Oil Advances on Signs US Stockpile Gains Easing After Harvey

Will the FOMC Meeting Drive the US Dollar and Crude Oil Futures

U.S. shale production for October is expected to rise by 79,000 barrels per day (bpd) to 6.09 million bpd, the U.S. Energy Information Administration said in a monthly report Monday.Output from the Bakken shale formation is set to rise by 7,900 bpd to 1.06 million bpd, while Eagle Ford oil output is set to fall by 9,000 bpd to 1.27 million bpd, according to the EIA's drilling productivity report.Speculators raised their net long positions in Brent futures and options by 16,962 contracts to 430,699 in the week to September 12, InterContinental Exchange (ICE) data showed, the highest level since March.

OPEC and other producers opted to decrease production by 1.8 million barrels a day in an attempt to rebalance the oil market and support prices.

Oil has risen nearly 6% since Harvey slammed into the Texas coast on August 25, swamping the heart of the US refining industry and disrupting everything from tanker arrivals to gasoline production. The data suggesting refiners will need to step up crude processing followed robust demand growth forecasts last week from the International Energy Agency and OPEC. "If OPEC is really still willing to commit to extending production cuts, that gives this market some room to test the upside here". The move is a bid to support oil prices which have fallen dramatically from over $110 a barrel in 2014, mainly due to a glut in supply and a failure of demand to keep pace, particularly with US shale oil producers adding to global oil supplies.

An OPEC committee concluded the cartel and allied oil producers last month overshot production curbs called for in their agreement, according to two delegates.

U.S. West Texas Intermediate (WTI) crude futures () were at $49.83 barrel at 0021 GMT, 6 cents below their last settlement, but still close to the more than three month high of over $50 per barrel briefly reached late last week. The more-active November futures climbed 60 cents to $50.50 at 12:07 p.m. London time. Late Tuesday, the American Petroleum Institute reported a 1.4 million-barrel increase in stockpiles vs. the 3.5 million-barrel increase analysts were expecting. The global benchmark crude traded at a premium of $US5.60 to November WTI.

But analysts doubt that such an extension would have much of an impact on the overall oil market. The October contract expires at the end of Wednesday's session.

Related News:

  • Nottingham Forest predicated lineup against Chelsea in EFL Cup

    Two of the young players likely to be given an opportunity against Forest , perhaps from the start, are Kenedy and Charly Musonda. A prospective late loan move to Newcastle United was blocked due to Chelsea's failure to secure competition for Marcos Alonso.
    Hardik Pandya, MS Dhoni Partnership Made The Difference: Gavaskar

    Hardik Pandya, MS Dhoni Partnership Made The Difference: Gavaskar

    For Australia , Hilton Cartwright is making his ODI debut, he has been an opener and shall open the innings with David Warner . He top-edged the ball to be dismissed for an entertaining 66-ball 83 runs, which was his third ODI fifty as well.
    PM Modi inaugurates Sardar Sarovar Dam in Gujarat on his b'day

    PM Modi inaugurates Sardar Sarovar Dam in Gujarat on his b'day

    The dam is expected to provide water to 9,000 villages and the power generated will be shared among the three states. Here are few things every Indian should know about Sardar Sarovar Dam, which is trending on social media today .
  • Dad in clown mask shot at while chasing daughter through neighborhood

    Dad in clown mask shot at while chasing daughter through neighborhood

    Vernon Barrett Jr chose to scare his daughter as a way to discipline her for behavioral issues, according to the police report . He initially told officers the incident was a prank, then later said it was a form of discipline, investigators said.
    Emmys 2017: After presenting award previous year , Priyanka announces victor  again

    Emmys 2017: After presenting award previous year , Priyanka announces victor again

    On 17th September 2017, the Bollywood star joined Anthony Anderson to present the Outstanding Variety Talk Series award. Chopra's gown was embellished with sequins in a pattern that looked surprisingly inspired by an Indian motif.
    US Ed Secretary Betsy DeVos To Visit 3 Indiana Schools Friday

    US Ed Secretary Betsy DeVos To Visit 3 Indiana Schools Friday

    DeVos plans to stick around at Eastern Hancock for a hog roast as well as their football game against Knightstown. She's visiting schools across the nation that are coming up with new ways to teach and inspire children.
  • Cowboys Are NFL's Most Valuable Team

    Cowboys Are NFL's Most Valuable Team

    Considering all teams in the world in every sport the Cowboys only have a threat in New York Yankees who are worth $3.7 billion. Rounding out the global top five, according to Forbes , is Manchested United ($3.69 billion) and FC Barcelona ($3.64 billion).
    Danny Ings in line for Liverpool return against Leicester City

    Danny Ings in line for Liverpool return against Leicester City

    Jurgen Klopp tried to address his defensive woes by trying to lure Virgil van Dijk to Liverpool but Southampton refused to sell. However, Jurgen Klopp's men suffered a chastening 5-0 loss to Manchester City last weekend following Sadio Mane's sending off.
    Qatar agrees to buy 24 fighter jets from Britain

    Qatar agrees to buy 24 fighter jets from Britain

    Among demands the Arab nations made of Qatar in June is for all Turkish troops in the country to be expelled. Following the meetings with Merkel, the emir went to Paris for talks with French President Emmanuel Macron.
  • Trump and Latin American leaders to discuss pressure on Venezuela

    Trump and Latin American leaders to discuss pressure on Venezuela

    During his speech, he spent as much time criticizing Venezuela as North Korea, Syria and Iran. Before his first address to the U.N.
    Gmail rolls out a new feature to save users' time

    Gmail rolls out a new feature to save users' time

    It really sounds weird, but Google's native Gmail app didn't have options to open phone numbers addresses via tapping on them. Or if the user taps on the phone number, it will directly open the default phone dialler app and proceed to make the call.
    Interior Sec. Zinke's memo suggests 2 Utah monuments' size be reduced

    Interior Sec. Zinke's memo suggests 2 Utah monuments' size be reduced

    Katahdin can be seen from an outlook on the Katahdin Loop Road in the Katahdin Woods and Waters National Monument . She said the expansion helps protect biodiversity, especially as the climate changes.


Most liked

U.S. submarines will use Xbox 360 controllers to operate their periscopes
In surveys, younger officers said they disliked current scope controls and found them to be clunky to operate. Periscope viewing is now performed via high-resolution cameras that relay their video to big-screen displays.

Clinton Says She Won't Rule Out Challenging Election Legitimacy
There's no doubt they influenced the election: We now know more about how they did that". We owe him an open mind and the chance to lead .

TSX higher as banks, energy stocks gain
The report said industrial production slumped by 0.9 percent in August after climbing by an upwardly revised 0.4 percent in July. Most of the major sectors showed only modest moves on the day, although significant strength emerged among semiconductor stocks.

The Internet Thinks Laura Dern & Reese Witherspoon Are Feuding
The Feud: Bette and Joan actress then took her act to Twitter, where she jokingly blamed Dern's win on nepotism . Again, in case I wasn't clear, this was obviously a joke on Hoffman's part and a very amusing one at that.

"Final Fantasy XV" Lead Boy Noctis Joins "Dissidia Final Fantasy NT"
By the looks of it, it seems like the current gen console, the PlayStation 4 , is the next stop for this entertaining video game . Play Station press conference at the Sony Interactive Entertainment's pre-Tokyo Game Show 2017 pumped up the gamers.

Zapad-2017: Russian helicopter accidentally fires rocket at onlookers
A terrifying video emerged today showing a military helicopter accidentally opening fire on spectators at one of the drills. They also didn't reveal where or when the incident took place, and denied it took place during the ongoing war games.

Myanmar's Rohingyas: victims of a democracy still under military sway
Most of the several hundred thousand Rohingya who have fled to Bangladesh before this latest wave still aren't registered. SILENCE BROKEN Myanmar's State Counsellor Aung San Suu Kyi delivers a national address in Naypyidaw on Tuesday.

Pelosi Battles Pro-Amnesty Demonstrators At DREAM Act Event
They chanted: "Shut down ICE" and "All of us or none of us". "It's clear you don't want any answers", Pelosi told the group. They were looking for ways to "build some trust and confidence" with Trump, Pelosi, D-Calif., said in an interview Friday.

Pressure grows in Ryanair to release full list of cancelled flights
Over the weekend, Ryanair announced that they would be cancelling between 40 and 50 flights every day for the next six weeks. A Kilkenny travel agent says they have only been given details of Ryanair flight cancellations up to the middle of this week.

Rolling Stone is putting itself up for sale
Rolling Stone also paid out $1.65 million to the Phi Kappa Psi chapter at UVA after the fraternity sued for $25 million. Wenner Media said it was exploring "strategic options" in an effort "to best position the brand for future growth".

Google's UPI-based Tez payments app rolls out in India
The new mobile application enables you to send and receive money from friends by linking up your bank accounts to your mobile. Did you find Tez Payments app interesting? Post this limit, there will be additional requirements, along with bank fee.

Brexit: Amber Rudd brands Boris Johnson 'backseat driver'
After his article's publication in the Telegraph Mr Johnson later tweeted he was "all behind Theresa for a glorious Brexit". Johnson's article re-ignited speculation that he would challenge May for the leadership of the Conservative Party.

Liverpool 1-1 Burnley
Scott Arfield gave Burnley the lead on 27 minutes but the Reds gave an instant response just a few minutes later. Share your thoughts in the comment section or on the #AmoreNation community page.

Trump retweets GIF of him hitting Clinton with golf ball
In July, Trump retweeted a video of himself pummeling a wrestler with a CNN logo for a head. The original video of Clinton, from 2011, does not show a golf ball.

No happy start for Roy Hodgson as Crystal Palace misery continues
Hodgson on what lies ahead: "It is painful today and I fear it is going to be painful in some of the moments going forward". Roy Hodgson reflects on what went wrong for Crystal Palace as the Eagles slumped to their fifth straight league defeat.