Oil prices tumble as investors brace for possible spike in United States supply
01:58, Feb 10, 2017
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USA crude inventories jumped 13.8 million barrels last week, the second-biggest gain on record, as imports surged, according to the Energy Information Administration.
Opec's production cuts have been led by the group's largest producer and de facto leader Saudi Arabia.
"Shale operators are more bullish with crude trading above $50", said Michael Lynch, the president of Strategic Energy & Economic Research in MA. That was in line with the industry-funded American Petroleum Institute, which reported yesterday a 14.2 million-barrel increase.
In my previous article, I had stated that rising crude oil and gasoline inventories along with rising U.S oil production will put downward pressure on oil prices in near future.
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High oil inventories have been undermining efforts by the Organization of the Petroleum Exporting Countries and other producers including Russian Federation to tighten the market by cutting production. US crude imports rose by 1.1 million barrels a day from the previous week.
Oil steadied close to $57 per barrel, yesterday, as rising tensions between the United States and Iran and Organisation of Petroleum Exporting Countries, OPEC, supply cuts were countered by ample inventories and signs that higher prices will revive USA output.
After being undermined by a rebound in the USA dollar and intensified concerns over a rebound in United States shale oil production, the latest leg lower was sparked by a mammoth build in U.S. crude inventories last week. Also, Reuter's survey showed that the Organisation of the Petroleum Exporting Countries achieved 82 per cent compliance with promised production cuts in January, well above most market forecasts.
The Brent Oil continues to move sideways on the short term and looks undecided on the short term.
"US production has also rebounded. and we view the faster shale rebound as creating downside risk to our 2018 WTI price forecast of $US55 per barrel, but not to our expectation that the global oil market will shift into deficit in 1H17".
West Texas Intermediate for March delivery lost as much as 95 cents to $51.22 a barrel on the New York Mercantile Exchange and traded at $51.62 at 1:30 p.m.in Hong Kong.
High oil inventories have been undermining efforts by the Organization of the Petroleum Exporting Countries and other producers including Russian Federation to tighten the market by cutting production.
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