Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Oil prices level in what seems to be mixed inventory data
by Daniel J. Graeber
Washington (UPI) Nov 21, 2017


A mixed bag for levels of oil and gasoline in the world's largest economy, and anticipation over OPEC's next meeting, left oil prices flat early Tuesday.

The American Petroleum Institute releases its data on U.S. oil and gasoline storage levels after the market closes on Tuesday. Official data from the U.S. Energy Information Administration comes midway through the trading morning Wednesday.

Ahead of those, commodity pricing group S&P Global Platts said its survey of analysts found gasoline stocks might show a gain of 1 million barrels, while crude oil inventories declined by 2.1 million barrels. That matters for traders looking at the balance between supply and demand because the Organization of Petroleum Exporting Countries is working to drain the surplus in the five-year average for oil inventories using coordinated production declines.

That effort, however, has been offset somewhat by production gains in the United States and an increase in U.S. oil exports, the latter of which has been supported by the lower price for West Texas Intermediate relative to other benchmarks.

"Total crude stocks fell by 17.9 million barrels over six weeks ending October 27, representing counter-seasonal declines that cut the surplus to the five-year average from 25 percent to just under 15 percent," the survey summary read. "Inventories have built by 4 million barrels over the last two weeks to 459 million barrels, in line with historical norms, keeping the surplus to the five-year average at between 14 and 15 percent."

The price for Brent crude oil, the global benchmark, was down 0.08 percent at 9:15 a.m. EST to $62.17 per barrel. WTI, the U.S. benchmark, was up 0.11 percent to $56.48 per barrel.

Some volatility in prices may be expected because of the closure of the Keystone pipeline network in North America. It spilled 5,000 barrels of oil last week in South Dakota, though the shutdown leaves oil backed up in Canada.

For the balancing effort, OPEC ministers meet next week to consider the fate of an agreement credited with putting a $50 per barrel floor under crude oil prices. Doubts surfaced over an extension last week when Russia, the largest non-OPEC contributor, was seemingly on the fence, with ministers saying the current market condition was favorable.

On Tuesday, Russian news agency Tass reported that more Russian oil may find its way to Uzbekistan through Kazakhstan, a strong producer in its own right. According to the report, Uzbekistan wants another 7.3 million barrels and an additional 22 million barrels after 2020.

Russian crude oil production is up 1.8 percent from January. Total crude oil exports are up 5 percent since the beginning of the year.

Elsewhere, geopolitical factors could add a risk premium oil prices as the day progresses. Preliminary reports from Kurdish news agency Rudaw put the death toll from a car bomb in the north of Iraq at 20 people. The region has experienced sporadic outbreaks of violence since liberation from the Islamic State in October.

OIL AND GAS
Keystone XL clears Nebraska hurdle
Washington (UPI) Nov 20, 2017
A decision spanning two U.S. presidential terms came to a head Monday when regulators in Nebraska cleared a remaining hurdle for the Keystone XL oil pipeline. Referencing long-standing concerns about the Sandhills region in Nebraska, some of which were the source of legal battles, regulators on the state Public Service Commission sided against the preferred route for Keystone XL and ins ... 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
Coffee set to power London buses in green initiative

Sandia speeds transformation of biofuel waste into wealth

Desert solar to fuel centuries of air travel

To find new biofuel enzymes, it can take a microbial village

OIL AND GAS
Glass microparticles enhance solar cells efficiency

Expanding wavelength range for solar energy conversion

Recurrent Energy secures debt financing for 20 MW California solar project

Learning from photosynthesis

OIL AND GAS
End tax credits for wind energy, Tennessee Republican says

New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

A kite that might fly

OIL AND GAS
Embattled Toshiba to boost capital by $5.3 bn share issuance

A fast reactor system to shorten the lifetime of long-lived fission products

France backtracks on nuclear power reduction target

AREVA NP introduces FORERUNNER robot to optimize steam generator inspections

OIL AND GAS
Study settles prehistoric climate puzzle

UN climate envoys agree on way forward, despite Trump

Keeping it real: UN climate talks struggle to stay relevant

Artificially cooling planet 'risky strategy,' new research shows

OIL AND GAS
Driverless, electric future just round the corner for urban cars

Hydrogen cars for the masses one step closer to reality

Free wheelin' in New York: the Big Apple bike boom

Volvo to supply Uber with self-driving cars

OIL AND GAS
Tribal justice awaits returning Iraqis who joined IS

Iraq forces launch assault on last IS-held pocket

IS recaptures last Syrian urban bastion in fierce fightback

Millions mark key Shiite commemoration in Iraq holy city

OIL AND GAS
North Korean soldier stable, but riddled with parasites

Singapore suspends trade ties with North Korea

Trump defends Asia trip, vows 'maximum pressure' on N.Korea

N. Korea defector in serious condition from gunshot wounds




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - 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. Privacy Statement