Economy

Expect Crude oil to trade positive: Sushil Finance

Expect Crude oil to trade positive: Sushil Finance

"Oil inventories continue their downward trend in spite of a significant increase in crude oil imports this week", Andrew Lipow, President of Lipow Oil Associates in Houston, said. So far, this year, production has increased by 731,000 barrels per day.

The price of OPEC basket of 14 crudes stood at $49.8 a barrel on Monday, compared with $48.86 the previous day, according to OPEC Secretariat calculations.

US crude inventories were expected to have fallen 3.5 million barrels last week, the eighth straight weekly drawdown, and gasoline to have drawn down by over 600,000 barrels, a Reuters poll showed, ahead of weekly data.

The last batch of EIA data showed crude stocks had fallen by almost 9 million barrels during the week ended August 11, the ninth reduction in 10 weeks. The price for Brent, the global benchmark for the price of oil, was down 0.39 percent at 9:15 a.m. EDT to $51.46 per barrel.

On the New York Mercantile Exchange, West Texas Intermediate oil for October lost 13 cents, or 0.3%, to $47.71 a barrel.

"Just those two projects are going to (add) over 200,000 barrels (per day)", said Stephen Kallir, a Canadian energy analyst with research firm Wood Mackenzie. Analysts were looking for refinery usage of 95.5% for the week. Last week, the output of the most popular fuel averaged 10.6 million barrels daily.

The Organization of the Petroleum Exporting Countries and non-Opec producers including Russian Federation have pledged to hold back about 1.8 million barrels per day (bpd) of output to tighten supplies and prop up prices. Despite the recent week's rise in price, the oil is down more than 6.5 percent since the agreement.

Gasoline demand fell 2.8% week-over-week and 240.0 Mbpd, or 2.5%, year-over-year. Over the past 12 months, Exxon stock has traded down about 12.5%. As of last night's close, Chevron shares are up about 5.2% over the past 12 months.

However, a string of new projects coming online this year, including Suncor Energy's Fort Hills project and Canadian Natural Resources' Horizon Phase 3, could lead to a glut and put pressure on prices. This was the first such loading in five years, a sign that Libya is making a comeback as a leading oil producer.


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