U.S. crude oil refinery inputs decrease last week

22 January, 2019, 00:14 | Author: Kevin Carter
  • Lease Operator Jon Pearson checks well pressure on a lease owned by Parsley Energy in the Permian Basin near Midland

However, U.S. crude oil production C-OUT-T-EIA rose by more than 2 million bpd in 2018, to a record 11.9 million bpd.

According to exchange data compiled by Bloomberg, as of last Friday, WTI Crude had gained 18 percent since the beginning of 2019, making this the best start to a year for the USA benchmark since 2001.

Oil prices edged lower on Monday, echoing a weaker tone on global stock markets after evidence that economic growth in China, the world's second-largest crude consumer, eased in 2018. "By the middle of the year, US crude output will probably be more than the capacity of either Saudi Arabia or Russian Federation", the IEA said.

International Brent crude oil futures were at $62.57 per barrel at 0215 GMT, down 13 cents, or 0.2 percent, from their last close.

After closing out 2018 in free-fall amid fears of a global supply glut and economic slowdown, U.S. crude prices have rebounded more than 18% to start this year.

EIA expects global oil production growth in 2019 to be led by countries that are not part of OPEC, particularly the United States. As of writing this article, Spot Crude oil WTIUSD is trading at $52.74 per barrel up by 1.07% on the day.

More news: Ariana Grande releases new song and music video

Continuously rising US shale production will make the United States a net exporter of crude oil and petroleum products in the fourth quarter of 2020, the EIA said in its January Short-Term Energy Outlook (STEO), which offered a first glimpse into the administration's forecasts for 2020.

Oil headed for a third weekly increase on expectations that production cuts by OPEC and resilient fuel demand will keep global markets in balance.

Even as OPEC and allied exporters cut production, however, US output has surged close to 12 million bpd in the latest week, and some traders and investors are concerned that growth in global supply this year will outpace demand.

OPIS chief oil analyst Tom Kloza on the outlook for oil prices.

"While the other two giants voluntarily cut output, the USA, already the biggest liquids supplier, will reinforce its leadership as the world's number one crude producer", the agency said in its monthly report on global oil markets. Refinery utilization rates fell by 1.5 percentage points. "By the middle of the year, United States crude output will probably be more than the capacity of either Saudi Arabia or Russian Federation". In November, waivers were announced for eight major Iranian oil importers, among them China, India, Japan, South Korea, Turkey, Taiwan, Italy, and Greece.

EIA forecasts global oil demand to grow by 1.5 million b/d in 2019 and in 2020, with China as the leading contributor in both years.

Recommended:



Popular

Mortal Kombat 11 will be revealed tomorrow, launch scheduled for late April
While by no means proof that Rousey will indeed be voicing Sonya Blade , those rumors do now seem to be incredibly likely. A Premium Edition is also available for pre-order and comes with the base game and the Kombat Pack.

Man Utd 2 Brighton 1
He said: "When I saw Paul last week in Dubai with the United squad, I had a little chat and congratulated him on the birth of his baby".

Ghanian journalist Ahmed Hussein-Suale who exposed soccer corruption shot dead
In turn, the New York-based Committee to Protect Journalists called on Mr Agyapong last summer to stop threatening journalists . Tiger Eye PI , the investigative journalism house Hussein-Suale worked for, said it had the hallmarks of a professional hit.

Basketball: Turkish prosecutors reportedly seek arrest warrant for NBA player Enes Kanter
New York Knicks big man Enes Kanter will not be joining his teammates when they face the Washington Wizards in the United Kingdom. He's now a green card holder and is on track to be a USA citizen in 2021. "I'll probably get a tampering charge or something".

This is Cadillac’s first fully electric vehicle
A company press release said the new automobile reflects GM's move toward all-electric vehicles in the future. Cadillac President Steve Carlisle promised that the new model "will bring together luxury and innovation".

Netflix has no plans to cut ‘Bird Box’ scene despite outcry
At least two dramas now on Netflix's Canadian platform, including " Bird Box ", briefly use actual footage of the 2013 derailment. The error appears to be the fault of the production company , Peacock Alley Entertainment, and the stock footage vendor Pond 5.

Former NFL player beats up man accused of looking into daughter’s window
Geoffrey Cassidy was arrested Monday morning outside former National Football League player Tony Beckham's Wellington home. He was being held on $1,500 bond as of Wednesday and could face up to 15 years in prison if convicted.

Transfers: Chelsea want to sign Gonzalo Higuain by midday tomorrow - here’s why
They are instead, Juventus, AC Milan and Chelsea , all seemingly close to aligning the future of Gonzalo Higuaín. In the meantime, Higuain could play tomorrow against parent club Juventus in the Italian Super Cup final.

China Blasts Canadian PM’s Remarks About Death Sentence of Canadian
Schellenberg, it's important for us to remember that we're talking about a human being, about a person", the minister said. China executes more people than any other country in the world, and is one of only a handful to do so for drug charges.

China 2018 trade growth slowed as US trade battle heated up
Washington was threatening even higher tariffs before Trump and Chinese President Xi Jinping agreed on a 90-day truce in December. Exports growth in 2018 was the highest in 7 years, surging 9.9 percent while imports grew 15.8 percent compared with last year.