February 19, 2018

Oil drops as market rout resumes, North Sea pipeline increases operations

10 February 2018, 03:54 | Virginia Santiago

An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya

An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya

An oil well near Tioga, North Dakota.

Futures fell for a fifth day in NY, posting the longest streak of losses since April 2017.

This led oil prices to rally close to $70 per barrel over the past month.

Earlier this week, the EIA raised its full-year USA production forecasts to 10.59 million bpd this year and 11.18 million bpd in 2019.

While the production cut pact has been a success, there has been growing speculation that the higher oil prices could unravel the deal, because OPEC and/or Russian Federation could either start cheating or see rising USA supply as a threat to prices and market share.

The U.S. benchmark for the price of oil, West Texas Intermediate, was up 0.06 percent to $61.84 per barrel. Prices are headed for a third straight decline, their longest losing streak since November 29.

Tom Brady on injured right hand: 'It's getting better'
If you haven't gotten a flu vaccine, you should think twice before traveling to the Super Bowl this year. Dan Patrick will serve in that role again Sunday for Super Bowl LII , with a front row seat to history.

Daily trading volumes of U.S. oil futures contracts have more doubled in the past decade, averaging more than 1.2 billion barrels per day in 2017, according to exchange operator CME Group.

Support yesterday came from the second outage in as many months on the 450,000 barrels per day Forties pipeline network, Britain's biggest, which supplies much of the crude underpinning Brent futures. It fell below its 50-day moving average, at $66.57, for the first time since July. It was the biggest one-day point drop ever, and worst on a percentage basis since 2011.

The rate of refinery utilization was projected to fall 0.3 percentage point from 88.1 percent of total capacity in the week ended January 26, according to the poll. However, forecasted increase in US crude inventories over the next few weeks and months may change sentiments drastically. "The market is going to try to determine if the crude draw offsets the distillate build heading into tomorrow's EIA report", said Phil Flynn, analyst at Price Futures Group.

The dampening effects of surging United States production and a seasonal slowing down of demand were given a further boost last week, with the release of the USA wages data, which showed a stronger increase than expected.

A preliminary poll by Reuters on Tuesday showed analysts expected weekly data to show U.S. crude inventories last week rose 3.2 million barrels.

Based on the current price action, the direction of the market the rest of the session will be determined by trader reaction to the steep downtrending Gann angle at $62.16.

Other News

Trending Now

Flu related deaths have increased across state, county
So what make this flu season so bad? But there are probably several weeks left of increasing flu activity this season, she warned. Rumpf noted that flu activity is widespread across the whole country this year, making this year's flu epidemic so striking.

Super Blue Blood Moon to hang over NM skies
You might set your alarm early the morning of Wednesday, January 31, for a lunar trifecta, a pre-dawn " super blue blood moon ". This event will be worth a watch! In India, the eclipse will start around 5.18 pm on Wednesday, The Hindu reported.

49ers officially announce Jimmy Garoppolo extension
San Francisco is on the rise just as the Rams were previous year . "Good for him, good for him", Smith said of Garoppolo. That breaks down to roughly $27.5 million per year, to make Garoppolo is the highest paid player in league history.

Dow Jones nosedives more than 1000 points as market reversal grows
The Dow fell a record 1,175 points on Monday but rallied back on Tuesday to close the session up 568 points. After more than a year of steadily climbing, stocks spent the past five trading days all over the board.

Chiefs Trade Alex Smith to Washington
Speculation on Smith's future centers on the fact that he is in the a year ago of his contract and is due to make $17 million. Kansas City was 1-4 in the playoffs with Smith , who had one year left on a four-year contract extension he signed in 2014.

Kelly's support of Porter is disgusting (letter to the editor)
If authorities were following protocol, Terrell said, that disclosure would have been sent to the White House Counsel's office. His view didn't change in June when the Federal Bureau of Investigation flagged some of its findings to the White House.

Bollywood puts a comic twist on women's health with 'Pad Man'
My late in-laws were also forward thinking people as my father-in-law was holding a big post in Defence and lived mostly in North. Madhumitha says, "I used to climb hills and in fact work overtime during my periods and it was never a problem for me".

Response to AGLC halting BC wine imports
Other politicians are speaking up about the dispute. "This should not be about pitting BC businesses against Alberta businesses". He added that he had no intention of retaliatory action against Alberta and dispelled the rumours about a possible ban on beef.

Economic Survey Draws Attention to 10 New Economic Facts on Indian Economy
During the 2007-08 to 2016-17 period, domestic passenger traffic registered a compound annual growth rate (CAGR) of 9.89 per cent. The survey said the outlook for 2018-19 will be determined by economic policy in the run-up the next national election.

English FA Cup Report: Cardiff v Manchester City, 28 January 2018
Yet sympathy for Guardiola may be limited, in view of the fact that City have 15 players in their squad who each cost more than £25m.