Publicado: Lun, Agosto 06, 2018
Financiera | Por Marilu Caballero

Oil edges lower as supply concerns return

Oil edges lower as supply concerns return

Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned USA sanctions take effect later this year.

The speculator group cut its combined futures and options position in NY and London by 5,287 contracts to 407,001 during the week ending July 31, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. United States government data on Wednesday showed a surprise gain in nationwide stockpiles.

The EIA also reported US crude exports posted the biggest decline on record last week, while USA crude production fell for the first time since February.

Worries about the possible loss of Iranian supply are being somewhat offset by concerns that global trade tensions could slow economic growth and crimp energy demand.

While the Saudis and their Gulf allies said they would increase production to make up for countries unable to, Iran argues that they're violating individual country targets and ultimately betraying the organisation.

Crude oil futures remained relatively stable in European morning trading, following yesterday's rally of more than $1/b, as the market held up against short-term bearish factors that continue to weigh on sentiment.

Somewhat limiting the down move, traders keep looking to the potential USA sanctions on Iran's oil exports.

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U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 27 cents at $68.69 a barrel by 10:45 a.m. EDT (1445 GMT). The contract declined $2.47 in the previous two sessions. Total volume traded was about 23 percent below the 100-day average.

Futures for September delivery were little changed at 502.9 yuan a barrel on the Shanghai International Energy Exchange.

After the market closed Tuesday, the American Petroleum Institute reported domestic crude oil inventories swelled by 5.6 million barrels last week, compared to a draw forecast by S&P Global Platts. Crude stockpiles at the Cushing, Oklahoma storage hub are at a almost 4-year low, and are expected to fall further in the coming week.

"A wide price spread between the USA and global benchmarks a while ago made American crude relatively cheap and attracted buyers, helping decrease inventories", Mizuho's Tsugata said. "They will bring in more US crude in the second half of the year because a wider WTI-Dubai spread is making USA crude purchases economically viable", said Kim Jae-kyong, a research fellow at Korea Energy Economic Institute.

In Vienna in June, OPEC and other producers led by Russian Federation agreed to ease global output cuts, adding around 1 million barrels per day (bpd) to the market from July 1.

US crude oil refinery inputs averaged 17.48 million barrels per day during last week, which was 195,000 barrels per day higher than the previous week's average.

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