EIA lowers forecasts for oil prices

Source Challenger Gray & Christmas

Source Challenger Gray & Christmas

OPEC on Thursday sharply raised its forecast for oil supply from non-member countries in 2017 as higher prices encourage US shale drillers to pump more, hampering the producer group's efforts to clear a glut and support prices by cutting output.

US West Texas Intermediate (WTI) crude futures were at $47.57 per barrel, up 24 cents, or 0.5 per cent from the last settlement.

The oil nations decided late past year on an output cut of 1.8 million barrels per day (bpd) to reduce global oil inventories.

Oil was also supported by a larger than expected fall in USA crude inventories last week, down 5.8 million barrels compared with analysts' expectations for a 1.8 million barrels decline, according to industry group the American Petroleum Institute.

Trump and Erdogan sit down for first White House meeting
And so the USA military particularly likes them, but this causes a lot of political headaches for the bureaucrats in Washington. He stated that in the upcoming Ankara meeting they will discuss the security zones that will be established in Syria .

Crude inventories fell 5.2-million barrels in the week to May 5, the US Energy Information Administration said. As oil dropped below $50 last week, analysts expect producers will be forced to continue the cuts.

Due to the higher supply expected from outside producers, OPEC trimmed forecast demand for its crude in 2017 to 31.92 million bpd, down 300,000 bpd from the previous forecast and not far from current production.

Crude oil prices gained on Thursday as investors were buoyed by falling inventories in the United States and higher-than-expected supply cuts to Asia by Saudi Arabia. This occurred as refinery activity eased from recent elevated levels and oil imports dropped by 644,000 barrels a day. Unless we see both of them fall in tandem, it is unlikely that any rally in crude will be sustained.

July brent crude futures on London's ICE Futures exchange picked up 55 cents, or 1.1%, to $50.77 a barrel.

Emma Watson Wins First Ever Gender-Neutral Acting Award
Presenting Movie of the Year , Amy Schumer and Goldie Hawn comically bobbled it (a la the Oscars), announcing La La Light , then Moonland .

"As long as you've got those builds in gasoline, it is going to be hard for crude oil to rally", said Olivier Jakob, energy market strategist at Petromatrix in Zug, Switzerland.

OPEC meets on May 25 to decide whether to extend the cuts.

On Monday, Saudi Arabia's oil minister Khalid al-Falih said he expected the output deal to be extended to the end of the year or possibly longer.

There were also underlying concerns surrounding the increase in output in Nigeria and Libya, especially as these two countries do not have an OPEC-imposed output limit.

New Microsoft Surface Laptop: Specs, Design and New Windows 10 OS
Microsoft's other portable Surface devices include the Surface Pro, which is a tablet, and the Surface Book, which is a 2-in-1. The Microsoft Surface laptop is a 13.5-inch ultrabook which is available with a 2256 x 1506 panel and narrow bezel design.

WTI has been under pressure for the last several weeks.

Recommended News

  • Kenny resigns as FG leader

    Kenny resigns as FG leader

    Speaking on RTÉ's Drivetime Deputy Ring said Mr Kenny gave all he could as leader of the country and that he did a tremendous job. Kenny had agreed to hand over power but repeatedly delayed, asking colleagues for time to visit the United States for St.
    Social Security Administration releases most popular baby names list

    Social Security Administration releases most popular baby names list

    Names on the rise for girls included Kaylani (a variation Kehlani ), Royalty, Saoirse, Ophelia and Alessia. The name Kylo could be inspired by Kylo Ren, a character from " Star Wars: The Force Awakens ".

    Mets suspend Matt Harvey three games for violation of team rules

    In better news for the Orioles, Chris Tillman is set to make his first start this season after battling right shoulder bursitis. But he showed significant improvement from Saturday to Sunday and might be able to play Tuesday, against the White Sox.
  • Warriors' Brown late for G2, stopped by police

    Warriors' Brown late for G2, stopped by police

    Oh, and San Antonio doesn't do a good job of replacing their two best players when confronted with the previous paragraph. The news comes after an MRI on Iguodala's left knee Monday revealed no structural damage, according to multiple reports.

    Ransomware: No report yet of 'WannaCry' hit on Indian network

    Microsoft took aim at the US government for "stockpiling" software code that was used by unknown hackers to launch the attacks. They need to take a different approach and adhere in cyberspace to the same rules applied to weapons in the physical world.

    Comedian John Oliver, host of the HBO show "Last Week Tonight"

    Oliver ripped Trump over both his decision to fire Comey and the subsequent explanations of his decisions. Obviously there are the investigations that are now ongoing.
  • White House goes blue to honor nation's police officers

    White House goes blue to honor nation's police officers

    A national campaign launched today to raise funds for a new police memorial is being supported by Norfolk Constabulary. After reading the names, the candles started to be lit - something Rogers described as "an absolute sea of light".
    Virat Kohli terms IPL 10 as a season to forget for RCB

    Virat Kohli terms IPL 10 as a season to forget for RCB

    Delhi Daredevils (DD) will host this bottom-ranked Royal Challengers Bangalore ( RCB ) in the final league match of the season. This was only the third victory for RCB this season."The guys took today as an opportunity and it worked out", said Kohli.
    Pentagon chief, Turkish PM meet after decision to arm Kurds

    Pentagon chief, Turkish PM meet after decision to arm Kurds

    On Wednesday, Turkish Foreign Minister Mevlut Cavusoglu said that every weapon obtained by the YPG constitutes a threat to Turkey. An Erdogan adviser, Ibrahim Kalin, met on Tuesday with Thomas Shannon, the State Department No. 2 official.
  • Apple's top suppliers dragged into Qualcomm legal battle

    Apple's top suppliers dragged into Qualcomm legal battle

    In a new move in the on-going dispute between Apple and Qualcomm , the chip supplier has sued four iPhone suppliers directly. Qualcomm doesn't appreciate missing out on iPhone money and the company has sued no less than four major Apple partners.
    Falcon 9 set to launch Inmarsat satellite for in flight wifi ,broadband

    Falcon 9 set to launch Inmarsat satellite for in flight wifi ,broadband

    It is headed for geostationary transfer orbit, meaning it will orbit the earth from a roughly fixed position above the ground. However, since the company has not brought those into commercial flights yet, it made a decision to go with a regular Falcon.
    Timeless Renewed for Season Two! NBC Reverses Cancellation Decision

    Timeless Renewed for Season Two! NBC Reverses Cancellation Decision

    The network has renewed the Sony Pictures Television-produced time travel drama for a second season. Kripke and Ryan tweeted up a storm about the Timeless renewal, this morning.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.