Japan halts imports of oil from Iran

21 July, 2018, 15:44 | Author: Corey Lynch
  • Media: Japan halts imports of oil from Iran

US crude stocks surprised the market and rose by 5.8 million barrels last week as oil production hit 11 million barrels a day for the first time ever, the Energy Information Administration said on Wednesday.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading flat-to-higher during the pre-market session Friday.

WTI was trading up 0.35% at $67.99 on the news, with Brent crude still trading down 0.82% at $72.30 at 2:24pm EDT.

"Saudi Arabia and Russian Federation talking about supplying the markets, that would certainly have the potential to weigh on market sentiments", Lipow said.

Refinery utilization rates hit their highest levels since 2005 in June as they processed record amounts of crude oil in June, according to the EIA.

Crude imports from the USA rose 800 percent month-on-month to 4.72 million barrels in May, the largest volume since at least 2015 for which data is available.

Commodities, under pressure from a strong dollar and a new wave of trade tensions that stoked fears of damage to economies and commodities, also weighed on prices.




While ending purchases from Iran will cost India savings on shipping costs and the longest credit period offered by any of its suppliers, there are gains to be had from paring the trade surplus with the US - at the heart of Trump's trade war with China.

Futures rose as much as 2.1% in NY on Thursday, reversing early-morning losses.

USA gasoline days of supply stood at 24.40 days last week, just shy of the highest on record for this time of year, EIA data showed.

OPEC will continue to play a key role in oil supply and prices in the global oil market through 2040.

Crude also strengthened on forecasts that inventories at the USA oil delivery hub for WTI in Cushing, Oklahoma fell 1.8 million barrels, or 6.2 percent, through Tuesday, traders said, citing energy information provider Genscape. The objective is to bring down oil prices-and gasoline prices-ahead of the mid-term elections in November, the same month in which the renewed US sanctions on Iran are returning. U.S. Administration is actively considering releasing part of the 660-million-barrel SPR, with options ranging from a test sale of 5 million barrels to a release of as much as 30 million barrels, and even higher if coordinated with other countries. USA crude prices had reached a session high of $70.17 earlier in the trading day. Saudi Arabia's oil production jumped in June by 405,400 bpd compared to May, to reach 10.420 million bpd.

Last month, the White House said in a statement that Saudi Arabia's King Salman bin Abdulaziz Al Saud had promised Trump that he could raise oil production if needed, and that the country had two million bpd of spare capacity.

There was some support for prices based on comments from Saudi Arabia, the world's biggest oil exporter, that it would cut crude shipments.

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