Oil prices jump following large draw report on United States crude oil inventories

26 August, 2018, 20:53 | Author: Kevin Carter
  • China Shipowners Shunning Iranian Oil as U.S. Sanctions Near

"Oil prices jumped overnight as inventories drew down more than expected", said William O'Loughlin, investment analyst at Australia's Rivkin Securities. USA light crude CLc1 was 10 cents lower at $67.76. Over the past four weeks, refinery input averaged 17.73 million barrels per day which was 1.3 percent higher than the same four-week period of a year ago. "Crude stocks drew due to sharply lower crude imports and near-record refinery crude runs".

Benchmark Brent crude oil LCOc1 was down 30 cents a barrel at $74.48 by 0825 GMT.

By October, Nigerian oil supply is projected to hit a three-month high with a total of 38 cargoes, derived from daily loadings averaging 1.12 million barrels.

Greg McKenna, chief market strategist at futures brokerage AxiTrader said the US crude price support came "as the EIA inventory data showed a big draw in USA crude and a solid run rate of 98.1 per cent for refineries".

Distillate fuel oil supplied over the last four-week period averaged 3.90 million barrels per day, down by 7.7 percent from the same period past year. US crude gained $1.73, or 2.6%, to $67.57 U.S.

"With countries including China and India unwilling to completely cut Iranian oil imports, and with the European Union also refusing to endorse the withdrawal from Iran nuclear deal, the USA finds itself in a compromising position to negotiate with Iran's customers to reduce oil imports", the statement added.

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A weaker dollar makes oil less expensive for buyers using other currencies.

"The Iran issue continues to occupy traders' minds", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

The price of WTI and Organisation of Petroleum Exporting Countries, OPEC, basket of 15 crudes stood at $67.22 and $70.27 per barrel respectively.

Opec has started to boost supplies following a deal with Russian Federation and other allies in June, although producers have been cautious so far.

Still, a trade standoff between the U.S. and China that could imperil global economic growth and weaken energy demand continues to weigh on crude prices after negotiations in Washington this week failed to progress.

US and Chinese officials were set to resume talks on Wednesday, but Trump said he expected there will be no real progress.

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