Oil in Global Economy Series: OPEC May deal compliance review
Jun 18, 2017, 01:27
The market wasn't caught by surprise by the IEA data, as on Tuesday, the American Petroleum Institute reported that us crude inventories rose 2.8 million barrels last week, while gasoline supplies increased by 1.8 million barrels.
United States inventories fell less than forecast last week, keeping supplies more than 100 million barrels above the five-year average, according to data from the Energy Information Administration on Wednesday. It reported that USA crude oil inventories fell by 1.7 MMbbls (million barrels) to 511.5 MMbbls on June 2-9, 2017.
That compares with analysts estimates in a Reuters poll for a 0.5 million barrel draw in gasoline stocks and a 2.7 million barrel draw in crude inventories.
Oil prices edged up from 2017 lows on Friday but an ongoing supply excess put them on track for their fourth consecutive week of losses despite OPEC-led production cuts to support the crude market.
Oil prices are rallying after trading around seven-month lows overnight amid concerns the Organisation of the Petroleum Exporting Countries' (Opec) output cuts are not doing enough to curb the global oversupply. The Standard & Poors Energy Sector Index showed a 2.1 drop, overall, with shares of Exxon Mobil falling by 1.4 percent, to hit $81.83; Chevron also fell by almost 2 percent, to hit $106.18.
Tottering Theresa May names new UK Cabinet as critics circle
Scotland's government wants a special deal to stay in the single market or, if not, to secede and stay in or rejoin the EU. Queen Elizabeth will deliver the "Queen's Speech", setting out the government's plans for the new parliamentary session.
Global oil output will expand faster than worldwide demand for oil next year, primarily as USA producers rack up production, and that could hamper exporters' efforts to prop up prices, the IEA said Wednesday.
The EIAreports that the price of oil over the course of quarter three may lead to possible increases in price over the next few months of this year.
It did not provide a forecast for Opec output next year, but calculated that it rose to 32.08 million bpd in May, taking the overall global supply to 96.69 million bpd last month.
Kazakhstan, which agreed to cut supplies previous year as part of the non-OPEC bloc, said it would reduce production in June and July after overproducing for three months in a row.
"Oil has been weighed down by the market's impatience with the generally slow pace of the global inventory drawdown amid a significant recovery in global oil supplies, particularly from the US", OPEC said in its June report today.
That means an entrenched market glut that has kept a firm lid on oil prices is likely to persist, despite disciplined efforts by most OPEC producers to rein in their own output.
The high for Monday will be 101, Tuesday's high is expected to be near 105 degrees and Wednesday is expected to reach 106 degrees. A ridge of high pressure centered over Southern California is to blame, said Will Pi, a meteorologist with the weather service.
Kalanick is also facing a personal trauma: Last month his mother died in a boating accident, which also badly injured his father. A leave of absence for Kalanick is one of the topics up for discussion during a board meeting Sunday, according to Reuters .
The star with the ball was once again pacer Hasan Ali, who ended up with a three wicket-haul for the third time in as many games. In those situations, well-laid plans can quickly go out of the window, which is part of the reason why the game sped away.
The iOS 11 update isn't just about display or speed; many design aspects of the iPhone and iPad will be overhauled. To start with the iMac Pro , the device offers Apple's signature 27 inch 5K display with brightness upto 500 nits.
It can be dedicated to a city's last stand, marked by the return of one of the most physical running backs to ever play the game. Lynch, a first-round draft pick of the Bills in 2007, was a Pro Bowler in 2008, but was traded to the Seahawks in 2010.
Guptill said his role as an opener was to provide some stability and set up a platform to launch the New Zealand innings . Williamson pleaded guilty and was fined 40 per cent of his match fee, while the rest of his team got 20 per cent fines.
With Vettel's victory, Hamilton now sits 25 points behind in the F1 drivers' championship with 14 races remaining this season. We went back to this unknown scenario we are in, which happens to be, it's okay on one auto and not okay on mine.
Shtayyeh helped lead the Palestinian team at the talks, which took place in Washington , Israel and the West Bank . The latest developments come days after a visit by Trump to the occupied territories.
The Trump name carries many connotations, and not all are messages that translate to sales with the American people. Danziger said in March that he hoped to open as many as 100 Scion hotels in three years.
Athletic director Gene Smith said a conversation between him and Matta led to the determination that a change was needed. I just felt as if I was to de-commit, actually take my time, figure everything out it would just be a lot better".
Airport incident will be probed, says Raju
Raju has, however, refuted the allegations and said he will ensure that lawful outcomes follow. Earlier in the day, Raju refuted reports that he helped Reddy from getting a boarding pass.
Samus Returns Is a 2.5D Side-Scroller for the 3DS — Metroid
Likewise, the release date remains a mystery, although it's extremely unikely that it will be released until at least late 2018. Retro Studios is not making Metroid Prime 4 for Switch, according to Nintendo of America marketing boss Bill Trinen.
Va.'s Kaine opposes Saudi arms sale
Instead, U.S. actions in Yemen, increased the popularity of the local Al-Qaeda affiliate and helped to destabilize the country. Hours before the vote, Paul told a group of congressional interns and staff members that the measure was largely symbolic.
US, Somali Forces Attack al-Shabaab Site
The Pentagon estimated that the strike, in response to attacks in Somalia by al Qaida-linked al Shabaab , killed eight militants. Al-Shabaab has been staging numerous attacks in the country in an attempt to establish the strict Sharia law in it.
France mocks White House video on Paris climate agreement
On the other hand, he praised President Trump for taking the "courageous" action of pulling the US from the Paris agreement . Within the US , the announcement saw protests amidst questions about President Trump's views on climate change.