Friday, 21 September, 2018

Oil slips from four-month highs on economic concerns

Oil prices climb as Iran sanctions loom Oil prices near $80 a barrel - but could $100 oil be on the cards?
Rhonda Young | 14 September, 2018, 01:48

USA crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday. Yesterday's close above the key resistance line paves the way for a test of the $80 barrel mark, before a retest of the YTD high.

This afternoon the price of Brent was $78.07.

"Markets. are expecting substantial price pressure as Iran sanctions loom", said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

USA sanctions on Iran's energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the balance between supply and demand tight, the IEA said.

Terry turns down chance to join Spartak Moscow
He wrote on Instagram yesterday: "After considerable thought, I have chose to decline a contract offer from Spartak Moscow ". It comes after the Blues legend rejected a move to Spartak Moscow, having decided it would not be in his family's interests.

South Korea has chose to comply with US demands to cut oil imports from Iran to zero, becoming the first to do so out of the top three buyers. South Korea says that it continues talks with the United States to see if it can obtain waiver.

The Economic Times (ET), an Indian daily said Iran now exports about 2 million barrels a day which is already 28% less than what they used to export in April.

Two supertankers left Iran's oil terminal Kharg Island en route to China late on Wednesday-the first Iranian oil shipment to its single biggest oil customer in 18 days, which was the longest gap between crude-laden tankers departing for China in three years, according to tanker-tracking data compiled by Bloomberg.

Traders said this pulled wide open the discount of U.S. WTI crude versus Brent to around $10 per barrel, the biggest since June.

US fighter jets intercept two Russian bombers near Alaska
The Russian military formation included two Tu-95 "Bear" bombers and a pair of Su-35 "Flanker" fighter jets, officials said. A group of Russian nuclear-capable aircraft ventured near Alaska on september 11 before being intercepted by U.S.

The Wall Street Journal said OPEC's total oil production climbed last month, in a sign the oil cartel is sticking with a decision to begin pumping out more barrels of crude this summer after more than a year of holding back output.

The International Energy Agency said on Thursday that although the oil market was tightening at the moment and world oil demand would soon reach 100 million barrels per day (bpd), global economic risks were mounting.

"Iran is increasingly becoming the preoccupation of the crude market", said consultants JBC Energy. The IEA said crude output fell in August by 150,000 bpd from July to a 25-month low of 3.63 million bpd, while exports fell by 280,000 bpd to 1.9 million bpd, from a peak of around 2.5 million bpd in May.

That month Russian Federation produced 11.247 million bpd, a post-Soviet Union record-high.

Georgia Gov. Deal declares state of emergency ahead of Hurricane Florence
While Hurricane Florence has been downgraded, millions of people in and around South and North Carolina are still on alert. The shift in the projected track spread concern to areas that once thought they were relatively safe.

Novak said global oil markets were "fragile" due to geopolitical risks and supply disruptions.

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