Oil prices fall on signs of rising supply, economy worries
03 November, 2018, 05:10 | Author: Corey Lynch
WTI is now more than $11 below its October 3 high of $76.90.
Plus, it isn't clear how easily - or quickly Iran's crude-oil output can be replaced. At that point, the market remained deeply skeptical that OPEC would reach a deal to tackle oversupply. The third week saw steeper fall in crude oil price as news of Saudi journalist hit market which caused tensions to spark between US & Saudi Arabia with US President Donald Trump commenting that US government will impose sanctions if proof was found regarding involvement of Saudi Arabia in the murder of Saudi Journalist. Both stock markets and crude futures jumped in early October before selling off sharply.
Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Oil - US Crude-bearish contrarian trading bias.
But there's another similarity between July 2016 and October 2018.
- Oil price to stabilise amid rising USA supply says Barclays.
Downward pressure on oil is also visible in the physical market, where Saudi Arabia is expected to cut December crude prices amid higher supply and a glut in refined products that has eroded refinery profits.
At the same time, forecasters now think oil consumption growth will be weaker than previously anticipated.
Bears guarding $ 64 barrier, as rising global supplies continue to weigh.
USA sanctions on Iran's energy exports come into force on November 4 and it is still unclear how much the country's roughly 3.8 mln bpd. production will affected.
The Permian region, which is located in western Texas and eastern New Mexico, accounts for about 63 percent of total Texas crude oil production and 95 percent of total New Mexico crude oil production.
As Washington hopes to curtail all Iranian oil exports, the market appears to have this priced in.
Schork thinks that the crude oil prices are now at a key level of support. An increase in US crude stockpiles and a jump in American drilling is providing additional incentive for traders to sell oil after "hefty" gains this year, she added. EIA forecasts that USA crude oil production will increase by 1.0 million b/d in 2019. Brent was up 29 percent over the same period. The report was largely in line with analyst expectations that this week would see another substantial build in crude oil inventories of 4.110 million barrels. WTI picked up 0.26 dollar to settle at 67.59 dollars a barrel. This is where the market bottomed in August, in June and back in the spring.
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