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Oil Prices Slide On Major Gasoline Build
06 December 2017, 07:33 | Cesar Cruz
Oil Price Fundamental Daily Forecast – API Reports Massive Gasoline Inventories Build
Oil prices had been on a long rally for most of the latter half of the year in anticipation of a decision from the Organization of Petroleum Exporting Countries on what to do with a production cut agreement aimed at draining the surplus in global oil inventories.
At the Multi Commodity Exchange, crude oil for delivery in December was trading sharply lower by Rs 26, or 0.70 per cent, to Rs 3,698 per barrel in 1,601 lots.
US crude stockpiles probably declined by 2.5 million barrels last week, according to the median estimate in a Bloomberg survey before an Energy Information Administration report scheduled to be released on Wednesday. So far companies have chosen to hedge at the higher prices rather than drill as they try to return to positive cash flow.
OPEC and 10 major producers outside the cartel, including Russian Federation, agreed Thursday to extend a deal to hold down crude output by almost 2% through the end of next year. Inventories at Cushing probably slid by 2.4 million barrels, a separate forecast compiled by Bloomberg showed.
Mostly sunny, high near 38 — TODAY'S FORECAST
But things will begin to get more interesting - and challenging for forecasters - on Thursday , Friday and Saturday . Tuesday, Dec. 12, a 40 percent chance of rain and snow is in the forecast, the weather service said.
Recent spurt in oil prices is triggering a response from the suppliers. Traders have been at odds over frequent discrepancies between the API, which is also the oil and gas industry's main lobby, and the U.S. Energy Information Administration, an independent division of the Energy Department. But if prices top their hedged positions, that could push US producers into more drilling.
United States crude oil imports averaged 7.2 million barrels per day last week-a decrease of 127,000 barrels per day from the previous week. Over the past 12 months, Exxon stock has traded down about 5.1%. Distillates rose by 4.26 million barrels.
The accord was first struck a year ago with the aim of draining the global oil glut and boosting prices.
Whom should CSK and Rajasthan retain for IPL 2018?
Both the teams were banned from the IPL for two years (2016 and 2017) over matching fixing and betting charges. It is learnt that the franchise needs to include a minimum of three Indians among their five retained players.