Oil Prices Cool As API Reports Surprise Crude Inventory Build (USO)

Crude oil futures gain on firm global cues

Crude oil futures gain on firm global cues

The EIA reported that US crude oil refinery inputs averaged 16.5 million barrels per day during the week ending January 19, 2018, 392,000 barrels per day less than the previous week's average. That's helping push up the price of WTI said Phil Flynn, analyst at Price Futures Group in Chicago, "because Cushing is draining like a cheap canoe".

The New York Mercantile Exchange crude futures were 0.38% higher to trade at $63.81 per barrel while the London Intercontinental Exchange was seen down by as much as 0.12% but is trading around $69.23 per barrel before slipping on the report from the API.

The research firm equally forecasts global net supply growth (for crude, condensates and natural gas liquids) of 1.27mn b/d for 2018 on an annual average basis, putting United States shale growth, to which both OPEC and prices are more sensitive, at 390,000b/d y-o-y.

Still, US crude futures were up 82 cents to US$64.39 a barrel, not far from the day's settlement, as crude had rallied on thin volumes headed into the release. Demand for stored supplies in the world's biggest economy has been robust at a time of year when it's usually weak because of refinery repairs, all against the backdrop of Opec production curbs.

Economic growth is translating into oil demand growth and comes at a time that OPEC and Russian Federation lead production cuts aimed at tightening the market. This rising supply, along with higher prices, risks OPEC members cheating on their deal, analysts said.

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Gasoline inventories rose by 3.1 million barrels and stocks of distillate fuels, which include diesel, were up by 639,000 barrels.

U.S. gold futures for February delivery settled up $2.10, or 0.2pc, at $1,339.20 per ounce.

And U.S. producers have pounced on the higher crude prices.

Most crude oil prices have been mostly optimistic since the beginning of the year due to the outlook of the ongoing cuts from the OPEC as well as the agreement between the organization with the participation of a number of non-OPEC countries like Russian Federation in the extension of the production cuts until the end of 2018.

Speaking at the World Economic Forum in Davos, Switzerland, Khalid al-Falih, Saudi Arabia's energy minister, said he is not concerned about the threat of US production, citing declining output from Venezuela and Mexico.

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