Oil prices climb on mixed U.S. inventories data

15 March, 2018, 06:29 | Author: Teresa Adams
  • US crude falls 1% on concerns over rising output

The Elevation Resources drilling rig is shown at the Permian Basin drilling site in Andrews County, Texas May 16, 2016.

Midwest stocks fell last week amid a decline in imports into the area, which fell from 21,000 b/d in the prior week to reach 14,000 b/d last week.

Futures in NY narrowed their decline after the American Petroleum Institute was said to have reported distillate inventories sank 4.26 million barrels and gasoline also fell. Inventories at Cushing, Okla., the delivery point for US futures, rose for the first time in 12 weeks.

"Libyan oil loadings have been suspended, that's why the market is rallying at the moment", PVM Oil Associates analyst Tamas Varga said.

Oil may also soon get some support from seasonal demand.

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Earlier, futures fell 1.1 per cent, and April futures slipped below May contracts. This means the oil cartel will have to cut about 200,000 barrels a day from its supply. Analysts forecast government data today will show a third consecutive increase in USA inventories.

"Commercial crude stocks in the U.S. have been recovering and are at their highest level since December 2017".

On the demand side, OPEC revised higher its expectations.

Brent crude oil futures LCOc1 were up 25 cents, or 0.4percent, to settle at $64.89 per barrel. The global benchmark widened to a US$3.89 premium to May WTI.

U.S. crude oil inventories increased in the week ending March 9, and refineries operated at 90 percent of their operable capacity, or 432,000 barrels per day more than the previous week's average, said the U.S. Energy Information Administration (EIA) Wednesday. The Permian Basin is seen leading the way with an 80,000-barrel increase.

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OPEC also said oil inventories across the mostindustrialized countries rose in January for the first time ineight months, a sign the impact of its output cuts may bewaning.

"The EIA report yesterday about the expected increase in shale output next month certainly weighed on things", John Kilduff, founding partner at Again Capital, said in a phone interview.

Oil prices gained 0.4 percent in choppy trade on Wednesday, after a report showing a bigger-than-expected US crude stock build was offset by large distillate and gasoline inventory draws.

Oil prices rose after the Saudi news release.

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