Crude Stockpiles Drop, Oil Prices Fall

Angola falls back from leading oil production in Africa

EIA today reported a 2.8-million-barrel draw in US crude oil inventories for the week to October 6, lifting market spirits further amid higher oil demand growth projections from OPEC and growing Middle East tensions around Kurdistan.

For 2018, it forecast WTI $50.57-up 2% from the previous outlook.

However, the EIA also reported a 2.5-million-barrel rise in gasoline inventories for last week, exceeding analyst expectations of a 1.4-million-barrel increase, and in contrast to API estimates of a 1.575-million-barrel draw.

The monthly OPEC oil market report noted that, based on secondary sources, Angola produced 1.641 million barrels in September, a monthly drop of 2,900 barrels, while Nigeria increased production by 50,800 barrels to 1.855 million barrels.

Brent crude futures, the worldwide benchmark for oil prices, were down 78 cents, or 1.4%, at $56.16 late morning Thursday.

'Human remains' found as family fears missing grandmother was taken by crocodile
An elderly woman feared to have been killed by crocodiles in north Queensland had recently moved to the area from Canberra. Anne Cameron, 79, was reported missing from an aged care facility near Port Douglas, north of Cairns, on Tuesday.

(WES) Shares Trading down at $51.90 Western Gas Announces Third Quarter 2017…
The stock of Western Gas Equity Partners LP (NYSE:WGP) has "Buy" rating given on Sunday, August 20 by RBC Capital Markets. TheStreet upgraded Western Gas Partners, from a "c+" rating to a "b" rating in a research note on Wednesday, April 26th.

GM plays Mexico wildcard in Canada
The plants will assemble the model for the North American market, according to United States Unifor representative Jerry Dias. The company's warning to the union comes as a strike at its southwestern Ontario operation stretches into a fourth week.

The Energy Department on Thursday lowered its forecast for oil demand for 2018. But traders say supplies remain ample despite these cuts, thanks in large part to surging USA production.

Traders said they would look to USA fuel inventory data on Wednesday and Thursday for indicators on price direction. The rebound in U.S. oil production this year, reversing an annual decline of around 550,000 b/d recorded in 2016 - the first drop after seven successive years of growth - has been a major factor eroding the impact of the 1.72 million b/d of production cuts pledged by 22 OPEC and non-OPEC producers in a bid to rebalance the market starting January, and now in effect until March 2018.

US exports fell in the most recent week to 1.27 million bpd, but USA exports have still exceeded 1 million barrels a day for three straight weeks, the first time this has happened.

The EIA also forecasts USA crude production averaging 9.9M bbl/day in 2018, which would mark the highest annual average production in US history.

The U.S. bank said oil supply and demand fundamentals meant it expected Brent to average $58 a barrel in 2018.

Related:

  • Iran progress to Federation Internationale de Football Association  U-17 World Cup Round of 16

    Iran progress to Federation Internationale de Football Association U-17 World Cup Round of 16

    In the other Group D match, Spain will look to overcome North Korea to seal their place in pre-quarters. With this win the Asians booked their place in the Round of 16.
    Things to Watch in Wells Fargo's Results

    Things to Watch in Wells Fargo's Results

    It improved, as 45 investors sold RAI shares while 262 reduced holdings. 5 funds opened positions while 4 raised stakes. When investing in a volatile security, the risk of success is increased just as much as the risk of failure.

    Twenty-First Century Fox, Inc. (NASDAQ:FOX) Updated Broker Ratings

    Zacks Investment Research cut Twenty-First Century Fox from a "buy" rating to a "hold" rating in a report on Friday, February 3rd. On average, equities analysts forecast that Twenty-First Century Fox, Inc . will post $2.07 EPS for the current fiscal year.
  • Walt Disney Company (The) (NYSE:DIS) Stock in Motion

    Walt Disney Company (The) (NYSE:DIS) Stock in Motion

    It increased, as 77 investors sold DIS shares while 606 reduced holdings. 108 funds opened positions while 638 raised stakes. Wealthtrust Axiom Ltd Liability Company has invested 0.27% in Misonix, Inc. 34,442 were reported by Asset Management Inc.
    Tesla Model X crossovers recalled for faulty seat mechanism

    Tesla Model X crossovers recalled for faulty seat mechanism

    There's likely to be little overlap with Model Xs that were recalled in April over a sticky parking brake. Vehicles that fell under that recall were only built through October.
    Speeding auto  mows down three schoolgirls on Baramati Morgaon Road, two dead

    Speeding auto mows down three schoolgirls on Baramati Morgaon Road, two dead

    However, Bangar refused to say whether Mane was among the two who are yet to be arrested, or whether he was driving the auto . The arrested trio are identified as Akash Jagtap, Hrishikesh Chavadhar, and Prithviraj Chavan, all residents of Baramati.
  • Gilead Sciences' (GILD) Overweight Rating Reaffirmed at Barclays PLC

    Sector Gamma As stated it has 5.64% in Gilead Sciences, Inc. (NASDAQ:GILD). 12,320 are held by Ledyard Bancorporation. (NYSE:MRK). After $-0.13 actual EPS reported by VolitionRX Ltd for the previous quarter, Wall Street now forecasts 7.69% negative EPS growth.
    With iPhone X release around the corner, Nikkei report says shortages expected

    With iPhone X release around the corner, Nikkei report says shortages expected

    The iPhone X also features Animoji, which are customized animated emoji that users can use to express their emotions on iMessage. Once Apple gets a handle on production, analysts are anticipating that demand for the iPhone X will be off the charts.
    GM to idle Detroit-Hamtramck plant, 1500 workers for 6 weeks

    GM to idle Detroit-Hamtramck plant, 1500 workers for 6 weeks

    As consumer attitudes shift, automakers don't want to be stuck with a bevy of unwanted passenger cars. Along with that announcement, GM said it planned to layoff around 1,200 employees at the plant.
  • FEMA actually can stay in Puerto Rico indefinitely

    FEMA actually can stay in Puerto Rico indefinitely

    More than three weeks since Hurricane Maria, more than a third of Puerto Ricans still don't have access to drinking water . While MLB has been doing what it could to lend a hand to Puerto Rico, Trump hasn't appeared to be all that eager to help.
    Regina house, condo prices down: Royal Lepage

    Regina house, condo prices down: Royal Lepage

    After a almost 10-month correction, the activity in the region rebounded but last quarter prices showed manageable growth. We anticipate a rise in both volumes and prices this fall, but not at the rate we were seeing in 2015/2016", says Soper.
    Royal Bank Of Canada Reaffirms

    Royal Bank Of Canada Reaffirms "Buy" Rating for Alphabet Inc. (GOOGL)

    The value of the investment in Alphabet Inc. decreased from $909,000 to $863,000 a change of $46,000 quarter over quarter. The simple moving average is a mathematical calculation that takes the average price (mean) for a given amount of time.

Comments

Latest news

Parents of missing 3-year-old girl no longer cooperating with police
She was in the house at the time, but was reportedly asleep and unaware of what her husband was doing, Perlich said. Police went door-to-door in the neighbourhood and used search dogs and helicopters to look for Sherin.

United Kingdom releases Clean Growth Strategy, plans next CfD auction
A full copy of the Clean Growth Strategy can be downloaded from the BEIS website . But overall the UK Government admits that it will miss most of its targets.

Samsung expects record $12.8-billion Q3 operating profit
It is also a 3 percent rise from this year's second quarter - its previous highest - of 14.07 trillion won in profits. The Note 8 received 850,000 pre-orders in South Korea , the highest ever for the series.

Glu Mobile Inc. (GLUU) COO Sells 160000 Shares of Stock
In terms of Buy/Sell recommendations, 5 analysts have a consensus rating of 1.8 on the shares of Glu Mobile Inc (NASDAQ: GLUU ). Renaissance Technologies LLC purchased a new stake in Glu Mobile during the first quarter valued at $877,000. (NASDAQ:AAPL).

Russian woman killed in unsafe holiday stunt
According to widespread media reports, the mother of one who works in real estate in Moscow, died of her injuries. It was filmed by Ms Borodina's friend Ivanna Boirachuk, 32, who is believed to have been driving the auto .

Jason Momoa has apologized for his joke about raping women
I am still severely disappointed in myself at the insensitivity of my remarks that day. "I made a truly tasteless comment". What do YOU think of his statement?

Amazon has suspended video boss Roy Price
McGowan added that, after that incident , she attempted to buy back a script she says she previously sold to Amazon . Amazon has two TV projects in development with Weinstein Co. and said this week it's reviewing them.

Mountain climber kills himself after girlfriend's avalanche death
Justin died in Nepal in 2015. "This is the painful reality of our sport, and I'm unsure what to make of it". The Gallatin National Forest Avalanche Center said it will release more details later in the week.

Amazon Leaks the Price of Star Wars Battlefront II Crystals
Loot boxes, it appeared from the beta, were directly tied to progression, alluding to slight pay-to-win scenarios. We are beyond the Star Wars Battlefront II beta, and it looks like the game is going to have microtransactions.

Facebook Exec Slams Twitter For Censoring Pro-Life Blackburn Ad
Blackburn's now-permitted advertising, so there's no longer a rational basis for it to ban Live Action's ads. Some of the Live Action content that Twitter objected to was identical to the content in Ms.

Merson: If Wenger was Redknapp, Arsenal would win the league
Former Arsenal midfielder Paul Merson believes Harry Redknapp is tactically superior to Arsenal manager Arsene Wenger . He thinks Arsenal would have won more trophies under Wenger if he was as astute as Redknapp is.

Several Injured After Gunman Opens Fire in Sweden
Police spokesman Fredrik Bratt said: 'We have received several reports of a shooting in Trelleborg . Local news outlet Sydsvenskan reported that eight ambulances had been sent to the scene.

Yellowstone supervolcano could erupt much sooner than previously thought
Helen did in 1980 and could cover most of the continguous U.S.in ash, possibly putting the planet into a volcanic winter . If the supervolcano underneath Yellowstone erupts again, we may have far less advance warning time than we thought.

The Current Analyst Recommendations for Chevron Corporation (CVX), Waste Management, Inc. (WM)
The New York State Teachers Retirement System holds 3.28M shares with $341.90 million value, down from 3.34 million last quarter. BidaskClub lowered Chevron Corporation from a "sell" rating to a "strong sell" rating in a research report on Friday, June 23rd.

Robbie Lawler vs. Rafael dos Anjos to headline UFC on FOX 26
UFC on Fox 26, which goes down on December 16 in Winnipeg, Manitoba, Canada, now has a headliner - and it is absolute dynamite. Dos Anjos promised to make his fight with Woodley (18-3-1 MMA, 8-2-1 UFC ) an entertaining one by pushing the action.

Other news