USA oil trims losses as crude supplies fall for third straight week
Oct 13 2017 by Johnny Bowman
In refined products, attention will gradually transition to distillates, but the product's stock data will not come fully into focus as a driver of overall market sentiment until the peak of winter, when heating oil consumption in the USA rises.
Crude oil prices fell for the first time in three days as investors mulled over a mixed report from the Energy Information Administration (EIA) showing crude stockpiles fell more than expected while gasoline supplies swelled.
For 2018, it forecast WTI $50.57-up 2% from the previous outlook.
Gasoline stocks rose by 2.5 million barrels, compared with analysts' expectations for a 480,000-barrel drop.
Brent crude oil was down 62 cents at $56.32 a barrel by 1:43 p.m. ET.
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Angola's oil output recorded a further drop in September, albeit of just 2,900 barrels per day, but widened the gap in relation to Nigeria, which remains the main oil producer in Africa, the Organisation of Petroleum Exporting Countries (OPEC) said. The rebound in USA oil production this year, reversing an annual decline of around 550,000 b/d recorded in 2016 - the first drop after seven successive years of growth - has been a major factor eroding the impact of the 1.72 million b/d of production cuts pledged by 22 OPEC and non-OPEC producers in a bid to rebalance the market starting January, and now in effect until March 2018.
Chinese oil imports fell by 179,000 barrels a day in August, but remained above 8 million barrels a day. S. inventories and a falloff in weekly production on Thursday.
"Additional U.S. supplies will weigh on Brent prices, and this will also encourage more production in the U.S.", said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
"Our updated global supply-demand balance ... shows peak stock draws in 3Q17", Goldman Sachs said in a note to clients.