By Srinivas Chowdary Sunkara//Petrobazaar//19042018
Oil prices touched new high levels after 2014
Yesterday, Both the oil futures spiked by above 2.5 percentage. Oil prices were supported by EIA weekly report that showed U.S crude stocks are falling. Supply concerns from Venezuela supporting the oil prices outside U.S. The OPEC JMMC (joint ministerial monitoring committee) is planned to meet on Friday to review the compliance rate to the existing cut pact for last 6 months. Kuwait is for discussion to continue production cuts.
EIA Weekly Inventory Report- Summary
U.S crude oil stocks were drawn by 1.1 Mb for the week ending 13/4. Gasoline stocks, distillate fuels stocks were decreased by 3Mb and 3.Mb respectively. U.S production is at record high of 10.54 Mbpd, World largest producer after Russia. Crude imports were decreased and exports were on raise. Crude oil inputs into refinery were down by 0.1 percentage. The utilization is at 92.4 percentage with 1.1 percentage down. Crude stocks at Cushing continued to be down by 1.1Mb
Crude oil price update
Yesterday, U.S crude oil futures closed up by $1.82 at $68.47 per barrel with 2.73 percentage from previous session on Nymex. Brent futures were advanced by $1.9 or 2.65 percentage to close at $73.48 a barrel on London based ICE futures Europe exchange. Today Asian markets opened with bullish momentum and trading above 0.5 percentage margins at the time of reporting.
A bullish U.S weekly statistics is extending support to WTI. Saudi expectations of high oil prices with continuation of production cuts before JMCC meeting is further boosting the Brent price. Rig numbers are expected and producers JMCC meet and leakage of agenda will create some volatility during the week.
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