Thursday, 15 November, 2018

Oil prices tick up as Hurricane Michael nears Florida

Oil price extend losses as other markets fall, stockpiles climb Oil extends losses as markets fall, inventories climb
Russell Knight | 14 October, 2018, 03:05

Citing unnamed top industry sources, Indian news agency Press Trust of India (PTI), on October 05, 2018 has reported that state-owned refiners, Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have contracted 1.25 million tonnes of Iranian oil for import in November, the month when more USA sanctions targeting Iran's oil and gas industry are due to begin.

Brent crude settled up 17 cents a barrel at $80.43, after dropping 3.4 percent on Thursday.

USA crude added 45 cents to $71.42.

Media reports suggest that India's largest refiner, International Olympic Committee is importing the "usual" monthly volumes of oil from Iran.

U.S. President Donald Trump has repeatedly demanded the Organization of Petroleum Exporting Countries pump more to temper prices.

Last month, India shipped in about 528,000 barrels per day (bpd) oil from Iran, about 1 percent more than the 523,000 bpd of August and about 27 percent more than a year earlier, tanker arrival data obtained from shipping and industry sources showed.

The IMF also raised concerns that demand for oil products may slump as well. He further added that Saudi Arabia representatives have been claiming that they are able to balance Iran's losses under the US pressure.

OPEC said Thursday that the oil market was "well supplied", and downgraded its global demand forecast.

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Iranian oil industry has been under pressure from the USA efforts to isolate the country by reimposing sanctions.

"Oil prices have stabilized for the moment - between a real and a metaphorical storm", said Fiona Cincotta, senior market analyst at City Index.

Early in the session, crude rose as global equities were set for their biggest daily gain in almost a month.

Saudi Arabia's September production rose to 10.50 million barrels a day, a month-over-month increase of about 100,000 barrels a day.

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.

Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of gas by midday on Tuesday, according to the federal offshore regulator, the Bureau of Safety and Environmental Enforcement (BSEE).

A drop in US oil production this week supported prices.

Almost 40 percent of daily crude oil production and more than one-third of natural gas output was lost from offshore U.S. Gulf of Mexico wells on Wednesday because of platform evacuations and shut-ins ahead of Hurricane Michael.

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