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United States crude stocks unexpectedly slip, lost barrels fail to show up
Inventories of distillates in the USA, including diesel and heating oil, increased by 4.6 million barrels last week, according to the Energy Information Administration (EIA).
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US crude imports recovered last week, rising 1.1 million barrels per day after plummeting 1.7 million bpd the previous week to a record low.
By 1630 GMT, US benchmark West Texas Intermediate for delivery in October had fallen 87 cents to $44.03 a barrel, reversing earlier gains.
“A build to petrol stocks amid lower runs and lower product supplies counters the bullish theme, as does a strong build to distillates”, said Matthew Smith, analyst at New York-based crude cargo tracker Clipperdata.
Oil prices have fallen about three per cent for a second straight day, after data showing large weekly builds in USA petroleum products offset a surprise draw in crude stockpiles.
Gasoline stocks rose 567,000 barrels, compared with analysts’ expectations for a 343,000-barrel gain.
However, Stockpiles of gasoline and distillates, including heating oil and diesel fuel, rose by 4.6 million barrels in the week to Sept.9, the EIA said.
Earlier in the week, the Organization of the Petroleum Exporting Countries predicted that non-cartel producers such as the USA and Norway will increase their production, and that global supply will outpace demand by an average of about 760,000 barrels a day in 2017.
Oil had also edged upwards after United States industry body, the American Petroleum Institute, reported that USA crude reserves had risen by less than expected last week.
The International Energy Agency said on Wednesday (Sep 14) that global energy investment sank in 2015 on ultra-low oil prices but noted a shift towards spending on cleaner energy.
Hopes for a sustained rebound in demand were dashed this week by fresh warnings a global supply glut would persist for longer than previously thought. The market will be oversupplied at least through the first half of 2017, the report said.
The Organization of the Petroleum Exporting Countries has also pointed to a larger surplus next year due to new fields in non-member countries.
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“The world’s largest producer, Saudi Arabia, is lukewarm about a freeze, while Iran and Iraq are still increasing output following wars and sanctions and they’re unlikely to support a deal until they’re pumping at full capacity”.