Oil prices marginally down over strong dollar value

Oil prices marginally down over strong dollar value

Oil prices marginally down over strong dollar value

On Monday, Brent prices reached their highest level since July 2015, after Turkey's president Recep Tayyip Erdogan threatened to cut off oil flows from Iraq's Kurdistan region in retaliation to the Kurdish independence referendum held there.

In backwardation, prices for future delivery are cheaper than the cost of oil for immediate shipment. Resistance on crude oil is seen near the April highs at 53.67. Higher oil prices this year have encouraged American drillers to pump more, but there are signs the USA recovery is slowing.

Refiners are continuing to come back on line in the wake of Hurricane Harvey which saw 25% of us refining capacity go off line.

Tan said the research house believes the industry is more focused on robust activity at stable oil prices, rather than very high oil prices at this juncture, which may not be sustainable. Refineries operated at 88.6% of their operable capacity last week.

China has begun to increase its imports of the valuable commodity.

USA crude stockpiles fell to about 471 million barrels last week and distillate supplies slid for a fourth straight week to a 26-month low.

US gasoline stockpiles were up 1.1 million barrels for the week after three consecutive weeks of declines, while distillate stockpiles fell 800,000 barrels, according to the EIA.

Oil stocks are 1.2 million barrels below past year levels.

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The International Energy Agency earlier this month raised its 2017 global oil demand growth estimate to 1.6 million bpd from 1.5 million bpd, citing stronger than expected demand growth in the United States and Europe. For Texans, meanwhile, about 9.9 percent more were on the payroll in the oil and gas industry than previous year, though the level is still about 28 percent lower than the peak in late 2014.

Storage is on a highest level in the USA, but it is declining elsewhere. At Cushing, crude stockpiles probably increased by 1.5 million barrels last week, according to the survey.

The New Zealand dollar continued its down trend on Tuesday after falling over 1 percent on Monday due to mixed election results which left Prime Minister Bill English's National Party with the largest number of votes but not enough parliamentary seats to rule outright. Distillate fuel demand averaged over 4.0 million barrels per day over the last month, up by 13.9% from the same period a year ago.

The U.S. Energy Information Administration on Wednesday said domestic crude supplies fell by 1.8 million barrels (http://www.marketwatch.com/story/eia-data-show-us-crude-supplies-fell-unexpectedly-last-week-2017-09-27) for the week ended September 22, after posting hefty increases in each of the last three weeks.

Distillate inventories fell again this week, by 4.527 million barrels.

Inventories at the Cushing, Oklahoma, storage hub climbed by 1.06 million, the API data showed, which would be the biggest build since March if the EIA confirms it. The total draw for crude oil in 2017 now stands at just shy of 23 million barrels.

U.S. durable goods orders rose 1.7% in August, vs 1% increase expected.

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