Oil prices rise as IEA sees higher demand, shrinking inventories

15 September, 2017, 00:53 | 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

That was largely tied to solid gains in crude oil, sparked by signs of reduced global production.

Prices traded at $48.74 before the supply data.

In May, Opec and non-Opec members agreed to extend production cuts of 1.8m barrels per day for a period of nine months until March 2018 but rising production from the U.S., Nigeria and Libya has undermined the oil cartel's efforts to curb excess supply. More than half of the retail service stations in some parts of Florida are without gasoline and the energy sector is scrambling to make adjustments.

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Adding to the buying pressure in oil futures, earlier on Wednesday the International Energy Agency reported that OPEC's output shrank in August, leading to a decline in global supplies. "The focus now shifts to the post-Harvey scenario", he said.

The price for Brent crude oil was up 0.68 percent at 9:10 a.m. EDT to $54.64 per barrel. Refinery utilization rates fell by 2 percentage points to 77.7 percent, the lowest rate since 2008.

By 1201 GMT, global benchmark Brent crude was up 47 cents, or 0.8 percent, at $54.74 a barrel.

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That mirrors the sentiment expressed from the National Bank of Kuwait this week, which said some of the rally could be explained by the increase in geopolitical tensions, notably regarding North Korea, and concerns about whether or not U.S. President Donald Trump's administration could enact any of the reforms and initiatives he pledged on the campaign trail.

World oil demand growth in 2017 is expected to rise by 1.42 million barrels per day (mbpd) after an upward revision of around 50,000 barrels per day (tbpd), according to Opec Monthly Oil Market Report (MOMR).

The American Petroleum Institute, an industry group, reported on Tuesday that US crude inventories rose by 6.2 million barrels in the week to September 8 to 468.8 million, almost double analysts' expectations. Gasoline stockpiles were down 8.4 million barrels for the week, while distillate stockpiles fell 3.2 million barrels, according to the EIA.

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