Oil market situation shows positives to report: JMMC chairman

Oil Rises Nearly 1

Refinery utilization rates rose by 5.4 percentage points.

US crude fell 72 cents to $51.42 a barrel by 1:48 a.m. ET (1748 GMT) after reaching a five-month intraday high of $52.86.

The November Brent crude futures contract was up $1.51, or 2.5 per cent, at $58.37 a barrel, its highest since July, 2015. A gather ing in Vienna last week between Opec and its allies ended with no decision on an extension or deepening of cuts beyond the first quarter of 2018, while the potential revival of U.S. shale production is weighing on the outlook for prices.

Shale producers took advantage of rising prices spurred by OPEC cuts to produce more themselves: the US Energy Information Administration forecasts crude production to reach more 10 million barrels a day next year, from 9.3 million so far this year. That follows years of western markets and OPEC each having a leading role on the price and consumption of oil.

"There are forecasts that demand could pass the threshold of 100 million barrels per day (bpd) of crude and liquids even in the next months or next year", Eni Trading and Shipping Chief Executive Franco Magnani said at the conference.

The growing US oil demand after Harvey coincides with rising crude prices.

The loss of this supply, combined with the 1.8 million bpd of supply cuts by the Organization of the Petroleum Exporting Countries and non-OPEC producers, has raised concerns of tighter supply.

Caitlyn Jenner pretty much confirms Kylie Jenner pregnancy news!
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OPEC officials have said exports have a more direct impact on the worldwide supply than production.

Investors just don't buy strength in crude oil because they think prices will be higher in the future.

Prices for US crude were steady and Brent eased further on Wednesday after data from Washington showed an unexpected drop in USA crude inventories and a surprise rise in gasoline stockpiles. Backwardation signals immediate market strength while contango shows traders prefer to store oil in the hope of fetching a higher price for later delivery.

Oil prices were trading around their highest level in over two years, amid Turkey's threat to cut crude flows from Iraq's Kurdistan region following the independence referendum.

The agency also reported another significant drawdown on gasoline stocks, partly due to the lingering refinery outages in Texas from the hurricane season, but also because demand is proving to be robust. At Cushing, crude stockpiles probably increased by 1.5 million barrels last week, according to the survey.

The highlight from the report wasn't the draw in crude stocks, "but the reported cause of this draw", said Troy Vincent, oil analyst at ClipperData.

While there appears consensus on the view that U.S. shale oil producers have the ability to increase their output at fairly short notice, it's less certain that the U.S. Gulf Coast has enough export infrastructure to handle a surge of cargoes.

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