bangbangtech.com
bangbangtech.com February 19, 2017


OPEC achieves 91% compliance with targeted cuts

08 February 2017, 12:40 | Felicia Christensen

Venezuela Minister Discusses Oil in Tehran

OPEC should cut crude production “a bit more” in the second half of 2017

In the short term, traders and analysts are eyeing the uptrend in USA oil drilling and stockpiling of crude and petroleum products.

"Gasoline is just getting slaughtered today, and it's dragging crude with it", Bob Yawger, director of the futures division at Mizuho Securities USA in NY, said by telephone.

A survey by S&P Global Platts estimates US crude inventories rose by 2.5 million barrels in the most recent week, while gasoline stocks also rose by 1.2 million barrels. The latest United States production data will also have an important impact given concerns over rising United States output and a sharp increase in Baker Hughes rig count over the past 3 weeks. First indications of compliance to that deal showed members cut production by 900,000 barrels a day (bpd) in January, according to Petro-Logistics, which tracks Opec supply.

West Texas Intermediate for March delivery fell 84 cents to $US52.17 a barrel on the New York Mercantile Exchange.


Concurrently, Comex silver was up 0.27% or 5 cents at $17.74 an ounce, while spot platinum was 0.73% or $1.75 lower at $1,007.40 an ounce, still clear of the psychological $1,000-level it last breached in January. Diesel futures fell 1.92 cents, or 1.17%, to $1.616 a gallon. Total volume traded was about 27 per cent below the 100-day average.

The price for Brent crude oil was 0.52 percent below the previous close about an hour before the start of trading in NY to $55.43 per barrel. Nationwide stockpiles are at 494.8 million barrels, the highest seasonal level in more than three decades, according to weekly data compiled by the EIA since 1982. BP said on Tuesday it made a "small" loss trading oil in the fourth quarter, while Shell last week said profits "flattened" in late 2016.

A stronger dollar makes greenback-dominated commodities like crude oil more expensive to holders of other currencies.

The past fortnight saw oil prices consolidate again in a very tight range as traders' dilemma with regard to actual oil output cut and its impact on prices remained uncertain.



Other News

Trending Now

Snapchat turns to Lenses to capture advertising revenue
An IPO is a bold step for a company that began while CEO Evan Spiegel was still an undergraduate at Stanford University. Snap will be listing on the New York Stock Exchange under the ticker of - gasp - "SNAP".

Digital payments must be incentivized for cash-lite economy: Economic Survey
For the 2017-18 fiscal, beginning on April 1, the Survey put the real GDP growth at 6.75 per cent to 7.5 per cent range. The Survey pointed it out that demonetisation exposed GDP growth to certain risks.

Etihad CEO Hogan To Leave This Year
In December a year ago , Etihad Airways said it was cutting jobs in some parts of its business as a part of its restructuring. The Etihad Airways statement did not say where Hogan was moving to, only stating that he was joining an investment company.

Killeen says UI working to protect international students, faculty
The Office of International Programs also has been meeting regularly with international students to keep them informed and safe. BU wouldn't disclose their identities, to protect them from potential backlash, spokesperson Renee Charles said.

Police arrest suspect in Howard Beach jogger's murder
The Vetrano family have vowed to push for familial DNA screening, a controversial practice now banned under NY law. As of right now, it would appear Karina Vetrano's heartless killer has allegedly been taken off of the streets.

Oscar-nominated actress Emmanuelle Riva dies aged 89
As a young girl in France, Riva was initially encouraged by her father to audition for a school theatre productions. In her later years she was more relegated to playing mothers and grandmothers but she never stopped acting.

Rogue NASA Twitter account strikes back at Donald Trump
The group said they intend to take " a stand for science in politics ". "They're taking that as an attack on their work". Here's a collection of rogue scientific government agency Twitter accounts that have popped up this week.

British economy grows 0.6% in final quarter of 2016
GDP was estimated to have "increased by 2.0 percent during 2016, slowing slightly from 2.2% in 2015 and from 3.1% in 2014". The Commerce Department issues its first look at economic growth in the October-December quarter at 8:30 a.m.

Aboubakar Stunner Seals AFCON Title For Cameroon
Arsenal midfielder Mohamed Elneny opened the scoring in the 22nd minute with a strike from close range at the near post. Egypt's approach to the final, in contrast, is simple: stick with what we know.

Betsy DeVos Could Spell Trouble for Students, Educators Nation Wide
Yet DeVos will apparently be our new secretary of education, the person in charge of pushing educational change on the country. We deserve a qualified secretary who can lead from day one and who we can hold accountable for his or her actions.