Demand Hopes Continue To Boost Crude Oil Prices, COT Data In Focus

The bulls kept coming for crude oil on Thursday, Sept. 14, pushing prices to their best levels in a month and sparking a rally in energy stocks for the second day in a row.

Data from the Energy Information Administration showed a build in US crude inventories last week of 5.9 million barrels, exceeding expectations.

According to an S&P Global Platts preview, EIA data could show a build of 10.1 million barrels for crude oil, but a drain on gasoline stocks of 4 million barrels.

OPEC estimated supply from non-OPEC countries next year would rise by 1 million bpd, down 100,000 bpd from the previous forecast, citing downward revisions to Russian Federation and Kazakhstan.

The Cleveland Browns Have Released Former Pro Bowl Cornerback Joe Haden
That means he will sit out against the Steelers and likely the following week at Baltimore, and perhaps other games. This could get ugly, but it'll still be an entertaining game to open up your day on Sunday.

Oil consumption will increase in 2017 by an upwardly revised 1.6m barrels a day to 97.7m b/d, the energy body said its closely-watched monthly oil market report published on Wednesday.

Hurricanes Harvey and Irma's effect on the USA oil industry is apparent within weekly data from the Energy Information Administration, which shows huge changes from inventories to refinery operations to exports.

Gross inputs to refineries in the U.S. Gulf Coast region fell by 3.2 million barrels per day, or 34 percent of normal operation, which represented the largest drop in production since Hurricane Gustav and Hurricane Ike in 2008.

But the EIA also reported that total domestic USA crude output jumped by 572,000 barrels a day to 9.353 million barrels.

NATO urges tougher implementation of North Korea sanctions
Mnuchin said that Trump would consider the order "at the appropriate time once he gives the United Nations time to act". Doing everything possible is the only way to stop North Korea without taking the deadly military option.

"Refinery runs dropped by almost 400,000 [barrels a day] to a 4 1/2 -year low, meaning lower crude demand translated into higher crude flows into storage tanks", said Smith. If global supply is taken into account, global supply of oil fell in August by 720, 000 barrels per day.

"OECD demand growth continues to be stronger than expected, particularly in Europe and the US", the report said, noting a rebound in economic growth in both areas.

"Consequently, our estimated demand growth for 2017 has been increased to 1.6 mb/d".

Atkinson said: "After the dust has settled from the hurricanes, we've seen Brent prices rise in the last week or so".

Mexico natural disaster death toll climbs to 90
Dozens of people are dead in Mexico after the most powerful quake to hit the country in 100 years, officials said Friday. Waves rose as high as 0.7 metres in Mexico , the Pacific Tsunami Warning Centre said, though that threat passed.

If these weren't enough, the U.S. Energy Information Administration lowered its oil production forecast for this year and the next by 1% and 0.7%, respectively.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

New York Giants at Dallas Cowboys- 9/10/17 NFL Pick, Odds, and Prediction
If Dallas can figure out ways to move Dez around and get him the ball early and often, it will jump-start the entire offense. While they deserve credit for doing so, don't sleep on the Cowboys defense against them either.

President Donald Trump's 9th Grandchild Born Tuesday
Lara told People in March that the pregnancy exhausted her at the beginning, but she was "feeling really good" later on. "Eric's dad was so excited that we were anxious he'd blurt it out at a press conference", Lara Trump told People .

US Open: Kevin Anderson beats Pablo Carreno Busta to reach final
Winning the US Open would be the icing on the cake of an incredible season for Rafael Nadal . "I had flu during the week". The names of the finalists in the Open championship of the US on tennis. "It feels great to be in the stage I'm in".

Google will appeal €2.9bn European Union fine
The Commission ordered Google to stop its practice of promoting its own shopping comparison service above rivals by 28 September. Google had initially said that they "respectfully" disagrees with the legal argument.

Janet Jackson breaks down in tears during tour stop in Houston
She later slipped into a black figure-hugging catsuit which also accentuated her curves, showing a much trimmer post-baby body. Janet Jackson broke down in tears on Saturday (Sept. 9) during her " State of the World Tour" stop in Houston , Texas.

Canadian incomes rise, but not all provinces are seeing equal growth
That contrasts with white households at 2.0 percent ($65,041) and a 4.3 percent jump for Hispanic households ($47,675). In 2016, there was no significant change in America's income inequality, as measured by the Gini coefficient.

Barcelona clash with Espanyol in the first strong test Baliga
However, the hosts were not to be denied in the 26th minute as Messi collected a pass from before firing into the top corner, 1-0. Samuel Umtiti blocked a goal-bound strike from Espanyol winger Leo Baptistao before Barcelona wrapped things up after 67 minutes.

Wonder Woman director Patty Jenkins will return for sequel
Jenkins is coming back to direct the sequel and reports are saying that she's the highest paid female director because of it. The total domestic collection went up to $402 million while the global collection of the film went past $ 800 million .

Weekend box office: IT makes over 10 times more than second place
The worldwide sum hit $495.3M while the global gross rose to $823M passing the $816.3M of Wonder Woman in the process. Warner Bros . expects an additional $62 million from overseas markets, shooting the total revenue near $180 million.

Police report corroborates testimony that Paterno knew of previous Sandusky allegations
McQueary told Paterno he had witnessed Sandusky sexually assaulting a boy in the showers of Penn State's facilities in 2001. He was convicted of 45 chargers of sexual abuse in June 2012 and is now serving a minimum of 30 years in prison.

Malaysia conducts burial of school fire victims
The official said the bodies were piled on top of each other, indicating a possible stampede as people tried to flee the fire . Officials said fire engines were at the site within minutes, and the blaze was put out within an hour.

IOC Confirms LA Host of 2028 Olympics
Casey Wasserman, chair of the bid, wearing sneakers with his suit, promised to deliver Games that will be "California cool". It says the two cities have "put together very inspiring projects".

China set to ban petrol, diesel vehicles
The push for vehicles with low to zero emissions by the Chinese government is aimed at curbing pollution as well as oil imports. Xin said any resistance to change will mean "turbulent times" for vehicle companies in coming years.

De Boer under more pressure as Palace loses 1-0 at Burnley
It is going to come down to my performances and whether I stay in the team or have to fight to get into it. I took a step back into the Championship, but I knew one day I would be back.

Kashmiri separatist leader Yasin Malik arrested by NIA
He was the arrested from his residence in Srinagar , the summer capital of Jammu and Kashmir in May this year. Authorities also placed Mirwaiz Umer Farooq under house arrest in his Nigeen residence on the city outskirts.


More News

News
More News