Oil is fall in price on record production data in US
Oil is fall in price on record production data in US
Rapid oil price increases have an uncanny knack for predicting peaks in the U.S. business cycle
04 June, 2018, 10:01
Hedge funds are the least bullish on rising West Texas Intermediate crude prices in nearly seven months as American output keeps breaking records, while Saudi Arabia and Russian Federation signal they're getting ready to open the taps after more than a year of restraint.
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower early Monday. Output at the world's largest listed oil producerRosneft edged up by 0.2 percent in May from April.
The reserves fell by 3.6 million barrels, or 0.8 percent, to 434.5 million barrels (with a forecast of a decline of just 0.4 million barrels).
Oil prices decline for third consecutive on the background of statements by Saudi Arabia and Russia's readiness to increase production, a new jump in drilling activity in the United States of America and a record year of sales of hedge funds in the futures market. For the week, WTI was on track for a 2.5% fall, adding to last week's near 5% decline and shrugging off a 3.6 million-barrel drop in U.S. crude stockpiles last week.
The United States accounted for more than half of that decline, as US crude oil and other liquids inventories decreased by 162 million barrels over that period.
U.S. crude oil inventories decreased in the week to May 25, the U.S. Energy Information Administration (EIA) said in a report on Thursday.
There are no new catalysts behind the price action, traders are still pressing the short side because of concerns over record US production and worries over a jump in OPEC supplies.
Refinery crude runs rose 527,000 barrels per day to 17.2 million bpd as utilization rates jumped 2.1 percentage points to 93.9 percent of total capacity, both the highest runs and rates since January, EIA data showed.
Kuwait, Saudi Arabia and the UAE are among the few OPEC members who could raise output quickly, but the ministers were tight-lipped and would not confirm if they had discussed possible increases to production. But without adequate transportation to get crude to the coasts, "we're going to continue to see some weakness in WTI", he said.
Venezuela, whose output has plunged due to an economic crisis, toldOPEC its production fell to 1.505 million bpd in April, believed to be the lowest in decades.
According to General Electric's Baker Hughes energy services firm, USA drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015. That was the eighth time drillers added rigs in the past nine weeks.
The speculator group cut its combined futures and options position in NY and London by 50,937 contracts to 370,980 during the week to May 29, the U.S. Commodity Futures Trading Commission said.
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