Oil Steadies Near $57 a Barrel Before U.S. Crude Inventory Data

Futures were little changed after slipping 0.3 percent on Tuesday, the first decline in four sessions. Crude inventories fell by 1.56 million barrels last week, while motor-fuel stockpiles gained 520,000 barrels, the industry-funded American Petroleum Institute was said to report. A Bloomberg survey forecast a 2.45 million-barrel oil-supply drop ahead of government data Wednesday.

“The U.S. shale machine is poised to shift up a gear as producers make hay amid the healthier price backdrop,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd.

West Texas Intermediate for December delivery slid 8 cents to $57.12 a barrel on the New York Mercantile Exchange at 10:04 a.m. London time. Total volume traded was 12 percent below the 100-day average. Prices slipped from the highest level in more than two years to close at $57.20 on Tuesday.

Brent for January settlement rose 11 cents to $63.80 a barrel on the London-based ICE Futures Europe exchange, after falling 58 cents on Tuesday. The global benchmark crude traded at a premium of $6.47 to January WTI.

Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, expanded by 812,000 barrels last week, the API reported Tuesday, according to people familiar with the data. Unlike the API, Bloomberg’s survey forecast a decline in gasoline supplies of 1.85 million barrels.
more at:  https://www.bloomberg.com/news/articles/2017-11-08/oil-falls-second-day-on-signs-of-smaller-u-s-stockpile-decline

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Oil Rises a Second Day as Equity Gains Offset Supply Concerns

After jumping 2.2 percent on Monday, futures added 1 percent in New York on Tuesday. European and Asian stocks rose as President Donald Trump faced resistance to plans for a series of import tariffs, while a diplomatic breakthrough with North Korea also boosted optimism. Still, the International Energy Agency’s warning that OPEC production cuts will unleash a supply surge from the U.S. and other producers maintained a note of caution in the market. The production cuts that helped push prices above $60 a barrel are triggering a flood of supply from OPEC’s rivals including Brazil and Canada, which will cover all growth in global demand until 2020, the IEA said. The agency may also raise its forecast for U.S. output if oil stays above $60 a barrel, Birol said during the CERAWeek oil conference in Houston. Non-OPEC growth is so strong that the oil market will change for years, he said. Click Read More below for additional information.

Oil Extends Drop to Near $55 on Signs U.S. Crude Stockpiles Rose

Futures lost as much as 1.3 percent in New York after falling 1.9 percent on Tuesday. U.S. inventories rose by 6.51 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since March if confirmed in government data on Wednesday. “The API data showed an inventory build, in contrast to expectations of a draw, which is weighing on the market,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “The Russian news doesn’t help either.” Gasoline inventories rose by 2.4 million barrels last week, the API said Tuesday, according to people familiar with the data. While the institute also reported a gain in crude stockpiles, a Bloomberg survey showed they may have shrunk by 2.4 million barrels. The U.S. Energy Information Administration will release the data at 10:30 a.m. New York time on Wednesday. Click Read More below for additional information.
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