WTI Crude Oil and Natural Gas Forecast

India’s dilemma Donald Trump or cheap Iran oil

Concern over crude supply disruptions in Venezuela were said to have returned to haunt the trading community on Tuesday, but it was hardly enough to compensate for us crude's 4.2 percent loss the day prior: West Texas Intermediate on Tuesday climbed a mere 2 cents to close at $68.08 per barrel, while Brent rose 49 cents to $72.33.

At the Multi Commodity Exchange, crude oil for delivery in September was trading higher by Rs 37, or 0.81 per cent, at Rs 4,627 per barrel with a business turnover of 44 lots.

Brent has fallen nearly 9 percent from last week's high above $79 on emerging evidence of higher production from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries, as well as Russian Federation and the United States.

With the record refinery throughput, U.S. petroleum inventories held steady as an accumulation of refined product stocks more than offset the drawdown in crude oil stocks.

Mr Al-Aama said Saudi Arabia's policy is to work on satisfying customers' needs, but to do so while adhering to Opec and non-Opec supply agreements. Yesterday, crude oil prices moved up, despite higher-than-expected United States inventories based on official data.

Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tensions between the USA and China stoked fears of damage to their economies and commodities demand.

Traders will now be looking towards data from industry group the American Petroleum Institute, due later Tuesday, for an indication of USA crude stockpiles.

WTI crude oil prices built on overnight recovery move from near one-month lows and edged higher through the early European session on Friday.

More news: Wimbledon 2018 -- Kevin Anderson wins men's semifinal match

Data from Energy Information Administration on Wednesday showed a larger than expected 5.8 million barrels jump in U.S. crude inventories in the week ended July 13.

"We expect a fairly rapid lengthening in the (global oil supply) balance", Reid added.

Crude also strengthened on forecasts that inventories at the US oil delivery hub for WTI in Cushing, Oklahoma fell 1.8 million barrels, or 6.2 percent, through Tuesday, traders said, citing energy information provider Genscape.

The official's sentiment is a major step back from the bold U.S. policy objective of reducing Iranian oil exports "to zero" following President Trump's withdrawal from the Iranian nuclear deal in May. Thanks to such efforts, the company was able to reduce the share of Iranian crude oil imports to 10 percent as of last month, said a Hyundai Oilbank official. The goal is to bring down oil prices-and gasoline prices-ahead of the mid-term elections in November, the same month in which the renewed USA sanctions on Iran are returning.

OPEC had announced it would add 1 million bpd of crude to the market.

USA crude stocks rose by 5.8 million barrels last week, compared with a forecast of a decline of 3.6 million barrels.

The US Energy Information Administration (EIA) said on Wednesday that US crude production had reached 11-million barrels a day for the first time.

Adeeb Al-Aama said in a statement that Saudi Arabia's crude oil exports in July would be roughly equal to June levels.

Related News:

  • Trump and Putin set for Helsinki talks

    Trump and Putin set for Helsinki talks

    Trump also expelled dozens of Russian diplomats earlier this year in response to the poisoning of a former Russian spy in the U.K. On Sunday, Trump tweeted that the news media and Democrats won't be satisfied with any outcome of the summit.
    Patrice Evra demands respect for Paul Pogba after goal

    Patrice Evra demands respect for Paul Pogba after goal

    Zlatan Ibrahimovic was full of praise for Paul Pogba's performance for France in Sunday's World Cup final. Pogba will now be given extra time off before linking up with his United team-mates.
    Kawhi Leonard rumors: Considering USA basketball minicamp

    Kawhi Leonard rumors: Considering USA basketball minicamp

    That's according to ESPN's Adrian Wojnarowski, who also reported Leonard only has eyes for the Los Angeles Lakers . The Spurs have likewise been apprehensive in searching for a deal, reports Wojnarowski.
  • Iran files complaint at ICJ against USA  new sanctions

    Iran files complaint at ICJ against USA new sanctions

    The officials spoke to reporters travelling with them on condition that their remarks not be reported until Monday. Trump has repeatedly complained about oil prices being too high, even though his own policies have played a role.
    Thai boys rescued from cave send 'thank you' messages from hospital

    Thai boys rescued from cave send 'thank you' messages from hospital

    It was his rare combination of talents that led Australian doctor Richard Harris deep into the Tham Luang cave in Thailand. Dr Griggs said it was likely Dr Harris would be a reluctant hero over his role in the successful rescues.
    Missing woman found alive after auto  plunges off California's Big Sur

    Missing woman found alive after auto plunges off California's Big Sur

    The search for Hernandez began Monday in San Mateo County, three days after her family last heard from her in Half Moon Bay. On the morning of July 6 she texted her sister saying she was hitting the road before she suddenly went off the grid.
  • Kim slams local North Koreans for unfinished power plant

    Kim slams local North Koreans for unfinished power plant

    The report said the USA planned to send cases to the Demilitarized Zone and that North Korea would place the remains in them. South Korea's Foreign Ministry said the North then requested higher level talks with the US-led United Nations Command.
    Xiaomi Mi Max 3 specs get leaked

    Xiaomi Mi Max 3 specs get leaked

    The dual camera is expected to be 12 MP + 20 MP and will have a lot of memory options - 3/4/6 GB RAM and 32/64/128 GB storage . The e-com listing shows the Global Version Mi A2 Lite runs Android 8.1 Oreo with Google's Android One programme.
    Manny Pacquiao stuns Lucas Matthysse to claim WBA welterweight title

    Manny Pacquiao stuns Lucas Matthysse to claim WBA welterweight title

    It was the first action for Pacquiao since losing on points to Australian Jeff Horn in Brisbane past year . Today was my turn to lose, but I lost to a great fighter and a great legend in Manny Pacquiao .
  • U.S.  to receive American soldiers remains in coming weeks: Mike Pompeo

    U.S. to receive American soldiers remains in coming weeks: Mike Pompeo

    Security Council to relax sanctions against Pyongyang, even though the United States is pushing for even tougher sanctions on oil. On Tuesday Trump said he had misspoken and that he had complete faith in US intelligence agencies and accepted their conclusions.
    Shehbaz Sharif urges govt for providing 'jail perks' to Nawaz

    Shehbaz Sharif urges govt for providing 'jail perks' to Nawaz

    Mr Sharif was disqualified by the Supreme Court previous year in the Panama Papers case. There were no immediate reports of injuries.
    SA routing for Kevin Anderson in Wimbledon final

    SA routing for Kevin Anderson in Wimbledon final

    Anderson, who knocked out Federer in the quarter-finals, has been on court for 21 hours at the tournament. There is no set time for the match to end, and they can often go on for more than two hours.

Most liked

Modi government passes no-trust test comfortably
PM Modi looked nonplussed initially and did not stand up, but recovered quickly and called Gandhi back and patted him on the back. The Bharatiya Janata Party won the vote 325-126, but Modi's speech was undermined by tiresome subjects and protesting MPs.

2023-26 Final Four sites picked
Johnson admitted the short time between the 2017 Final Four and Wednesday's presentation was a benefit for Arizona's group. And you know what? "They agreed with us and the Final Four is coming back to where it belongs in San Antonio , Texas".

Alleged Russian agent offered sex to make political connections, feds say
Butina pleaded not guilty in court Wednesday to charges of conspiracy and acting as a foreign agent. And prosecutors also are accusing her of using sex and deception to forge influential connections.

Israel approves contentious Jewish 'nation state' bill
Adalah, the Legal Center for Arab Minority Rights in Israel, described the law as a bid to advance "ethnic superiority by promoting racist policies".

Kentucky's Paul shares Trump's skepticism of USA intervention
We're not going to have it, and that's the way it's going to be". "No? You don't believe that to be the case?" the reporter said. His comments Wednesday morning further muddied his stance.

Galaxy Note 9 official press render leaked
Samsung will be announcing the Galaxy Note9 on the 9th of August and this is their next flagship phablet that comes with a stylus. Samsung's first Android Go smartphone, rumored to launch as the Galaxy J2 Core , received FCC approval just a few days back.

Arsenal legend Robert Pires reveals club’s best transfer of the summer
Ozil has been with the London side since 2013, but it was feared that he would leave the club last season along with Alexis Sanchez.

Why did Donald Trump ‘side with Russia’ on election meddling?
McCain slammed Trump for "speaking from the same script" as Putin and that 45 made a "conscious choice to defend a tyrant". It featured an American president siding with an enemy of the USA over his administration and intelligence officials.

Liverpool Make Official Bid For Roma Keeper Alisson
Liverpool's offer is believed to consist of £53m up front with another £9m in add-ons for the 25-year-old. Liverpool had been deterred from pursing that interest at the start of the summer by Roma's asking price.

The hidden details you missed in Prince Louis' christening photos
Prince Louis was the centre of attention once again in a series of stunning portraits taken on the day of his christening at St. Princess Charlotte couldn't keep her eyes off her little brother as she posed for the photo with just royal family members.

China's trade surplus with United States swells in June
Beijing's tariff battle with President Donald Trump has rattled businesses that worry trade and investment will be disrupted. That has prompted concern regulators might expand retaliation to trying to hamper operations of American companies in China.

Out of adversity, Modric and Croatia to play for World Cup
Some of Belgium's key players will now also have hard decisions to make about where they play their club football next season. In 2017 England's junior teams won the Under-20 World Cup , the Under-17 World Cup and the Under-19 European Championship.

Sagan wins 5th stage to consolidate points lead
But Bardet was able to pace his way back alongside Landa and the duo lost just seven seconds to Froome's group. It was in 2011 when the Tour first finished a stage on the steep, two-kilometre climb to Mur-de-Bretagne.

Donald Trump calls European Union a 'foe'
China's a foe economically, certainly they are a foe. A look at Trump's past meetings with Putin. I've been told that by a number of people.

Thousands protest against Trump in Edinburgh; UK police seek paraglider
DONALD TRUMP added to the amount of time he has spent golfing during his presidency with a round at his Turnberry yesterday. Tens of thousands also protested in London on Friday against the USA president's first official visit to Britain.