WTI Crude Oil and Natural Gas Forecast

EIA: The US imports and exports substantial volumes of petroleum

On the imports side, EIA said that most of the reduction in USA petroleum imports was of light, sweet crude oil, as those barrels were replaced by domestic production of a similar quality.

In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid US sanctions, two sources familiar with the matter told Reuters.

The U.S.net trade volume of petroleum in 2018 reached the lowest level since 1967 while its gross petroleum trade reached an all-time high, the U.S. Energy Information Administration (EIA) said on Wednesday.

Opec on Thursday cut the forecast of global demand for its oil this year as rivals boost production.

The report said rising production outside the group pressed the need for continued supply restraint by OPEC+.

Brian Stutland, chief investment officer at Equity Armor Investments, said, "We're seeing some supplies tighten a little bit.and also the correlation between oil and the stock market and demand coming back into the picture has sort of driven it: oil lagged a little bit as the dollar strengthened, and I think it's trying to play catch-up".

Overall Opec output fell by 221,000 bpd month-on-month to 30.55 million bpd.

EIA: The US imports and exports substantial volumes of petroleum
Tight Market Fears Cause Crude to Climb Again - with $60-Plus Viewed as Inevitable

Meanwhile, U.S. sanctions against Venezuela as well as Iran have further tightened oil markets.

Saudi Energy Minister Khalid al-Falih said on Sunday that the production-curbing agreement would likely last until at least June.

Iraq exported on average around 3.6 million bpd in January-February, and 3.7 million in December. Propane exports have also increased, mostly to Asian markets.

The OPEC Reference Basket (ORB), a weighted average of prices for petroleum blends produced by the cartel's members, rose in February for the second consecutive month, increasing by about 9 percent, or 5.09 USA dollars, month-on-month to average 63.83 US dollars per barrel, said the report.

Brent was still at $67.75 per barrel at 0244 GMT, up 20 cents, or 0.3 percent, from its last close.

Global benchmark Brent crude rose 0.15 percent to $67.58 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were trading flat at $58.28 per barrel.

"Tighter global inventories from OPEC-led supply cuts and".

More news: Google employee breaks world record for calculating pi

Related News:



Most liked

Facebook's No. 3, Chris Cox, is leaving after privacy pivot
He also built Facebook's first human resources teams and oversaw the strategy for the apps that Facebook owns, Zuckerberg wrote . Fidji Simo, head of video, games and monetization, will be the new head of the Facebook app, Mark Zuckerberg said in a blogpost.

Democrats seeking primary opponent for Omar
Some Minnesota Democrats have begun looking to recruit someone to mount a primary challenge against Rep. Ilhan Omar , D-Minn., after her comments about Israel and AIPAC, The Hill reports.

Livescore: Latest Europa League result for Rennes vs Arsenal
He should have eased Arsenal nerves by completing his hat-trick with two gilt-edged chances in the final eight minutes. Arsenal's two goal Pierre-Emerick Aubameyang produced his spider mask during their Europa League triumph over Rennes .

Whoopi Goldberg Returns to 'The View' After Pneumonia
You think because you've healed quickly before that something insane can't happen, Well, it can. "The only way it's going to get better is if I begin, so this is my beginning", she said.

Tim Tebow sent to minors, will start season with Syracuse Mets
Tebow says that he's never actually been to Syracuse, but he's looking forward to the opportunity. "Yeah, I think I will". Tim Tebow won't open the season with the Mets , but he'll begin 2019 just a step away from the majors.

Greta Thunberg: Swedish climate campaigner nominated for Nobel Peace Prize
Greta Thunberg, Davos: 'Adults keep saying: 'We owe it to the young people to give them hope.' But I don't want your hope. Local high school students plan to participate in the Global Youth Climate Strike on Friday, March 15, at 10 am.

S&P and Nasdaq higher, Dow lower
Chipmaker Nvidia Corp jumped after entering a $6.8 billion deal to buy Mellanox Technologies Ltd. The rally in the communications giant and Dow component helped offset some of Boeing's losses.

No deal Brexit: No tariffs for Irish goods going to NI
Secretary of State Karen Bradley said they would be "temporary" and recognise "the unique circumstances of Northern Ireland". The decision to refrain from checks at the Irish border would be temporary while longer term solutions were negotiated.

Bayern Munich legend Franz Beckenbauer wants Jurgen Klopp as manager
Alex Ferguson and Jose Mourinho won a countless number of titles by winning games 1-0 on a regular basis. He added: "I have a lot of duels today, it was very hard because I was alone".

Police file dowry, sexual harassment charges against Indian cricketer Shami
Shami responded by saying that the accusations leveled by Hasin against him were a part of a conspiracy to ruin his career. Police recorded the statement of 28 people before filling the chargesheet in the case.

Police seek four suspects in bitcoin fraud investigation
The tools themselves weren't created for such activities, but allow for "stuck" transaction to go through using additional fees . The second double-spends that transaction with a transaction with higher fees, paying only the change address.

Powerball soars to almost $500 million
There were no jackpot winners in Saturday's lottery , but more than 36,000 people won prizes in IL after the drawing. Those numbers were 69, 36, 45, 47 and 18 . · There were 1,468,589 tickets sold in the drawing that won at least $4.

Chelsea consider complaint over 'dangerous' surface for Dynamo Kyiv tie
Willian is the captain for the night while Gonzalo Higuain's absence means a start for Olivier Giroud. I don't know him that well but I'm sure that's the standard at Chelsea he's going by himself.

What If: Marvel Studios Producing New Series for Disney+
But while many of their planned TV shows will still follow the continuity of the MCU , Slash Film is reporting of an animated series that will prove to be a major exception.

Real Madrid announce £43m deal for Porto centre back Eder Militao
The player could yet the be the start of a summer splurge at Real after Zinedine Zidane's unexpected return to the club this week. And Real have already moved to land Zidane his first new player ahead of next season by agreeing a deal for 21-year-old Militao .