Crude Oil Lower After API Inventories Build

Oil gains on disrupted Libyan exports, Saudi promise to put a stable end to curbs

Wednesday's weekly data showed a larger-than-expected increase in US crude inventories and a rise in gasoline stocks.

With concerns of current supply shortages from the Libyan Elephant (El-Feel) oil field largely priced in, market focus shifted to the upcoming release of weekly U.S. inventory data later by the American Petroleum Institute (API) and on Wednesday by the Energy Information Administration.

US West Texas Intermediate crude for April delivery was up 2 cents at $63.57 a barrel by 2340 GMT, after rising 3 per cent last week. S. crude and gasoline stockpiles, with surging production in the country hampering OPEC attempts to end a global glut. Brent, the global benchmark, lost 87 cents, or 1.3%, to $66.63 a barrel. It's not out of the question to see a USA production record for oil soon. Why?

USA crude slipped in the last month of 2017, but in November it hit an all-time high of 10.057 million barrels per day (bpd), the government said. Oil prices, which fell below $30 a barrel in 2016, have since more than doubled to nearly $70 a barrel.

USA oil prices rose for a fourth session on Tuesday to near a three-week high hit a day earlier, supported by signs of robust production curbs by OPEC and non-OPEC countries and a slight fall in U.S. production.

Boston Bruins: Things to get Nash-ty in Buffalo tonight
Those totals are similar but slightly lower than last season, where he scored 23 goals and 15 assists for 38 points in 67 games. They lost a first-round pick but have shown an ability to draft well in the later rounds and to lure college free agents.

Still, OPEC and its allies seem unfazed by USA shale and continue to send messages to the market that they will do "whatever it takes" to balance the oil inventories and that production cuts are here to stay until the end of 2018.

Although of course this is a drop in the bucket compared to powerhouse output elsewhere in the world, it demonstrates how quickly a country whose crude industry was thought to have been in permanent decline can stage a comeback - and it also reinforces the notion that western nations, along with many OPEC members, are eager to extend their production capabilities regardless of the shaky global supply and demand balance. It will reassure those Americans that fear the USA is always being held to ransom by Middle East, even though the United States spends a huge amount on defending the regions' oil fields - think Desert Storm and all that.

USA oil is also increasingly being exported, including to the world's biggest and fastest growing markets in Asia, eating away at OPEC and Russian market share.

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ GRAPHIC: Russia vs Saudi vs US oil production http://reut.rs/2EIuTWS ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^.

Fund positioning remains very stretched with longs outnumbering shorts by a ratio of nearly 10:1, but down from nearly 12:1 at the end of January.

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It said that there were injury marks in the chest and that ribs had been broken, obviously due to the torture Madhu had undergone. Madhu, 27, died in a police vehicle after being violently attacked by a mob that accused him of being involved in a minor theft.

Dear reader, I have mentioned this before, and I will say it again: there's too much oil and not enough matches.

"We've got a lot more oil to produce and we'll be through that 11 million barrel-per-day threshold much sooner than expected", said Streible.

Futures in NY slid as much as 0.4% after closing at a three-week high on Monday as an advance in equities revived optimism about economic growth and Libya's crude exports from a key terminal were impeded.

However, an increase of 2 million barrels was still a conservative estimate, Commerzbank analyst Carsten Fritsch said, as he expected imports to have corrected, re-balancing last week's record low imports.

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