Wednesday, November 29, 2017

"U.S. Oil Production Hits 4th Straight Record High Ahead Of OPEC Meeting "

Here's the last two week's action in WTI:

From Investor's Business Daily:
U.S. crude production climbed to yet another record high ahead of a key meeting between OPEC and top nonmembers, potentially muddying expectations that they will extend an agreement to curb oil output.

Domestic production climbed to 9.682 million barrels per day last week from 9.658 million bpd in the prior week, according to the Energy Information Administration.

Crude stockpiles fell by 3.4 million barrels, while gasoline stockpiles rose by 3.6 million barrels. Analysts polled by S&P Global Platts expect a drop of 3 million barrels in U.S. oil inventories, with a 1.1 million-barrel increase in gasoline supplies.

The American Petroleum Institute, an industry group, said late Tuesday that U.S. stockpiles rose by 1.8 million barrels with gasoline stockpiles down 1.5 million barrels.

U.S. crude futures dipped 1.2% to $57.30 a barrel, their third straight decline, though they have surged in recent months on hopes OPEC will continue trimming output and on signs the global supply glut is finally easing. London-based Brent retreated 0.3% to $63.11....MORE
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