Oil hovers near $80 a barrel as concern grows over global supply
16 September, 2018, 04:32 | Author: Eric Barnett
In the U.S., crude inventories dropped by 5.3 million barrels to 396.2 million barrels last week, the lowest since February 2015, according to the Energy Information Administration data.
Looming sanctions against Iran are also supporting prices, Hatsaturjants said.
West Texas Intermediate gained almost $2 a barrel to $69.45. "The steep discount of WTI to Brent is hard to resist", said a Singapore-based ship broker. They declined to be identified as they were not authorized to speak with media.
"Our U.S. crude oil purchase is purely because of its price advantage", said Kim Woo-kyung, a spokeswoman at SK Innovation (096770.KS), the owner of South Korea's top refiner SK Energy.
He said Washington was also working with New Delhi to tackle the issue of India'soil imports from Iran, which face us sanctions.
He would not comment on commercial operations beyond saying "we will determine optimum crude in our own procurement plan".
Over the past weeks, Iran's oil product exports have also started to take a hit, according to Platts data and sources.
Crude futures soared to $80 per barrel in midweek for the first time since May, extending a rally fuelled by tightening global supplies and lingering worries about impending U.S. sanctions on key Opec producer Iran.
Greg McKenna, chief market strategist at futures brokerage AxiTrader said there has been "a divergence between Brent and WTI".
The bullish weekly report sent crude futures higher, with global benchmark Brent rising more than $1 a barrel in the session to a high of $80.13 a barrel.
However, the second round of sanctions has the potential to devastate Iranian oil exports.
Aramco was said to be ready to supply full contractual crude volumes to at least three buyers in Asia for October.
Whether this price divergence will last is not clear.
In fact, even as the markets sold off crude oil on the news, fearing a deterioration in the fundamentals, the reaction may have been overblown.
Kemp reiterated the growing concern of some pundits that USA production is running into problems due to "the lack of sufficient pipeline capacity to move oil from shale wells in western Texas and eastern New Mexico to refineries in the Midwest and export terminals on the Gulf Coast".
Weaker quiz in Organization for Economic Cooperation and Pattern (OECD) individuals in Europe and Asia, as effectively as higher gas prices within the US, place some downward stress on the tempo of quiz yelp, while shakiness in emerging markets over alternate disputes and weakened currencies pose a risk to quiz outlook for 2019. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.
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