S. Energy Information Administration, crude oil inventories increased by 3.22 million barrels in the week ended October 26, less than forecasts for an over 4 million barrels increase.

A list of all countries getting USA waivers allowing them to import Iranian oil is expected to be released officially on Monday, industry sources say.

On the other hand, media reports are suggesting that eight countries will be granted waivers for Iran oil imports, which implies the potential for upside oil supply in the market versus expectations, Alan Gelder of Wood Mackenzie separately told CNBC.

Oil's autumn rally, which culminated in a four-year high last month, has unraveled as a rout in global equities fans concerns that fuel demand will suffer, and prices are now approaching a bear market.

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New York's NYMEХ (New York Merchantile Exchange) is a United States futures market founded in 1882.

USA production hit an all-time high of 11.3 Mmbpd in August, according to the Energy Information Administration's first reading of monthly data released Thursday.

Brent for January settlement fell 16 cents to $72.73 on the London-based ICE Futures Europe exchange.

Oil is also under pressure from rising output by the world's biggest producers, Russia, the United States and Saudi Arabia, which are helping to replenish global oil inventories after more than a year of stock draws.

As sanctions take effect, buyers for Iran's crude will dry up. "The second one is global economic growth momentum slowing down", said IEA chief Fatih Birol. Grisanti is watching for WTI to break above its 200-day moving average at $67.47 for a rebound.

A Wednesday Reuters survey of OPEC production shows the group made up for declines in Iranian shipments in October by boosting production to its highest level since 2016. Petoro AS, the company that manages the Norwegian government's massive stake in the country's oil and gas fields, warned that the industry's costs could be rising for the first time since crude's collapse in 2014.

Oil was also being weighed down by signs of rising supply from top producers.

USA crude is now trading at levels not seen since the month before President Trump restored sanctions against Iran, OPEC's third biggest oil producer.

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