Gold, Silver, Copper and Crude Oil Briefing

22 March, 2018, 01:34 | Author: Chad Mckenzie
  • Global Oil Demand To Rise In The Year – IEA

Oil extended gains as investors assessed geopolitical risks with speculation that the USA president and Saudi Arabia's crown prince discussed countering the influence of Middle East producer Iran.

Stocks fell 2.7 million barrels in the week ended March 16 to 425.3 million barrels, according to the API, compared with analysts' expectations for an increase of 2.6 million barrels. The global benchmark crude traded at a $3.90 premium to WTI for the same month.

Both benchmarks posted a daily gain of more than three percent, and reached their highest level since February 2.

For the record, during that meeting on Tuesday, Salman told the brash billionaire he sees a "stable" oil market ahead and added that his kingdom has an 84-year supply of crude.

The Crown Prince of Saudi Arabia looks to charm America
It was the 32-year-old Crown Prince's first official visit to the country as heir to the Saudi throne. Trump said he is looking forward to welcoming King Salman to Washington .

Trump could withdraw the US from the historic nuclear deal with Iran, and impose sanctions on the country, which then would make it harder for Tehran to export crude and oil products to the global market.

We could see some profit-taking as crude oil approaches the pair of tops at $65.63 and $66.02. Still, investors will be wary of USA supplies, which have threatened to undermine OPEC's efforts to eliminate a global glut.

"The presence of the Saudi Crown Prince in Washington and his clear agenda to ramp up pressure on Iran, has for me, been the key driver of oil, which rose strongly", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

West Texas Intermediate for May delivery added 6 cents to $63.60 a barrel on the New York Mercantile Exchange at 2:24 p.m.in Singapore.

Kosovo MPs lob teargas to prevent vote on border with Montenegro
Kosovo declared independence from Serbia in 2008 and wants to join the European Union in the future, the Independent said. Kosovo's opposition lawmakers release a tear gas canister inside the country's parliament in Pristina on March 21, 2018 .

In other energy trading, April natural gas rose 0.6% to $2.666 per million British thermal units.

U.S. output is now higher than that of top exporter Saudi Arabia.

Energy consultancy FGE said it was likely that the United States would re-impose sanctions on Iran soon, resulting in a 250,000 to 500,000 barrels per day (bpd) drop in its exports by year-end. A Bloomberg survey ahead of the government report forecast stockpiles rose by 3.25 million barrels.

Prices extended gains in post-settlement trading after data from the American Petroleum Institute showed a surprise draw in US crude inventories.

Survivor of FIU bridge collapse sues design-construction firms
Because the company didn't question the bridge's safety, FDOT says it had no reason to believe there was a problem. Six people, including a student, a construction worker, and a father of three, died in the bridge collapse .

The Energy Information Administration will issue its weekly update on US petroleum supplies Wednesday.

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