Monday, 10 December, 2018

OPEC cuts forecast for global oil demand growth in 2019

Oil price extend losses as other markets fall, stockpiles climb Oil extends losses as markets fall, inventories climb
Priscilla Morrison | 12 October, 2018, 01:42

Oil prices slumped to two-week lows on Thursday as global stock markets fell, with investor sentiment made more bearish by an industry report showing US crude inventories rising more than expected.

An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018.

Schork Report editor Stephen Schork discusses whether crude oil prices will reach $100 a barrel by the end of the year.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Of the 220.4 million metric tonnes (million MT) of crude oil imported by India in 2017-18, about 9.4 per cent, was from Iran.

The WTI Crude Oil market rallied significantly during trading on Tuesday, breaking above the top of the hammer from the Monday session. Overall, I think short-term pullbacks offer buying opportunities and I think that the value hunters will continue to pick up crude oil every time it dips.

More news: Astronauts escape malfunctioning Soyuz rocket

Crude inventories climbed by 9.7 million barrels in the week to October 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Refinery crude runs fell by 352,000 barrels per day, EIA data showed, while refinery utilization rates dropped by 1.6 percentage points.

OPEC cut its forecast for growth in non-OPEC oil supply in 2019 by 30,000 bpd to 2.12 million bpd.

"The demand side of the oil equation is always much more hard to discern than the more transparent supply side and as equities slide amidst rate increases, the oil market could begin to discount a worst case scenario with regard to oil demand expectations", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. The rapid increase in prices was more about perception of a supply shortage than real fundamentals, he said.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The US has asked buyers of Iranian oil to cut imports to zero starting in November.

Michael crashed ashore Florida on Wednesday as the third most powerful hurricane ever to strike the USA mainland.

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