United States oil inventories drop despite jump in domestic output, DoE says
Mar 09, 2018, 03:30
The EIA on Tuesday made its latest in a series of upward revisions for U.S. crude oil production, which it now expects to rise by more than 120,000 barrels per day (bpd) to 11.17 million bpd by the fourth quarter of 2018.
The EIA forecasts USA production will average 10.7 million b/d in 2018 and 11.3 million b/d in 2019, up from 9.3 million b/d in 2017.
Oil dropped for the first time in four sessions on a reported expansion in us crude inventories and the risk of an intensifying global trade war sparked by President Donald Trump.
It also forecast that the USA will cover at least 80 percent of world demand for crude as demand steadily expands over the next five years, with China and India becoming the two top importers of the commodity.
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April WTI crude settled 2.3% lower at $61.15/bbl while Brent crude fell 2.2% to $64.34/bbl, and energy stocks were one of Wall Street's weakest performers although losses have been whittled away near the day's close.
While crude has mostly stayed above $60/bbl this year as OPEC and its allies continue to cut production to drain a global glut, investors worry that record USA oil output could thwart the group's efforts. The report's out a day after the S&P 500 futures dropped 1 percent on the news that President Trump's advisor Gary Cohn had handed in his resignation - a move seen widely as fueling further worry about a possible global trade war if the United States approves Trump's proposal for a 25-percent import tariff on steel and a 10-percent levy on aluminum.
This U.S. increase is putting pressure on the Organization of the Petroleum Exporting Countries, Russia and other nations that have curbed output to prop up prices but risk losing market share.
Brent had dipped closer to $65 in earlier trading, pressured by the International Energy Agency's (IEA) warning on Monday that US oil output was set to surge over the coming five years. Traders said this news may be an indication that the Trump Administration is not as serious as suspected about implementing the tariffs. Imports of crude dropped by more than 20% to a rate of 8.2-million barrels a day (bpd) from 9.4-million bpd in January. The U.S. already passed top exporter Saudi Arabia late previous year. Both benchmarks were trading down from last Tuesday afternoon. USA output is expected to surpass that of Russian Federation, now the world's top producer at about 11 million barrels a day.
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