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Crude palm oil futures rise 0.37 pc on spot demand

13 July 2017, 01:31 | Melanie Burgess

Oil slides back towards 2-week lows as focus turns to US stockpile data

Energy Snapshot What Happened on July 3–7 2017

Without further cuts by OPEC and other producers or a significant fall in oil inventories or a decline in US drilling, Goldman said crude prices could fall below $40 per barrel.

OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier. According to the Wall Street Journal, Saudi Arabia's crude oil production hit 10.7 MMbpd (million barrels per day) in June 2017.

Notably, Saudi Arabia reported it raised output by 190,000 barrels a day, pushing its total output to 10.07 million barrels a day, slightly above the cap it agreed to in November.

But at 495.4 million barrels, U.S. crude oil inventories were in the upper half of the average range for this time of year.

"There's been speculation of how long USA production would continue to be able to rise considering the selloff we've seen in recent months".

World oil prices slightly increased on July 12, as investors are waiting for the publication of statistics from the USA on oil reserves for the week.

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Oil has traded below $50 a barrel since May amid concern that rising global supplies will offset curbs by the Organization of Petroleum Exporting Countries and its partners including Russian Federation. Last month the IEA predicted that global oil demand growth will pick up next year to 1.4 MMbpd, allowing OPEC to reverse some of the cuts it has made and still keep markets balanced. It further added that the catalyst could be further intervention by OPEC or a steady drop in USA crude stockpiles and the nation's rig count.

Brent crude, an global benchmark, has dropped 15 per cent this year and was trading on Wednesday at US$48.13 a barrel.

A joint ministerial committee between OPEC and non-OPEC countries will meet on July 24 to review output from Nigeria and Libya and to deal with issues relating to compliance with OPEC's production cut agreement.

"There is strong demand for our crude but we are sticking to our OPEC commitments", the source, who is familiar with the kingdom's oil policy, said on Wednesday.

Renewables: "U.S. electricity generation from renewables is expected to increase 12% this year and then remain steady in 2018 due mainly to a drop in hydropower next year". It pared gains after the EIA report, likely from skeptics still concerned about oversupply and from automated-trading systems that are following a pattern from recent months of selling off after similar data or reports that might indicate an end of oversupply, brokers said. The average cost for 2018 is forecast to be $2.71 per gallon, down 3.5% from last month's forecast, but still 4.6% higher than 2017's anticipated average.

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