By Srinivas Chowdary Sunkara // petrobazaar // 7th June, 2018.
Oil price slipped
Yesterday, U.S oil prices were down on bearish weekly stock report. Brent prices moved down on a tussle between OPEC and non-OPEC supplies. EIA reported a surprise build against the analysts expectation of build in stocks across the market. Non-OPEC producers like U.S ramped up production to near 11Mbpd to become world's top producer. Kuwait was in the opinion that supplies should be continued to take the price advantage.
Crude price update
Yesterday, U.S crude July futures dropped by 79 cents to close at $64.73 a barrel on Nymex while Brent futures to be delivered in August inched down by 2 cents at $75.36 per barrel on London based ICE futures Europe exchange. Shanghai futures inched up whereas MCX futures for June delivery lost 1.14 pct. Today Oil prices opened up with positive note during Asian trading hours.
EIA report – summary
In U.S, Crude oil stocks were built up by 2.1Mbpd with 0.5 pct growth from previous week. Gasoline and distillates stocks were on upper side with 4.6 and 2.2 Mbpd respectively. Crude production was boosted to 10.8 Mbpd, nearer to 11Mb. Both imports and exports were on rise. Crude oil inputs in refineries were increased by 0.8% with an improved utilization percentage of 1.5%. Stocks at Midwest and Cushing were down during the week ended.
Comment
Global oil prices followed weekly stats yesterday. U.S weekly stock report was for bears. The volatile movement is expected to continue.
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