"The EIA is forecasting USA oil production will lift 14.8% to 10.70 million barrels per day this year, before rising another 5.3% to 11.27 million barrels per day next year". This is less than the deficit of about 560,000 bpd implied last month. Similar to 2017, the OECD region saw an upward revision by 20 thousand b/d in the first quarter of 2018 amid solid initial data for OECD Americas. The switch to natural gas in Pakistan and Iraq's power sectors is responsible for a downward revision of 150 kb/d to non-OECD demand.
"If oil rig drilling proves uneconomical, we could see companies look to draw down on their DUC wells, keeping United States oil output higher for longer". Crude production is expected to reach nearly 33.5 mb/d in the second half of the year. Crude futures have moved in sync with equities uninterruptedly for the past 99 trading days, the longest such stretch in two years.
Indeed, stocks rose despite a jump in inputs to refineries. The base case projects growth of approximately three million BPD over the next five years. Oil reduced its decline after the industry report showed United States fuel stockpiles fell last week. The ICE Brent futures curve remains in backwardation.
Brent spot prices and spreads have essentially shown no net increase since the middle of December as the earlier rally has stalled (tmsnrt.rs/2HyJ1yX). It will ramp up to a new record in 2Q18 at 81.8 mb/d. A broader market slump initially drove prices lower, while surging American production and increasing inventories remain a challenge. New oil discoveries in 2017 hit a record low at only 4 billion barrels, which stands in stark contrast to the 36 billion barrels that were produced. Even so, the value of Brent crude oil is still averaging close to $67/bbl in 2018, which is about 20% higher than in the early part of a year ago.
Data from the American Petroleum Institute will be released at 4:30 p.m. on Tuesday, and is expected to show a build US crude inventories for the third straight week. Meanwhile, stockpiles at Cushing were little changed, according to data compiled by Bloomberg.
He added that the company had reduced production at some fields and expected domestic output to decrease gradually.
On the demand side, OPEC revised higher its expectations. Our estimate for February shows output down again, by 60 kb/d. The risk, of course, is that such strong production growth leaves little room for other producers around the globe to increase production.
NCAA women's hoops tournament: UConn could play in Albany
Albany is closer to Columbia than Sioux Falls and Stockton, South Carolina's previous regional spots, but it's no Lexington. Duke is the No. 5 seed. "But we've got a long way to go between now and then". "Obviously not", SC coach Dawn Staley said.
"Libya is holding onto its recent gains", the IEA said. Taking OPEC as a whole, quota compliance in February was 147%, but even if Venezuela's production were at its allocated level, the group's compliance would still be close to 100%.
Not all market indicators were bearish, however.
On a monthly basis, the producer price index that measures wholesale inflation was up 0.2% following January's 0.4% increase.
There is little enthusiasm among business leaders and investors for increased tariffs, tougher restrictions on investment and "de-globalisation". Similar to previous years, Canada remained the largest destination for US crude oil exports, but Canada's share of total USA crude oil exports continued to decrease, down from 61% in 2016 to 29% in 2017.
Yet, it should become very clear that US oil production is not keeping pace with near record demand growth as global oil production decline rates.
"The rising tensions between the West and Russian Federation raise the potential for reduced trade flows and economic activity, which would diminish energy demand growth", said John Kilduff, partner at investment manager Again Capital in NY.
The net result is that Green Bay will replace Nelson by signing free-agent tight end Jimmy Graham ( according to ESPN ). He has twice caught more than 1,000 receiving yards in a season, but not since 2013 - his final year with the Saints .
Three months after multiple men accused James Levine of sexual assault , the Metropolitan Opera officially fired the conductor. The Met suspended Levine, 74, in December after several accusations of sexual misconduct stretching from the 1960s to 1980s.
Fox News has learned that the FBI's Office of Professional Responsibility made the recommendation to terminate McCabe. Firing McCabe could put Sessions in a better position with Trump, but the attorney general would have to act fast.
Among refined products, Nymex reformulated gasoline blendstock-the benchmark gasoline contract-was down 0.5%, at $1.89 a gallon. Oil prices fell with the release of this EIA report on Monday and it looks like the downside pressure will continue on Tuesday.
Glushkov worked in the 1990s for the state airline Aeroflot and Berezovsky's LogoVAZ vehicle company, according to media reports . A post-mortem examination will be held in due course and the death is now being treated as an unexplained , the police said.
GKN shareholders will need to approve the merger, which means they will have to weigh its merits against a Melrose deal. That will include considering whether they want to hold a stake in New York-listed Dana or London-listed Melrose.
Quite obviously we were fools for thinking this, as she is a Kardashian by blood and a member of Snapchat/Insta/actual royalty. She also revealed that Stormi and Chicago, Kim Kardashian and Kanye's West's newborn daughter, are already besties .
It is much higher for our state which was divided against the public will and is in hard situations after unjustifiable division. This House strongly condemns the callousness of the Centre towards rescuing the state.
The crash happened at about 5:30 a.m., crunching the bus and leaving the passengers exposed to chilly temperatures. One person is dead after a charter bus fell on its side into an 50 foot Alabama ravine Tuesday morning.
Hardy was fingerprinted and taken before a magistrate where he was given a written promise to appear in court. He has a court date scheduled for April 16 and his drivers license has been revoked for a minimum of 30 days.
Bomb attack kills 9 near Pakistan's Lahore
Rescue 1122 teams shifted the injured policemen and civilians to nearby hospitals, where an emergency has been imposed. The suicide attack has taken place a week before the semi-finals of the Pakistan Super League in Lahore .
Quicker Raspberry Pi 3 Arrives With Model B+ Launch
As the name suggests, the Pi 3 B+ shares many features with the original Raspberry Pi 3 Model B , launched back in February 2016. According to Raspberry Pi, it's sold more than 9 million Raspberry Pi 3 units and a total of 19 million Raspberry Pis in total.
Browns to acquire CB Damarious Randall
Although Barkley and Bell are both extremely talented pass catchers out of the backfield, they have different playing styles. The Cleveland Browns have agreed to trade for Buffalo Bills quarterback Tyrod Taylor , according to multiple sources.
Rams, Friars NCAA Tournament-Bound
Prediction: Providence, after an incredible run in the Big East Tournament, is one of the hottest teams in the country. If the Aggies advance to the Second Round, things do not lighten up, as A&M would likely face 2-seed North Carolina.
Iowa employment rate holds 2.9 percent
Johns, Duval and Volusia is also up by 0.5 points in each of those counties, which could hint at a regional slowdown. Gains in health care and social assistance (3,700) were offset by small losses in educational services (700).