Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  WTI       

WTI
Mes dernières consult.
Most popular
SummaryQuotesChartsNewsAnalysis 
News SummaryAll newsTweets

Oil Falls on Growing U.S. Output Forecasts

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/07/2018 | 01:02pm CEST

By David Hodari

Oil prices slipped Wednesday, pressured by forecasts of rising U.S. production this year.

Brent crude, the global oil benchmark, was down 0.62% at $65.38 a barrel on London's ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were down 0.67% at $62.18 a barrel.

"You've got bearish fundamentals, with the U.S. [Energy Information Administration] increasing its prognosis for U.S. production," said Bjarne Schieldrop, chief commodities analyst at SEB Markets.

The EIA raised its production estimate for 2018 again late Tuesday and now expects U.S. crude oil production to climb by 1.4 million barrels a day.

That came after the International Energy Agency lifted its forecasts for U.S. oil production Monday.

"While the market was able to absorb [the IEA's forecast]... it was not able to do the same with yesterday evening's predictions," analysts at Commerzbank said in a note.

Investors also focused on the American Petroleum Institute's weekly report on oil inventories, released Tuesday.

The API's Weekly Statistical Bulletin revealed a 5.7 million barrel increase in U.S. crude stocks and strengthened the bearish view of the market, Mr. Schieldrop said.

From a fundamental viewpoint, market participants remained torn between growing U.S. inventories and the continued efforts of the Organization of the Petroleum Exporting Countries and other major producers like Russia to cut output.

With U.S. production now on course to hit 11 million barrels a day in October, a month earlier than previously expected, the country would become the world's largest crude producer in the fourth quarter, Commerzbank analysts said.

Nymex reformulated gasoline blendstock--the benchmark gasoline contract --eased 0.09% to $1.93 a gallon. ICE gas oil changed hands at $575.00 a metric ton, up 0.22% from the previous settlement.

Write to David Hodari at [email protected]

Corrections & Amplifications

This article was corrected at 1325 GMT because the original misstated the name of the agency in the fifth paragraph. It is called the International Energy Agency, not the International Energy Administration.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WTI
06/20NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
06/20Oil Prices Rise on Declining U.S. Supplies, Attacks on Libyan Ports
DJ
06/20Oil Prices Rise on Declining U.S. Supplies, Attacks on Libyan Ports
DJ
06/20NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
06/20UNITED STATES : Crude Oil Inventories lower than estimates at -5.9M
06/20E.ON and Vertiv Team Up to Develop Battery Systems
DJ
06/20ROYAL DUTCH SHELL : to Sell Two Norwegian Assets for $556 Million
DJ
06/20NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
06/20Oil Climbs Ahead of OPEC Meeting
DJ
06/20Eni Sells Croatian Upstream Business to INA
DJ
More news
Chart WTI
Duration : Period :
WTI Technical Analysis Chart | 4-Traders
Technical analysis trends WTI
Short TermMid-TermLong Term
TrendsBearishNeutralBullish