Global tensions, USA storms and economy lift oil, Kuwaiti bank says

13 September, 2017, 00:44 | Author: Chad Mckenzie
  • Marathon Petroleum Corp. oil storage tanks sit at a terminal in the Ybor Channel ahead of Hurricane Irma in Tampa Florida U.S. Sept. 9 2017

To take note of, both Saudi energy minister Khalid al-Falih and his Venezuelan counterpart, Eulogio del Pino, reportedly said their two countries were already exceeding their commitments under the output cut deal.

Opec and other producers including Russia, Mexico and Kazakhstan pledged to reduce output by about 1.8 million barrels a day to eliminate a global surplus that was weighing on prices. Though the prospect of an extension has again grabbed headlines in the latest news reports about the discussions between Saudi Arabia, Venezuela, the UAE and Kazakhstan on the sidelines of an event in the Kazakh capital of Astana, we don't see any impact on sentiment in the oil market.

US crude futures rose 17 cents, or 0.35%, to $48.24 a barrel on the New York Mercantile Exchange.

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After the API report, US gasoline futures rose RBc1, surpassing their session high.

Hurricane Irma, which has been moving inland over the southeastern parts of the U.S., has affected at least nine states so far, among them Florida, Georgia, Alabama and SC, causing storm surges and flooding and cutting off power supplies.

Brent crude LCOc1 settled up 43 cents or 0.8 percent to $54.27 per barrel.

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Analysts anticipate the power outages and the evacuation of the region may damp consumer appetite for crude. The new agreement extends the production deal for nine months until March 2018. In the first half of this year, crude oil price declined by around 15 percent, which is its worst H1 showing in 19 years.

In August, production rose in Nigeria, which has been exempted from output curbs, OPEC said.

Resurgent production in the two African countries has caused headaches for other cartel members such as Saudi Arabia, which cut its production to below 10 million barrels per day in August but isn't seeing dramatically increased revenue from higher prices. Still, on a net basis, USA crude inventory builds could grow to record levels with smaller production draws in the coming week, Goldman Sachs said.

Clark insists it is business as usual for Newcastle even without Benitez
Newcastle had the best chance before the break when striker Joselu's flicked header was superbly saved by Lukasz Fabianski . The defeat means that Clement has now lost back-to-back home league games for the first time in his managerial career.

The latest inventories data will come back into focus with the API data due for release after Tuesday's NY close with the latest EIA data on Wednesday.

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