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techkenyot.com May 24, 2019


Iraq Looks To Boost Crude Oil Trading Business

15 March 2019, 05:07 | Hattie Nash

An oil pump is seen operating in the Permian Basin near Midland Texas US

An oil pump is seen operating in the Permian Basin near Midland Texas US

OPEC on Thursday cut the forecast of global demand for its crude this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.

Crude oil prices were up to begin Wednesday as the U.S.' Energy Information Administration (EIA) has lowered its crude production estimates for 2019 and 2020, alleviating some of the oversupply worries in the global oil market.

The production cut agreement by Saudi Arabia-led OPEC and Russia-led OPEC is also contributing to the removal of additional supplies in the market to push prices higher.

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Brian Stutland, chief investment officer at Equity Armor Investments, said, "We're seeing some supplies tighten a little bit.and also the correlation between oil and the stock market and demand coming back into the picture has sort of driven it: oil lagged a little bit as the dollar strengthened, and I think it's trying to play catch-up".

EIA's data also showed that on the exports side, US crude oil exports increased while domestic production rose as well.

USA crude oil exports have set annual record highs in each year since 2014, most recently averaging 2.0 million bpd in 2018. Opec›s report said oil inventories in developed economies were above the five-year average in January. WTI plunged more than 3 percent in the previous session. It kept its forecast for growth in global oil demand this year unchanged at 1.24 million bpd. After averaging a record high of 10.1 million bpd in 2005, crude oil imports fell by 2.8 million bpd to an average of 7.3 million bpd in 2014.

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Gasoline inventories were down 4.62 million barrels last week, almost twice the expected drop.

Brent crude oil futures hit a 2019-peak of $68.14 per barrel on Thursday before easing modestly to $67.05 by 0840 GMT, up 50 cents or 0.74 percent from Wednesday's close.

West Texas Intermediate Crude oil futures for April ended up $1.39, or 2.4%, at $58.26 a barrel, the highest settlement in four months.

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OPEC April meeting will assess members' compliance with oil output cuts and whether to extend cuts till year end. WTI hit a high of $58.48 a barrel on Wednesday, the highest since November 13.



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