Home » Money

US Crude Oil Output Hits Record 10.47-M BPD in March

04 June, 2018, 10:02 | Author: Shawna Walton
  • Future Shock

NEW YORK, June 2 ― Oil prices retreated yesterday after the dollar rose on better-than-expected United States employment data, which pressured greenback-denominated commodities, including crude.

US West Texas Intermediate crude had lost 16c or 0.2% to $66.88 a barrel by 4.23am GMT, after falling nearly 2% on Thursday.

Hedge funds are the least bullish on rising West Texas Intermediate crude prices in nearly seven months as American output keeps breaking records, while Saudi Arabia and Russian Federation signal they're getting ready to open the taps after more than a year of restraint.

However, the American Petroleum Institute (API) on Wednesday reported surprise buildup of 1.0 million barrels of USA crude oil inventories in the same week.

US crude oil refinery inputs averaged about 17.2 million barrels per day during the week ending May 25, or 527,000 barrels per day more than the previous week's average.

OPEC and non-OPEC countries agreed in November 2016 in Vienna to cut oil production by 1.8 million barrels per day, roughly 2 percent of global oil production, to ease a global supply glut and push up oil prices that dropped below $30 in early 2016 as the situation wa further exacerbated by China's economic slowdown and the USA increasing oil output as a shale oil producer. That was a rise of 215,000 barrels a day (bpd) over the 12 months.

Concerns about growing U.S. crude production and a glut trapped inland due to a lack of pipeline capacity have pressured prices of WTI, doubling its discount to Brent over the course of a month.

Global benchmark Brent fell 77 cents to US$76.79 a barrel.

Instead, he noted that Venezuela's output has fallen by about 500,000 bpd this year and could drop by the same amount by the end of 2018, while USA drillers would struggle to boost output by more than 1.2 million bpd: "So we need every last barrel of those supplies to take us to where we need to balance the market".

U.S. crude oil inventories decreased in the week to May 25, the U.S. Energy Information Administration (EIA) said in a report on Thursday.

Elsewhere, the greenback - which tends to move opposite of dollar-denominated commodities prices - rose 0.25% versus its major peers after the U.S. posted a strong jobs report.

USA drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, General Electric Co's (GE.N) Baker Hughes energy services firm said on Friday.

Rosneft PJSC is testing its capacity to bring back production it cut under the deal between Moscow and OPEC by boosting output this week by about 70,000 barrels a day, Renaissance Capital said.

The statement added that the ministers also emphasised the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.

Recommended:

  • 'Slain' reporter used make-up, pig's blood to fake death

    'Slain' reporter used make-up, pig's blood to fake death

    Then you can teach me how to protect my family. "I do not have sufficient information to evaluate them myself", Maas said. Babchenko disclosed for the first time details of how the deception involving his fake death had been carried out.
    LeBron James admits he asked Cavaliers not to trade Kyrie Irving

    LeBron James admits he asked Cavaliers not to trade Kyrie Irving

    Cleveland coach Tyronn Lue told reporters after the game that Smith "thought we were up one" when he made his freaky decision. But, his National Basketball Association finals-best 51 points, 8 rebounds and 8 assists weren't enough to beat the Warriors.
    Xiaomi Mi 8 with Snapdragon 845 chipset, 3D face unlock launched

    Xiaomi Mi 8 with Snapdragon 845 chipset, 3D face unlock launched

    Some of the features of MIUI 10 include a revamped task manager, gesture controls and AI portrait mode for enhanced Bokeh shots. The new MIUI 10 brings a lot of design changes in the latest ROM which seems to be inspired from the latest Android P update.
  • Stormy's lawyer ends bid for role in Cohen case

    Stormy's lawyer ends bid for role in Cohen case

    Avenatti previously told Newsweek that the law firm does not represent Daniels and had nothing to do with him personally. That process is being overseen by former judge Barbara Jones , whom Wood appointed " special master " in the matter.
    Trump’s visa restrictions aimed at Chinese STEM students to start in June

    Trump’s visa restrictions aimed at Chinese STEM students to start in June

    Commerce Secretary Wilbur Ross is scheduled to visit China on Saturday to negotiate the details of that agreement. That deal was separate from the United States investigation into China's alleged theft of intellectual property.
    Google Pixel 3 Release Date and Key Features Revealed

    Google Pixel 3 Release Date and Key Features Revealed

    The rendering was created by Redditor Fondantanail and it gives us a close visual prediction on how the Pixel 3 XL will look like. Google is now working on the Pixel 3 devices internally, post which the mass production of the smartphones will commence.
  • China tariffs back on Trump's trade agenda

    China tariffs back on Trump's trade agenda

    The president has made a point of singling out China for what he says are years of unfair trade practices. This reductions may help the two nations reach a consensus at trade talks scheduled for this weekend.

    So About This Drake Blackface Photo Pusha T Dug Up…

    In " The Story Of Adidon ", Pusha-T made light of 40 looking sick and questioned how much longer the OVO executive will live . I really need to understand why you take a picture like that.
    EA Sports ran Federation Internationale de Football Association  18 World Cup simulation

    EA Sports ran Federation Internationale de Football Association 18 World Cup simulation

    We have to say, we're interested to see how close to predicting the future the world's biggest-selling soccer sim has come. Each of the 12 official Russian stadiums have been added to the game complete with World Cup match balls and team banners.
  • Chelsea set to target Zidane after shock Madrid exit

    Chelsea set to target Zidane after shock Madrid exit

    I am not exhausted of coaching after three years. " When he says he's taken a decision though, we have to accept it". Klopp led Borussia Dortmund to the Champions League final in 2013, only to suffer defeat to Bayern Munich.
    How To Listen To Kanye West’s New Album ‘YE’

    How To Listen To Kanye West’s New Album ‘YE’

    According to Pusha, the original cover art "was pictures that we all agreed on". Picked the picture, great, we look, boom, boom, boom, it's good.
    National Donut Day Finds Houston Police Trolling With These Photos

    National Donut Day Finds Houston Police Trolling With These Photos

    All you have to do is enter for a chance to win prizes including the honorary title, $5,000 and a year's supply of doughnuts. Customers can get up to six free doughnuts, but you'll want to get there early before they're all gone.


Popular

Concessions will not be implemented if U.S. imposes trade sanctions, warns China
US Treasury Secretary Steven Mnuchin said the dispute was "on hold" and the tariff hike would be postponed. He also pushed back against the argument that Canadian steel poses a USA security threat.

Stephen Curry hits wild, fadeaway 3-pointer over Kevin Love
No team in National Basketball Association history has ever come back from an 0-3 deficit to win any best-of-seven series. Klay Thompson also started 2 for 2, showing no signs of trouble with his ankle that was sore after a Game 1 collision.

Prominent Russian journalist Arkady Babchenko shot, killed in Kiev
Another journalist, Sergiy Grishyn, said "Babchenko will have to give me money for pills" for the stress he'd suffered. It said it had detained a Ukrainian citizen recruited by Russian Federation to find someone to kill Mr Babchenko.

Trump says he'll pardon Dinesh D'Souza
D'Souza said in one tweet that the students had received the "worst news since their parents told them to get summer jobs". His tweets about the Parkland students have been sharply criticized by some Florida Republicans, including Gov.

NFL Twitter reacts to a crazy Game 1 of the NBA Finals
Lue said Smith thought the Cavs were ahead but Smith said he thought the game was tied and was trying for a final shot. In overtime, the defending champion Warriors eased away from the Cavs , who had entered the game as massive underdogs.

Hawaii officials order residents to flee homes amid lava fears
The lava is bubbling from a particularly violent fissure - or volcanic crack in the Earth's surface - called Fissure 8. Lava lobes from Fissure 8 were advancing 100 yards an hour, the USGS said. "Lava can't get hotter than where we are".

India & Iran drop dollar in oil trade to bypass U.S. sanctions
In February, Iran's President Hassan Rouhani visited New Delhi when nine agreements were signed to expand bilateral economic ties. Iran is the also second largest supplier of crude oil to India , supplying more than 425,000 barrels of oil per day.

June 12 summit: ‘Kim Jong-un’ and ‘Donald Trump’ reach Singapore
The U.S. and North Korea are seeking common ground on the steps it would take for Kim Jong Un to give up his nuclear weapons. His stop in Beijing could also be related to his presence on a sanctions list that bars him from entering the United States.

Oil bulls scurry for protection against a wave of OPEC supply
There was talk a few months ago that this five-year average may not be the best measure of global oil supply. Some even speculated that oil prices would jump to and probably beyond $100 levels next year.

Hamas announces cease-fire between Israel, Gaza groups
Daoud Shehab, an Islamic Jihad spokesman, said Egyptian officials had been in contact with the group to try to restore calm. The Israeli military said most of the projectiles fired Tuesday were intercepted, but three soldiers were wounded.