United States oil extends gains to hold near three-week high

02 March, 2018, 04:53 | Author: Franklin Nunez
  • Brent Crude Oil

In matter of 11 months, crude oil production in the US increased by close to 14%.

Portfolio managers have cut their net long position in US heating oil by 58 million barrels, European heating oil by 45 million barrels and USA gasoline by 27 million barrels since January 23.

Traders said oil prices declined earlier on concerns of a slowdown in the global economy after three out of the world's top consumers of crude - China, India and Japan - reported a slowdown in monthly factory activity.

Brent crude and U.S. West Texas Intermediate (WTI) crude fell by more than $1 a barrel. The accord ended a record global oil glut after more than two years of low crude prices that overstretched many state budgets. On Tuesday, the contract fell 87 cents to close at $66.63 a barrel. It's not out of the question to see a US production record for oil soon. Why?

Barcelona ace Suarez: Coutinho very different man and player to Liverpool days
In the second half, Coutinho netted a sensational fifth before Suarez completed the rout, tapping in from Ousmane Dembele's cross. Visiting striker Portu gave Girona a surprise lead in the third minute of their first La Liga game at the Nou Camp.

Other factors underpinning prices were bullish comments from the Saudi oil minister, who said the country's Q1 output should be below the production cap, a powerful quake in Papua New Guinea, which disrupted oil and gas operations, and a force majeure on Libya's 70,000 bpd El Feel oilfield.

The U.S. versus the world While the rest of the globe's oil producers are working to trim output, bringing supply and demand into balance, United Arab Emirates Energy Minister Suhail Al Mazrouei said Tuesday in Abu Dhabi that strong U.S. shale growth continues to be a risk factor.

The lower freight costs afforded by the economies of scale of the VLCC cargo opens up the global market for US-produced crude oil.

The US reserves are expected to grow 2.7 million barrels per day, according to a preliminary data. "And for another, new pipeline capacities mean more crude oil is leaving Cushing".

Bruins Sign Brian Gionta To One-Year Contract
And as many people were eating breakfast this morning, the news officially broke: Rick Nash would be joining the Bruins . The 6-0, 198-pound defenseman was selected by Boston in the second round (49th overall) of the 2016 draft .

A stronger dollar has also dented oil prices this week, as well as reports indicating that OPEC wants to dial back production cuts this year. Still, U.S. supply remains a threat, with the nation's rig count rising for a fifth week to the highest since April 2015.

Fund positioning remains very stretched with longs outnumbering shorts by a ratio of nearly 10:1, but down from nearly 12:1 at the end of January.

Arab News quoted Mazrouei as saying that cooperation between oil producers including Russian Federation had reached levels that were "more than expected".

Futures in NY slid as much as 0.4% after closing at a three-week high on Monday as an advance in equities revived optimism about economic growth and Libya's crude exports from a key terminal were impeded.

Nigerian government admits 110 girls still missing after Boko Haram raid
The girls went missing after jihadists stormed their school in the town of Dapchi in the north-eastern Yobe state on 19 February. And I was made to understand this morning that the defence ministry was disputing; that they did not withdraw anyone.


  • ZTE launches full-screen Blade V9 smartphone

    ZTE launches full-screen Blade V9 smartphone

    In terms of optics, the phone offers a dual rear camera setup that comprises of a 16MP primary sensor and a 5MP secondary sensor. The device also sports a 5 Megapixel of selfie shooter camera as Secondary Camera for taking selfies and making Video calls.
    Mexican president's visit to White House postponed

    Mexican president's visit to White House postponed

    Both countries said at the time that they agreed in their call to boost cooperation on security , trade and migration . President Trump and Mexico's President Enrique Pena Nieto postpone their meeting at the White House .
    New major storm will bring flooding, severe weather to central US

    New major storm will bring flooding, severe weather to central US

    Monday and Tuesday should be mostly sunny with daytime highs approaching 50, and nighttime lows of 35. Highs throughout much of next week will be in the mid to upper 50s and even 60s a few days.
  • USA  gold medal brings Curling community together

    USA gold medal brings Curling community together

    And swept they did, quite literally: to get to this point, the Americans won five straight matches. Shuster broke a 5-5 tie with a stunning five-point throw on his final stone of the end.
    Kamal Haasan's heartfelt tribute to Sridevi

    Kamal Haasan's heartfelt tribute to Sridevi

    Sridevi , our favourite actress of all time is no more. "She was an extraordinary talent", said the director cum actor. As I write this, social media is fighting about one language fans ignoring Sridevi's films from another language.
    Arizona screw up with Sean Miller's contract could cost school millions

    Arizona screw up with Sean Miller's contract could cost school millions

    Arizona head coach Sean Miller, center, after an NCAA college basketball game in Corvallis, Ore., Thursday, Feb. 22, 2018. Former Arizona assistant coach Book Richardson was charged in September.
  • MWC 2018: HMD Global Unveils Nokia 1 Android Go Smartphone at $85

    MWC 2018: HMD Global Unveils Nokia 1 Android Go Smartphone at $85

    Its unibody is made from a solid block of 6000 series aluminium, with an 11-hour two-tone anodising and polishing process. The Xpress-on covers are available in four colors - gray, yellow, pink and azure and will be sold separately for $7.99.
    USA  tourist questioned in Japan over torso and head

    USA tourist questioned in Japan over torso and head

    Video footage taken by a surveillance camera at the first apartment showed the man and the woman entering the building together. Separate footage also showed the man leaving the building alone multiple times carrying a large bag, according to local media.
    Texas transgender wrestler competes in state tournament

    Texas transgender wrestler competes in state tournament

    Many parents have been outraged to see their daughters wrestling someone who, effectively, has the strength of a young man. Beggs posed. "I can tell the state Legislature to change the policy, but I can't tell them to change it right now".
  • UN Documents Reveal 'Chemical' Cooperation between Syria, North Korea

    UN Documents Reveal 'Chemical' Cooperation between Syria, North Korea

    Ahead of the meeting, Mr Yakovenko said: " Russia is firmly committed to UN-led peace process and political settlement". The report was compiled by the UN Panel of Experts, which assesses North Korea's compliance with UN resolutions.
    England and Scotland asked to explain pre-match scuffle

    England and Scotland asked to explain pre-match scuffle

    The alleged offence took place shortly before half-time of Scotland's 25-13 NatWest 6 Nations victory at Murrayfield on Saturday. Six Nations Rugby said on Sunday it would be " writing to the unions to request clarification on what happened in the tunnel ".
    Magnitude 7.5 Earthquake Strikes Papua New Guinea

    Magnitude 7.5 Earthquake Strikes Papua New Guinea

    Several other aid and missionary agencies said poor communications in the area made damage and injury assessment hard . The extent of damage, injuries or fatalities, if any, could not be immediately established.


Prezzo to close 100 restaurants - HUNDREDS of jobs at risk
While an exact figure over how many jobs lost is yet to be announced, it is thought the move will affect hundreds of workers. Soaring business rates, National Living Wage costs and the Apprenticeship Levy have also taken their toll.

"Black Panther" Moves Closer to $1 Billion Mark; Earns $700 Million Globally
Black Panther also showed off its staying power, with only a 47 percent drop in its audience numbers for the second weekend. The comedy, which received a B+ CinemaScore, skewed notably older, with only 14 percent of ticketbuyers age 25 and younger.

Two children killed, eight wounded in Yemen airstrike
Haley stated, "Russia has repeatedly stopped the Security Council from acting against the barbaric Assad regime in Syria". The Security Council on Monday adopted a Russian-drafted resolution on a technical rollover of the Yemen sanctions regime.

Pink-Haired Kim And Kourtney Touch Down In Japan
Kim also suffered from low progesterone levels when she was pregnant with her son Saint West . Kim Kardashian anxious she wouldn't "care" about her third child as much as her other kids.

Nene posts heartfelt tribute to agent Dan Fegan
A 29-year-old woman and Fegan's five-year-old son were critically injured in the crash and were airlifted to the hospital. The Aspen Times reports that the person who died was traveling in the SUV with two other people.

Pak Border residents move to safer areas after huge shelling
The two armies have been exchanging intermittent small-arms and mortar fire over the past couple of years as ties deteriorated. Deputy Commissioner and Senior Superintendent of Police are on spot and looking after the people,".

Bournemouth manager Eddie Howe calls Newcastle draw 'a odd afternoon'
Bournemouth and Newcastle are still in relegation danger, but Kevin Hatchard doesn't expect them to be too cautious this weekend. Newcastle dropped to 15th in the 20-team league and is only two points from the relegation zone. "After that, we lost control".

Central AL Forecast: Severe Weather Threat Over for Sunday
Shower and storm activity will continue through Sunday morning and potentially into early afternoon for Eastern Kentucky. On the low end we could see some central Alabama locations like Alexander City and Clanton with highs near 60.

China Communist Party Proposes Removing Presidential Term Limits To Favour President
Details of when the constitutional reforms will be introduced into parliament were not made public yet in Sunday's announcement. However, it does not bar him from serving as the head of the military and the party.

Mirai Nagasu Is Making the Most of Her Olympics Disappointment
In spite of this disappointment, Nagasu continued to train and was rewarded with a spot on the 2018 US figure skating squad. But a lot of the discussion around Nagasu post-triple axel did not concern the skater's ability or anything she'd said.