Solar Energy News  
OIL AND GAS
Some bearish trends setting in for crude oil
by Daniel J. Graeber
Washington (UPI) Jun 6, 2017


U.S. crude oil exports, refining activity and the fallout for the geopolitical row over Qatar left a slight bruise on oil prices in early Tuesday trading.

Crude oil prices declined in the previous session after rifts emerged among key members of the Organization of Petroleum Exporting Countries. Saudi Arabia on Monday led a coalition of Middle East nations in severing ties with Qatar over alleged support for terrorist groups. Though a major gas exporter, the row undermines unity among OPEC members and remains centered in a major choke-point for crude oil deliveries to the international market.

A May decision by OPEC to extend, rather than amplify, a production agreement aimed at balancing the market sent crude oil prices lower in recent sessions. With that move in the rear-view mirror, the market focus has shifted to supply and demand metrics in the United States, the world's leading economy.

A survey of analysts from S&P Global Platts revealed expectations of a 3.5 million barrel draw on crude oil inventories for the week ending June 2, which would be about a half-million barrels below the four-year average. The drawdown, however, has been steady for the latter part of the first quarter, though figures could be masked by exports to Asia, where the value of U.S. crude oil crude relative to others makes it competitive.

On consumer fuels, Platts said the refineries are producing refined products to the point that the market is struggling to absorb the surplus.

"After eight straight weeks of drawdowns in U.S. crude oil inventories, oil futures have failed to rally, making it possible that two of the main drivers behind these draws -- exports and refinery activity -- could be construed as bearish influences," Platts Oil Futures Editor Geoffrey Craig said in an emailed newsletter.

The price for Brent crude oil was down about 0.6 percent a half hour before the start of trading in New York to $49.19 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was down 0.46 percent to $47.18 per barrel.

Dubai crude, a grade moving in the Asian market, held a premium over WTI of about 70 cents per barrel in early trading.

The American Petroleum Institute publishes supply and demand data late in the day Tuesday and has shown draws considerably larger than forecasts by Platts. Official data from the U.S. Energy Information Administration are released midway through the trading day Wednesday and tend to be higher, but closer to the estimate from Platts.

Kuwait's oil minister offered some market assurances early Tuesday, telling the official Kuwaiti News Agency, known as KUNA, that Qatar was holding up its end of the OPEC-led agreement to trim production despite the geopolitical row.

According to the minister, Qatar is cutting about 30,000 barrels per day from its output in an effort to help balance the market.

OIL AND GAS
More offshore oil openings from Trump draw criticism
Washington (UPI) Jun 6, 2017
The White House took another step to opening up offshore oil and gas reserves using a method that an industry critic said poses a real ecological threat. The office of President Donald Trump issued a draft for public comment in the federal registry for seismic airgun blasting in the Atlantic Ocean. The practice is used to get a better understanding of the reserve potential in a particul ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Newly identified gene helps time spring flowering in vital grass crops

Splitting carbon dioxide using low-cost catalyst materials

Cold conversion of food waste into renewable energy and fertilizer

Nagoya University researchers break down plastic waste

OIL AND GAS
Tactile sensor gives robots new capabilities

Meet the most nimble-fingered robot ever built

Apple 'HomePod' speaker to take on Amazon, Google

CMU's interactive tool helps novices and experts make custom robots

OIL AND GAS
ADB: Asia-Pacific growth tied to renewables

GE Energy Financial Services Surpasses $15 Billion in Renewable Energy Investments

U.S. states taking up wind energy mantle

Scientists track porpoises to assess impact of offshore wind farms

OIL AND GAS
Uber probe of cut-throat workplace triggers firings

Waymo turning tech talent to self-driving trucks

Lyft to bring autonomous rides to Boston with partnership

Daimler, VW eye China's electric car market

OIL AND GAS
Electrocatalyst nanostructures key to improved fuel cells, electrolyzers

'Instantly rechargeable' battery could change the future of electric and hybrid automobiles

Printed, flexible and rechargeable battery can power wearable sensors

Nanoalloys 10 times as effective as pure platinum in fuel cells

OIL AND GAS
A new twist on the origin of uranium

Nuclear-wary Japan restarts another atomic reactor

Three Mile Island nuclear plant to close in 2019

Why nuclear could become the next 'fossil' fuel

OIL AND GAS
India vows to 'go beyond' Paris accord, adding pressure on Trump

US states, cities and firms unite behind Paris accord

US may do less harm outside climate pact than in it: analysts

China further opens energy sector to private investment

OIL AND GAS
Canada provides Can$867 mn to beleaguered softwood sector

PNG expedition discovers largest trees at extreme altitudes

Amazon rainforest may be more resilient to deforestation than previously thought

Changing climate could have devastating impact on forest carbon storage









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.