Saturday, 17 November, 2018

OPEC cuts oil demand estimate in 2019

Brent crude futures were down 21 cents at $84.79 a barrel by 0434 GMT after a 1.3 percent gain on Tuesday Brent crude futures were down 21 cents at $84.79 a barrel by 0434 GMT after a 1.3 percent gain on Tuesday
Russell Knight | 13 October, 2018, 22:54

Analysts argued that the continued drawdowns in oil stockpiles, even though we are past the summer driving season, are a result of increased USA crude oil exports, which have been supported by the widening differential between USA benchmark WTI prices and the global benchmark, Brent crude.

Brent crude futures fell $1.91, or 2.3%, to settle at $83.09 a barrel.

US West Texas Intermediate crude futures fell $US2.20 to settle at $US70.97 a barrel, a 3.01 per cent loss.

"This is due to a weaker economic outlook, trade concerns, higher oil prices and a revision to Chinese data", said the IEA, which advises industrialised countries on energy policy.

Bob Dudley, CEO at BP, said, "I think it's going to be 45 days of extreme volatility, it could spike up, it could also go the other way", the latter scenario occurring "if waivers [from the U.S.] were granted to others, to big oil consuming countries" that would allow them to import Iranian crude.

United States crude inventories rose six million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase.

OPEC on Thursday lowered its estimate for the global oil demand next year due to the slower economic growth and USA shale output growth.

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"We still estimate oil demand growing at 1.2 million to 1.5 million barrels per day for this year, and see the risk of a slowdown in 2019 if trade tension escalates", ANZ Research analysts said in a report.

Companies turned off daily production of 718,877 barrels of oil and 812 million cubic feet of natural gas by midday on Wednesday, according to the federal offshore regulator, the Bureau of Safety and Environmental Enforcement (BSEE). Moreover, presently, the Indian federal government is struggling with higher oil prices and a weakening Rupee (domestic currency) against the USA currency that also weighs on its oil import bill. U.S. sanction go into place on November 4th. The fears are growing that the US demands for an Iran oil embargo could cause a significant supply shortfall.

Southern Co kept the two reactors at its 1,751-megawatt Farley nuclear power plant in Alabama reduced at around 30 percent early Thursday.

US light crude was up 40 cents at $74.69.

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT (1430 GMT).

The cartel also downgraded its global demand forecast for a third straight month amid concerns about the prospect of slowing economic activity around the world.

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