Saudi Arabia may seek to push crude oil as high as $100/bbl
- Author: Darren Santiago Apr 19, 2018,
Apr 19, 2018, 1:45
Crude rose to highest level since 2014 as the drop in US inventories reported by an industry group helped to sustain a rally spurred by geopolitical risks.
The U.S. Energy Information Administration on Wednesday said crude supplies fell by 1.1 million barrels for the week ended April 13.
"Saudi Arabia wants higher oil prices and yes, probably for the IPO, but it isn't just that", an OPEC source tells Reuters.
Speaking on Monday at the 5th Kuwait Oil & Gas Show, OPEC Secretary General, Mohammad Sanusi Barkindo, said that the oil and gas sector would require an investment of $10 trillion by 2040 to meet the growing global energy need. The United States has started talking to North Korea directly, President Donald Trump said April 17, helping to buoy some equity markets.
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Yesterday, the American Petroleum Institute (API) reported a draw of 1.047 million barrels. "As long as the geopolitical premium is here with us we should not sell off".
The West Texas Intermediate (WTI) for May delivery increased 1.95 USA dollars to settle at 68.47 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery added 1.9 dollars to close at 73.48 dollars a barrel on the London ICE Futures Exchange. Futures traded at $67.68. NY time. Total volume traded was about 2% above the 100-day average. June Brent, the global crude benchmark, gained $1.90, or 2.7%, to $73.48 a barrel on ICE Futures Europe, which marked the highest settlement since November 26, 2014. Distillate inventories were also down, by 3.1 million barrels, after a weekly draw of 1 million barrels in the prior seven-day period.
Gasoline stocks fell by 3 million barrels, compared with analysts' expectations in a Reuters poll for a 227,000-barrel drop. In its latest monthly Drilling Productivity Report, the EIA said that USA shale production is expected to increase by 125,000 bpd in May over April, with the Permian production surging by 73,000 bpd, Eagle Ford's-by 24,000 bpd, and the Bakken's by 15,000 bpd. Potential measures could include new inventory targets that extend their output cuts, and laying the foundations for an alliance that will last for years. At the last joint Ministerial Monitoring Committee, or JMMC, gathering held in late January, the committee said OPEC and its allies saw compliance with production-cut agreement at 129% in December 2017.