Crude Oil Rallies After API Shocker

Oil price jump

Oil price jump

The 2018 oil shipments could reach 350,000 barrels per day (BPD) by year-end, and average 400,000 BPD in 2019, Reuters reported.

World oil prices rise on Wednesday morning after the publication of the data of the American Petroleum Institute (API) on the reserves of "black gold" in the USA, gaining a foothold on the record levels achieved the day before.

Brent crude futures were at $69.11 a barrel, 0.4 percent above their last close.

USA crude production is forecast to average 10.3 million barrels a day in 2018, a record level. Following the meeting, was signed an agreement to reduce oil production by a total of 558,000 barrels per day starting from January 2017.

Heavy snow to continue through Wednesday morning in Billings
We project a high in the mid 60s across north and central Alabama today , about 10 degrees above average for January 10. The best chance of accumulating snow, for now, seems to be along and north of the Tennessee River of far north Alabama.

Villas-Boas crashes out of Dakar rally
The 40-year-old was taken to hospital after his auto , a Toyota Hilux, went airborne off a sand dune and made a hard landing.

China Officials Are Said To Be Wary Of US Debt, Sparking Drop
Treasuries when bond yields are rising, which typically indicates faster economic growth and larger deficits. New Zealand government bonds slumped at the time of closing Wednesday, tracking softness in the U.S.

In its report, the EIA predicted oil prices in the USA will average $54.01 a barrel in the first quarter of 2018, an increase from earlier predictions of $51.79.

Standard Chartered analysts said in a note, "We expect oil demand growth to outpace non-OPEC supply growth in both 2018 and 2019; in our view, the back of the Brent and WTI curves are both still underpriced [and] we do not think that prices below $65 per barrel are sustainable into the medium term".

This week, the API reported another build in gasoline inventories of 4.338 million barrels for the week ending January 5. The rally will continue until speculators decide prices are too high to buy strength and that buying a dip will give them more bang for their buck. Ken Medlock, director of an energy-studies program at Rice University in Houston, says an assessment Tuesday, Nov. 15, 2016, by the U.S. Geological Survey that the Wolfcamp Shale in the Midland region could yield 20 billion barrels of oil is another sign that "the revival of the Permian Basin is going to last a couple of decades". It is expected to show a 3.9 million barrel draw, down from the previous week's 7.4 million barrel decline.

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