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18 Aug 2017
Crude Falls as Production Figures Offset Stockpile Declines
Credit : TSO Bureau

The weaker U.S. Dollar may be providing some support. USA crude oil inventories fell for the seventh consecutive week in their largest drawdown in almost a year while exports and production continued to rise, the Energy Information Administration said on Wednesday. That overshadowed the massive and historic 8.9-million-barrel crude drop because supplies are still in the upper half of the average range for this time of year even as demand is blowing away the five-year average. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 678,000 barrels, EIA said. In July 2017, OPEC oil production rose to ~32.9 million barrels per day above the pledged output level of 32.5 million barrels per day. ETFS GBP Daily Hedged WTI Crude Oil (PCRD.L) is seeing positive money flow as the Chalkin (CMF) indicator is holding above the zero line. Brent crude futures were unchanged at $50.80/bbl, after trading as high as $51.40 earlier in the session. It ranks first in oil futures trade. They may look to the 50-day or 20-day to get a better grasp of what is going on with the stock in the near-term. Saudi Arabia, the world's biggest crude exporter, shipped the least oil in nearly three years in June, just as domestic stockpiles are dwindling. The SPR stores its federally owned oil stocks in underground salt caverns at four storage sites in Texas and Louisiana. South Korea office says reports Seoul 'warned' U.S. are 'excessive' In his weekly meeting with top aides Monday, Moon urged Pyongyang and Washington to "stop all provocations and threats". He said dialogue could start but that North Korea should first halt "nuclear and missile provocations". "At the rapid attrition rate of the past two months, the US oil surplus would be gone by mid-December", analysts at Standard Chartered said Wednesday. The department's Office of Fossil Energy said the sale from the federally owned stockpile was scheduled for late August. Chaikin Money Flow (CMF), created by Marc Chaikin, is a technical analysis indicator used to measure Money Flow Volume over a window of time. USA crude production rose to 9.5 million bpd from 9.4 million bpd in the previous week. "On the current weekly trend, USA production is only about 4 weeks away from reaching the production high of June 2015", said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. Libya and Nigeria were exempted from the Organization of the Petroleum Exporting Countries' deal to cut output because their oil industries had been disrupted by civil strife.
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