giftedviz.com
giftedviz.com February 25, 2018


Stock market turmoil extends to crude prices

09 February 2018, 02:02 | Darnell Patrick

China's crude futures set for March 26 launch

Oil falls to 2018 low as US output soars, North Sea supply restarts

Brent prices the next year are expected to average $61.51/bbl.

Brent crude futures were at $65.51 per barrel at 0721 GMT, flat from their last close and up from a 2018-low of $65.12 a barrel reached early in the session.

Rising U.S. oil production has been looming over the market, with output up by 1 million bpd in the previous year to about 10 million bpd. WTI (West Texas Intermediate) crude, which until then was trading at about $50 a barrel, surged about 20 percent in one month following the crisis.

Futures fell as much as 1 percent in NY after Department of Energy data yesterday showed US crude production jumped to a record 10.25 million barrels a day last week.

The EIA's weekly data came on the heels of an upwardly revised forecast for total US production this year and next.

The agency also said that stockpiles of crude rose by 1.9 million barrels in the week ended Feb 2.

Oil prices fell for the fifth session in a row Thursday on the back of surging US production and rising inventories. American production has now eclipsed Saudi Arabia's, and Citigroup Inc. expects it to breach 11 million barrels a day by the end of summer, earlier than the United States government's forecast for November. However, another data from API showed a decline of 1.1 million barrels.

Spice Girls are heading off on a WORLD TOUR!
Long wait: The Spice Girls last came to Australia in 1998, when they attended the Spiceworld movie premiere in Sydney. It's clear that even after celebrating two decades of Spice just past year that the girls aren't finished yet.


Military parade in N. Korea on eve of Olympics
Pence's strenuous efforts to highlight the threat from the North and its treatment of its people present a dilemma for Moon. Although the U.S. had not requested talks with North Korea, Mr Pence left open the possibility of some contact.


Samsung Galaxy S8 and S8+ now receiving Android 8.0 Oreo
Rather amusingly, the firmware version is G955XXU1CRAP, although we're glad to say that Android Oreo is far from being crap . It goes without saying that the Galaxy S7 and the Galaxy S7 Edge will eventually receive an official update to Oreo .


Crude oil has also been under pressure from a stronger U.S. dollar, which is on track for its biggest weekly rise in more than a year.

Oil fell for a third day on Tuesday as the USA dollar rose to its highest in more than a week in the wake of a sharp sell-off early this week on Wall Street and other stock markets.

"As a member of OPEC and a large crude producer, I would imagine they would be very self-sufficient in their own crude supply", said Andy Lipow, president of Lipow Oil Associates LLC.

The level of American oil production has 40 years of records.

In a statement to CNBC, an official said: "We're always concerned when the market loses any value, but we're also confident in the economy's fundamentals".

According to Platts analysis, China's imports from OPEC countries increased by 7.1 percent on the year to 4.7 million bpd in 2017, but OPEC's market share dropped to 55.8 percent from 57.4 percent in 2016.

But Mr Jaafar Altaie, managing director of Manaar Energy Consulting said there are still persistent downward threats to the price from the rise in the United States shale oil production and weak compliance among Opec members.



Other News

Trending Now

#Brexit: Britain offers two options for future customs ties with EU
Among those attending a meeting hosted by Prime Minister Theresa May will be the heads of carmakers Nissan, Honda and Toyota, which employ thousands in the UK.

New 'Black Panther' Concept Art & Interviews Will Be Featured In BTS Book
Kendrick Lamar and SZA have unveiled the new music video for their Black Panther soundtrack collaboration, "All The Stars". Jordan , Lupita Nyong'o , Forest Whitaker and Danai Gurira.

Total flu hospitalizations continue to climb in Minnesota
Hospitalization rates nationwide average 51.4 per 100,000 people, which exceeds the 2014-15 rate at the same point in the season. It has been worse than usual, with elevated hospitalizations and more than 50 influenza-related child deaths across the country.

US confirms Russia alleged plan to interfere in midterm election
Instead, it was Colombian President Juan Manuel Santos who came out swingingagainst Venezuelan President Nicolás Maduro. Both leaders also emphasized their focus on returning democracy as well as free and fair elections to Venezuela.

Former Trump adviser Omarosa Newman offers grim White House insights
Here's why the " Celebrity Big Brother " house guests need to focus on getting Omarosa Manigault out as quickly as possible. It was like keep her away from him.

Windows 10 S Build 17093 Helps Users Ditch Passwords
Microsoft is releasing an early preview of the February 2018 feature update for Word Mobile, Excel Mobile, and PowerPoint Mobile. DDV lets users review the diagnostic data your device is sending to Microsoft, and now this data can also be deleted by users.

South Korean president to meet Kim Jong Un's sister during Olympics
Choe Hwi's visit, however, requires the South be granted a temporary exemption from global sanctions against the DPRK. If no objections are raised by any of the 15 members by Thursday afternoon, then the request will be approved.

Salah out to pip Kane to Golden Boot
I wanted to go back to England and when I had the opportunity to come to Liverpool I was very happy. This year I'm scoring more goals .

My Nintendo Gold Points can soon be spent on the Switch eShop
While this seems to be the direction of speculation, Nintendo hasn't definitively set the value of a single Gold Coin. Nintendo says more details are on the way, and once they're announced we'll be sure to present an update as well.

Twitter Reports First Ever Net Profit; Stock Surges
Advertisers with access to this tool created 26% more Promoted Tweets, launched 13% more campaigns and spent 23% more on Twitter . Another source of the ad revenue growth was the new Promoted Tweet composer that simplifies the process of creating this content.