WhatsApp empezará a cobrarle a usuarios corporativos
El jefe de Jeep, nuevo CEO global de FCA Chrysler
Argentina celebra reclasificación hacia "mercado emergente" por parte de MSCI
"No se puede cargarle a Messi la culpa de un fracaso" — Sampaoli
Uber hires Facebook's product director Daniel Danker as its driver product head
Crude oil futures fall on weak global cues
05 Octubre 2017, 06:24 | Azura Castelo
Crude oil futures fall on weak global cues
"We still believe that the odds of a meaningful and lasting oil-supply disruption are low".
The increase has been triggered by the wide discount in U.S. WTI prices against global Brent crude prices, which makes U.S. oil exports attractive. West Texas Intermediate crude of $54 a barrel for the fourth quarter, and $58 a barrel for Brent crude, the global benchmark.
Crude oil prices were moving closer to even moments before the opening bell in NY. Moreover, its goal for higher oil prices only invites further drilling by American producers.
However, a sudden rise in USA production at around August offset those gains once again where oil prices hovered around $47 per barrel before the market optimism that the OPEC would extend its agreement to cut its output until next year. Shale executives, once focused on growing output at almost any cost, are putting more emphasis on boosting their profitability.
"We don't see much in the way of incremental pipeline, particularly from the northeast, coming into the market until late in 2018, so we think we're in a relatively tight position until then", he said.
Brent may climb as high as $60 this quarter as a result of rising demand and political risks, including tensions in Iraq, U.S. President Donald Trump's dissatisfaction with the Iran nuclear deal and social upheaval in Venezuela, Schnider said.
There is, however, a growing consensus that the market looks stronger than a year ago.
The declines came after the Energy Information Administration (EIA) said late on Wednesday that US crude oil exports jumped to 1.98 million barrels per day (bpd) last week, surpassing the 1.5 million bpd record set the previous week. This should help draw down the massive 3 billion barrels of surplus crude oil that now plagues the oil industry.
Historical data support the bearish sentiment: a CNBC study using a hedge fund analytics tool revealed that over the last 25 years, the fourth-quarter performance of WTI has been negative more than half the time, with average quarterly returns over the period at a negative 7.5 percent. This is a ideal world for refining, Gary Ross, the founder of consultant PIRA Energy, said on the sidelines of the APPEC conference, held by S&P Global Platts. Therefore, the higher value of the United States dollar has made it more expensive for people not in the USA, to buy oil.
With demand outpacing supply, crude and refined products inventories are shrinking. Supplies stored at sea are dwindling too, traders say. AM trading but were unable to hold on to gains despite a larger than expected draw in crude oil inventories reported by both the EIA and the API.
Looking to invest in oil?
This, coupled with the reality of more oil being extracted this year and again the next, combined with the low price of its extractions, is prompting investors to pour money into the area.
Facebook sets up crisis response page after Las Vegas shooting
Las Vegas police's Joe Lombardo also said that police uncovered explosives and 1,000s of rounds of ammunition at Paddock's home. A Philippines immigration spokeswoman said Danley arrived in the Philippines on September 25 on a flight from Hong Kong.
Trader's Buzzer: Chesapeake Energy Corp (CHK)
Finally, Thrivent Financial For Lutherans lifted its position in Chesapeake Energy Corporation by 4.2% during the second quarter. Shareholder yield has the ability to show how much money the firm is giving back to shareholders via a few different avenues.
New England Patriots Players to Watch
The Buccaneers have limited opponents to a 2.9 YPC rate that ranks behind only the Denver Broncos league-wide. Luckily for New England , he's been on a tear since shitting the bead in the opener against Kansas City.
RBI keeps rate on hold, cuts growth forecast to 6.7%
The Reserve Bank of India (RBI ) on Wednesday kept its key lending rate the repo rate unchanged at 6 percent as widely expected. In its last review in August, it had lowered the benchmark lending rate by 25 basis points to 6%, the lowest in six years.
May to give keynote speech
After he was taken away by security, Mrs May joked to the crowd that the only P45 she wanted to give out was from Jeremy Corbyn . She admitted the campaign was "too scripted, too presidential" and said she took responsibility for its shortcomings.