US crude oil exports went to more destinations in 2016
Mar 31, 2017, 01:33
Oil prices rose more than 2 percent on Wednesday as US crude inventories grew less than expected, supply disruptions continued in Libya and the OPEC-led output cut by producing countries looked likely to be extended.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May CLK7, -0.24% recently traded up 17 cents at $49.69 a barrel in the Globex electronic session. May West Texas Intermediate crude rose 84 cents, or 1.7%, to settle at $50.35 a barrel.
Oil prices were paring early gains on Wednesday after government data showed that USA inventories of oil expanded last week, marking the eighth consecutive week in which stockpiles have increased. The market is positioning for a possible reversal in the incessant swell in USA crude stocks seen since the start of this year, as United States refineries ratchet up in the second quarter from their multi-year low operating rates.
The EIA said USA stockpiles, excluding those in the Strategic Petroleum Reserve, had increased by 900,000 barrels from the previous week, while both gasoline and distillate fuel inventories decreased during the frame.
Growing expectations that the Organization of the Petroleum Exporting Countries will agree to extend its production-cut agreement also contributed to oil's price climb. They had slid last week to the lowest since November as increasing American supplies countered output cuts by other producers.
"Fundamental support has come from Libya where trouble have close down supply from two sites producing 250,000 barrels of oil per day", he said. Increased crude oil imports in 2016 substituted for some domestic crude oil at US refineries, allowing higher exports despite lower USA production and increased refinery runs.
A survey conducted by this news agency showed that combined output by the OPEC countries reduced for three consecutive months in March and the members have now complied with almost 95% of their commitments under the output-cut deal. Non-OPEC countries pledged to cut about half as much.
In the United States in particular, shale oil drillers have seized the opportunity to ramp up output and exports.
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