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Principale » Oil prices plunge to one-month low after USA stocks rise

Oil prices plunge to one-month low after USA stocks rise

09 Juin 2017

Week to date, prices have lost more than 4%.

OPEC members' crude output rose 270,000 barrels per day (b/d) to 32.12 million barrels per day compared to April, according to an S&P Global Platts survey, driven by sharp output recoveries in Libya and Nigeria, both of which are exempt from the organization's production cut agreement. Oil exports climbed to 834,000 barrels a day in March, up from 442,000 barrels a day in December. Past year at this time, a gallon of regular gasoline cost $2.357 on average in the United States.

Gasoline inventories also unexpectedly rose, imports increased, and exports dropped, the EIA data showed.

Crude stocks in the United States grew 3.3 million barrels to 513 million barrels, according to the U.S. Energy Information Administration (EIA).

Earlier that same month, Saudi Aramco said it would cut crude supplies to China, South Korea, and South East Asia by 1 million barrels each.

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World fuel production and consumption is roughly in balance, at nearly 98 million bpd, although inventories remain somewhat bloated, according to the U.S. Energy Information Administration (EIA).

"Crude, gasoline and distillates inventories are all at or above the top of their five-year ranges; supply remains plentiful", said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.

Throughout a almost three-year downturn, American oil companies have driven down the cost of advanced drilling methods, allowing them to pump profitably, even with U.S. West Texas Intermediate crude (New York Mercantile Exchange: @CL.1) trading between about $45 and $55 a barrel - roughly half of peak 2014 prices.

Futures slid as much as 1.3 percent in NY. Less refinery activity points to less product production, but demand weakness more than offset that. However, the brokerage said that price gains could be capped by what it called a "deeply bearish" macro-economic environment.

Oil prices slid hard on Wednesday on double-pronged concerns that the rift between Saudi Arabia and the other Gulf nations with Qatar, which began Monday, will wind up boosting output, and unexpectedly high USA inventories of crude and gasoline. The previous record average was 9.6 million barrels a day in 1970. "The problem comes after Labor Day when there is no real catalyst to drive demand higher".

Oil prices plunge to one-month low after USA stocks rise