Oil supported by Iran sanction fears, holds near 2014 highs
16 May, 2018, 08:07 | Author: Priscilla Morrison
Looking at USA crude oil stocks, the most recent EIA figures (May 9) showed falling crude oil stocks and falling gasoline inventories.
Greg McKenna, chief market strategist at futures brokerage AxiTrader, says it is still "far from certain" that sanctions "will bite in the way intended".
Despite the dips, both financial oil benchmarks remained close to their November 2014 highs of $79.47 and $71.92 a barrel respectively, reached the previous day.
Once the sanctions are reinstated later this year, traders expect a massive decline from 200,000 to about 1 million barrels per day (bpd) in Iran's oil exports, which may put the already squeezed crude markets at risk of becoming undersupply. China's refinery runs rose almost 12 percent in April from a year earlier, to around 12.1 million barrels per day, marking the second-highest level on record on a daily basis, data showed.
However, imports have fallen this year, partly reflecting a cut in supplies to South Korea by the National Iranian Oil Co due to lower production and the start of a new splitter, sources have said.
These events surrounding the Middle East has pushed Brent crude to the highest level since March 2015, which is now at $7.3 per barrel. Oil production in post-Arab Spring Libya is only 400,000 barrels per day, down from 1.6 million before the fall of Qaddafi. Sharenow also estimated oil to go beyond the $80 level in the short term.
"If Iranian crude is really taken off the water, it's going to impact Brent much more than it's going to impact WTI", Zimmerman said. Refined oil product exports soared 46 percent on the year in April, but eased from the all-time high in March.
"The API inventory data in the USA fits with. a topping pattern - or at least a decent pause - for oil prices at the moment", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Iran will restart its uranium enrichment if it can not find a way to save the 2015 nuclear deal with the European Union after the United States pulled out last week, Tehran's government spokesman said.
The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint totaling 1.8 MMBPD by the Organization of the Petroleum Exporting Countries and non-OPEC producers, including Russian Federation. If demand growth continues to be strong-as now expected-an already tight oil market could become even tighter amid geopolitical concerns, driving oil prices further up.
He edited and published her writings in hiding after the war, making Anne Frank one of the world's most famous Holocaust victims. Cooped up in an attic for months on end, Anne Frank jotted down some of her observations about life in her diary.
The Syrian civil war would have given Iran another reason to boost military spending after the nuclear deal was agreed to in 2015. Iran has always denied pursuing a nuclear weapon and accuses Israel of stirring up world suspicions against it.
The ship, the largest and most sophisticated naval vessel in China, was designed and built by the nation on its own. The ship, temporarily named Type 001A, was floated off in April 2017 after nearly 4 years of construction.
Nunes' humble beginnings in Brazil, the ties she's kept to the area and the ownership she's taken of this division . This evening's (Sat., May 12, 2018) UFC 224 is in the books from the Jeunesse Arena in Rio de Janeiro , Brazil .
Geological Survey, a lava flow moves across Makamae Street in the Leilani Estates subdivision near Pahoa on the island of Hawaii. Although no deaths or major injuries have been reported following the Hawaii volcano eruption, several homes have been destroyed.
Stephenson also said in the memo that the company's head of lobbying and external affairs, Bob Quinn , 57, would be retiring. Sanders reiterated the president's statement, that the Department of Justice made the choice to oppose the merger.
Mercedes-AMG is taking pre-orders for the GT S Roadster now, although it won't be launched in the United Kingdom until July. Powertrain modes are further customizable, with five settings: Comfort, Sport, Sport+, Race, or mix and match Individual.
Ambassador David Friedman told reporters on Friday: "There was no give and take with Israel with regard to this decision". On May 14, in the Jerusalem neighborhood of Armon HaNatziv /East Talpiyot, United States Embassy will officially open.
Democrats have expressed concern about Haspel's involvement in the post 9/11-era interrogation and detention programs. Rand Paul, R-Ky., and John McCain , R-Ariz., who is battling cancer and is not expected to be present for the vote.
Author Tom Wolfe dies aged 88
Wolfe penned the script, while Sam Shepard, Dennis Quaid, and Ed Harris starred in the film. Since childhood, Tom Wolfe dreamed of becoming a writer.
Packers not now interested in Dez Bryant
Still, despite remaining open to the idea of considering Bryant, the Giants have showed very little interest to date. "I think it's a win-win for the Packers".
Dozens Killed in Gaza as Trump Promises "Lasting Peace"
Seth Meyers, the host of Late Night , also discussed the embassy opening, and Kushner's speech during Monday's ceremony. It's not the first time that Yosef has attracted criticism for his comments with a history of questionable remarks.
The Primaries: What You Need To Know
In the 17th, Democratic Congressman Conor Lamb is running against Republican Congressman Keith Rothfus. The interest among candidates belies the uphill climb for the party in the Democratic-leaning state.
Tiger gets the loud roars, but Webb has the bite
For the second day running, the former world No. 1 plundered the first 12 holes at TPC Sawgrass, this time picking up six birdies. South African Charl Schwartzel (67) and Americans Xander Schauffele (67) and Jimmy Walker (67) tied for second on 14 under.
Seattle Mariners at Detroit Tigers Game Two
Tigers reliever Buck Farmer pitched a scoreless seventh inning after working in both games of Saturday's doubleheader . After a brief examination by the Seattle trainer, Cano left the game and was replaced by infielder Andrew Romine .
7 killed as blasts, gunfire rock Jalalabad
He said security forces killed six of the attackers after two of them carried out suicide attacks near the building's entrance. However, the Taliban is now taking part in its annual spring offensive and has launched a number of attacks in recent weeks.