Thursday, 18 January, 2018

US crude stocks drop 4.6 mln bbls

US crude stocks drop 4.6 mln bbls US crude stocks drop 4.6 mln bbls
Elsie Buchanan | 30 December, 2017, 03:47

USA crude stocks fell more than expected last week as refineries pushed output to its highest rate for this time of year in almost two decades, the Energy Information Administration said on Thursday. "We haven't actually had a month for WTI where it averaged in the 60s since September of 2009", he said, adding that there were many months following that year in which crude oil averaged anywhere between $80 and $100 per barrel, but not typically in the $60 range.

"That trend is likely to continue into 2018 and worldwide oil inventories will continue their decline", said Andrew Lipow, president of Lipow Oil Associates in Houston.

The Energy Information Administration (EIA) reported that the USA oil production last week fell to 9.754 million barrels per day from 9,789 a week earlier. Brent has risen around 38 percent since its low in 2017 reached in June.

"The economies look pretty good, demand is decent". Between 2010 and 2016, USA exports of distillate grew by 81% (534,000 b/d), but most of this growth occurred between 2011 and 2013. Propane has many non-transportation sector end uses, including as a fuel for heaters and cookstoves and as a feedstock for petrochemical industry.

Close												An oil pump is seen operating in the Permian Basin near Midland in the U.S. state of Texas
Close An oil pump is seen operating in the Permian Basin near Midland in the U.S. state of Texas

However, analysts warn that oil's gains may reverse after traders return from the long holiday weekend and trading volumes pick up. "We still think there's more risk to the downside than anything". Bullish bets outnumbered bearish bets by 411,972 contracts in the week ended Tuesday, according to data from the Commodity Futures Trading Commission.

According to the EIA, U.S. crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories rose.

"The U.S. shale impact is now encroaching on uncharted territory", analysts at RBC Capital Markets wrote this month, saying it had "redrawn the global crude flow map".

"We've seen quite a bit of hedging activity in last 30 days", Mr. Kung said. The largest destination for US distillate exports in 2016 was Mexico, averaging 182,000 b/d, followed by Brazil (125,000 b/d) and the Netherlands (108,000 b/d).

Protesters arrested in Iran on second day of demonstrations
However, he noted that a call for "No to high prices" protests had been circulated on the messaging app Telegram. Commentators saw it as a referring to Iran's economic and military support for Syrian President Bashar al-Assad.


Recommended

Trump Fires HIV/AIDS Advisory Council With No Explanation Trump Fires HIV/AIDS Advisory Council With No Explanation Newsweek also reports that Obama fired all of the PACHA members appointed by his predecessor George W. The White House did not respond to a request for comment .

AT&T says all 50 states have opted into first responder network FirstNet AT&T says all 50 states have opted into first responder network FirstNet Decisions from American Samoa, Guam and Northern Marianas Islands are not due until March 12. While New Hampshire has said it will opt out, it's still in talks with FirstNet.

Selena Gomez Heads To Mexico For The New Year Without Justin Bieber Selena Gomez Heads To Mexico For The New Year Without Justin Bieber The hearts want what it wants, though, and it appears Gomez's heart is with her lush brunette locks... at least for right now. However, E!'s source insists that the firing strained their bond, adding, "It caused a huge rift in their relationship".

Meghan Markle's dad "extremely hurt" by Prince Harry's latest comments By common consent, Harry dropped a "clanger" when he was a guest editor on BBC Radio 4's Today programme earlier this week and said: "No look, she's done an absolutely awesome job".

Rockies, Davis agree to three-year, $52 million deal Rockies, Davis agree to three-year, $52 million deal The 31-year-old Davis played with the Cubs in 2017 and was the club's only all-star representative in 2017. Passan also said there is a fourth-year vesting option that could take the total spend to $66 million.

Gunman launches deadly attack on Coptic church near Cairo The Times notes another incident was reported on Friday involving a gun attack in Helwan at an appliance shop owned by a Copt. The elderly mother of the aforementioned man was stripped naked and dragged through a street by a mob to humiliate her.

Children in Conflict Zones Come Under Attack at 'Shocking Scale' Children in Conflict Zones Come Under Attack at 'Shocking Scale' The agency noted that there has been increasing number of incidents of children being deliberately targeted in war zones. At least 700 children were killed in the first nine months of the year in Afghanistan, Unicef said.

SpaceX's three-core Falcon Heavy rolls out to KSC launch pad SpaceX's three-core Falcon Heavy rolls out to KSC launch pad Musk has been planning to send a Tesla into the Red planet for several months now but backtracked from his plan sometime back. These items, together with the Roadster, would likely be sent to deep space, where it would hopefully enter Mars orbit.

Jaguars Playoff Game At EverBank Field Sells Out Fast Jaguars Playoff Game At EverBank Field Sells Out Fast After the Titans 27-23 loss to the Los Angeles Rams, the Titans learned more than their playoff fate. That leaves Henry, the 2015 Heisman Trophy victor , poised for the fourth start of his career.

Lesbian couple, two children found slain in upstate NY home Lesbian couple, two children found slain in upstate NY  home While police have not announced their causes of death, they are treating the incident as a " suspicious " quadruple homicide. The four were found dead Tuesday in an apartment they shared in Troy, just north of Albany.

Photographer says Twins star Sano sexually assaulted her Photographer says Twins star Sano sexually assaulted her Bissen then followed with her description of the encounter with an 'athlete, ' who she revealed to be Sano in her final paragraph. Their statement said the team and Major League Baseball "take these allegations very seriously" but had no further comment.

Sanchez double ensures Wenger can enjoy landmark night Sanchez double ensures Wenger can enjoy landmark night The best way to show they are committed is to give that kind of performance". Wilshere is hopeful of tying up a new deal in the near future.

Samsung Galaxy Note 8 Battery Problem Discovered Samsung Galaxy Note 8 Battery Problem Discovered According to Android Authority, several Galaxy Note 8 users are complaining that their device shuts down and never turns back on. According to a recent report it appears that owners of the handset on a number of United States carriers have had this issue.

Jairam Thakur sworn-in as the 6th CM of Himachal Pradesh Jairam Thakur sworn-in as the 6th CM of Himachal Pradesh He contested the assembly election in 1998 and since then consecutively won all the five assembly elections with a huge margin. He studied in the village school and later did his graduation in Mandi and Masters from Panjab University in Chandigarh.

Facebook denies linking Aadhaar with user account, clears rumours in blog post Facebook denies linking Aadhaar with user account, clears rumours in blog post In April 2017, the Aadhaar details of 1.4 Mn registered users were made public on the Jharkhand Directorate of Social Security . According to reports, currently, only a small percentage of people, using Facebook on mobile are able to see this feature.