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What’s next? – OIL 14.12.17

Dec 14 2017, 02:23 PM (+06) | Fortfs.com

Crude futures were up in Asian hours on Thursday despite weaker-than-expected Chinese industrial figures and as official US inventory data continued to drop.

 

The US West Texas Intermediate crude contracts were up 0.16 percent to $56.69 per barrel as of 06:35 GMT. Meanwhile, Brent futures rose 0.61 percent to $62.82 a barrel.

 

China’s crude oil runs moved to 49.4 million metric tons in November, marking a 8.1 percent build year-over-year. January-November crude runs rose by 5.2 percent to 518.66 million metric tons despite as domestic crude oil output falling 2.5 percent on year to 15.7 million metric tons.

 

Oil benchmarks settled in red territory on Wednesday as a larger-than-expected crude stockpiles reduction failed to counteract rising gasoline supplies.

 

The US Energy Information Agency (EIA) said crude inventories decreased by 5.1 million barrels in the week ended December 8, above an estimated draw of 3.8 million barrels, marking the second consecutive week of declines.

 

As for gasoline stockpiles, the report showed a 5.7 million barrels increase, outperforming an expected 2.5 million barrels build. Distillate products eased by 1.4 million barrels.

 

The agency also said US shale oil production remains at record highs, adding 73,000 barrels per day to 9.78 million barrels a day last week.

 

Meanwhile, the Organization of the Petroleum Exporting Countries presented its monthly report on production, exposing a 133,000 barrels per day reduction to 32.5 million bpd in November.

 

The oil cartel also estimated non-OPEC supply to rise by 120,000 barrels per day to 990,000 bpd next year, although it recognized that the forecast is “associated with uncertainties”.

 

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