Oil prices settle lower after USA crude stocks rise
16 November, 2017, 02:19 | Author: Valerie Burke
Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies rose by 1.9 million barrels for the week ended November 10.
The West Texas Intermediate for December delivery was down 0.37 USA dollar to settle at 55.33 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery lost 0.34 dollar to close at 61.87 dollars a barrel on the London ICE Futures Exchange.
American crude stockpiles climbed by 1.85 million barrels last week to 459 million barrels, and production extended gains to an all-time high 9.65 million barrels a day, the Energy Information Administration said Wednesday.
But on Tuesday, the International Energy Agency lowered its outlook for demand growth in both 2017 and 2018, in part because of warmer than expected winter weather.
The report projects that by 2025, oil production in America will match that of Saudi Arabia, and by 2030, it will be exporting 30m barrels of oil and daily - 50% more than the single year yield of any other country in history.
"The oil market faces a hard challenge in Q1 2018 with supply expected to exceed demand by 600,000 bpd followed by another, smaller surplus of 200,000 bpd in Q2 2018", the agency said.
OPEC and some non-OPEC producers including Russian Federation have been withholding production this year to end years of oversupply.
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IEA executive director Fatih Birol said "the USA becomes the undisputed leader for oil and gas production for decades, which represents a major upheaval for worldwide market dynamics".
USA government inventory data were due later on Wednesday.
"The recent price support, namely the tension in the Middle East, has been swept aside as rising rig counts and USA shale output (are) in the focus of traders", PVM Oil Associates analyst Tamas Varga said.
U.S. oil production has already increased by more than 14% since mid-2016 to 9.62 million bpd and is expected to grow further.
The IEA noted that output by the Organization of the Petroleum Exporting Countries was down by 830,000 bpd year-on-year in October, although demand for the group's crude is expected to fall to 32.6 million bpd in the fourth quarter of this year and to 32.0 million bpd in the first quarter of 2018.
"It sounds like there is some discourse between Opec and non-Opec in terms of not committing to something at the end of the month, and maybe kicking the can down the road", said Nick Holmes, an analyst at Tortoise Capital Advisors LLC in Leawood, Kansas, which manages US$16 billion (RM67 billion) in energy-related assets.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.5 million barrels, EIA said.
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