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Crude palm oil futures gain 0.27%

06 August, 2018, 11:34 | Author: Kristi Dunn
  • North Dakota production has increased significantly in the last two months. They were up 67,000 bpd in April and up another 25,000 bpd in May

FBN's Connell McShane talks to Fasken Oil and Ranch's Rich Culbertson about the drilling process in the Permian Basin.

Crude oil prices started the trading day Thursday in negative territory, but quickly shifted into rally mode on signs that USA crude oil stocks at the key storage hub in Cushing, Okla., were drying up.

U.S. West Texas Intermediate (WTI) crude CLc1 futures increased by 6 cents, or 0.1 percent, to $67.72 a barrel.

Brent crude futures were last down 33 cents at $72.06 a barrel by 12:00pm GMT, while USA crude futures fell 55 cents to $67.11.

"It is nearly certain that China will impose additional duties on oil and refined products imported from the US if the Trump administration implements additional tariffs on the next tranche of Chinese goods".

The FOMC interlude was even less of an event than expected but that belies some of the headline risk creeping back into play, as the market has been waiting for a Whitehouse press release on China tariffs which has left investors to speculate if this will confirm the overnight chatter the United States is proceeding with USD 16 bln in tariffs.

In the statement on Wednesday, a day ahead of monthly oil and gas output data publication, Novak said that Russian Federation was pumping on average 40,540 bpd less in July compared to October 2016, a cut-off month for the OPEC+ deal.

Futures reversed course after trading lower on concerns about oversupply early in the session. OPEC has responded with boosting supply, but we are yet to see how much Iranian supply would be choked off, Croft said, adding that "it's going to be very significant".

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USA crude oil production for the month of May stood at 10.442 million bpd, compared to 10.472 million bpd in April.

WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, set for a drop of 1.4 percent.

"There's an expectation that the build from this week will be gone next week", said Phil Flynn, an analyst at Price Futures Group in Chicago.

"Bulls are fighting a losing battle ..."

Meanwhile, according to EIA, U.S. crude oil production was 10.9 million barrels per day which was 100,000 barrels per day lower than the previous week.

The U.S. can get Europe out of the market, and India-Iran's second-largest oil customer after China-will likely reduce Iranian purchases even if it doesn't get entirely out the market, Croft told CNBC.

China's International United Petroleum and Chemicals (Unipec) has also suspended purchases of USA crude amid the growing trade row, sources said. Additionally, he said, USA monthly figures for production fell in May, suggesting output may be curbed later in the year.

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