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Crude Stockpiles Drop, Oil Prices Fall

13 Octobre 2017

Brent crude futures, the worldwide benchmark for oil prices, were trading at $56.75 per barrel at 0649 GMT, up 14 cents, or 0.25 percent, from their last close.

Oil prices rebounded from earlier losses, although they were still down on the session, after the Energy Department reported a larger-than-expected decline in USA inventories and a falloff in weekly production on Thursday.

Prices rose 2 percent the day before to back above $50 a barrel.

Crude oil inventories fell 2.7 million barrels in the October 6 week to 462.2 million, 2.5 percent below the level a year ago, the Energy Information Administration (EIA) said in its weekly report Thursday. Though Brent and WTI futures were responding negatively to the crude stock-build reported by the API early Thursday, the market will be looking to the corresponding EIA data later in the day for validation.

Angola's production, based on direct communication, was 1.657 million barrels per day, a monthly drop of 23,000 barrels, with no data from Nigeria in this case.

The market was still under pressure, though, from a bearish outlook by the International Energy Agency, which lowered its forecast for oil demand for 2018.

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US crude oil prices trim earlier losses after USA government data showed domestic crude stockpiles falling for the third week in a row; WTI now -0.9% at $50.84/bbl.

Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt, said the tone of the IEA report was bearish because it suggested that demand for OPEC crude next year would not be sufficient to absorb all the available supplies.

The EIA also forecasts USA crude production averaging 9.9M bbl/day in 2018, which would mark the highest annual average production in US history.

A deal led by the Organization of the Petroleum Exporting Countries helped lift oil prices from the $30.00 to $40.00 per barrel range in late 2016 and early 2017.

Chinese oil imports fell by 179,000 barrels a day in August, but remained above 8 million barrels a day. Analysts had forecast a draw of 400,000 barrels.

The U.S. bank said oil supply and demand fundamentals meant it expected Brent to average $58 a barrel in 2018.

Crude Stockpiles Drop, Oil Prices Fall