United States crude stockpiles seen rising last week, products likely down

United States crude stockpiles seen rising last week, products likely down

Eleven analysts polled ahead of inventory reports from the industry group American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 3.5 million barrels in the week ended September 15.

Futures jumped 1.9 per cent in NY. "Refineries are also reporting a much better recovery from the recent hurricanes", ANZ bank said on Monday. "If OPEC is really still willing to commit to extending production cuts, that gives this market some room to test the upside here". As a result, there was less demand for oil from refineries and more demand for gasoline sitting in storage while less gasoline was being produced That's partly why gasoline prices spiked by almost 20 percent.

After Seeing France's Military Parade, Trump Wants An Even Bigger One
He said he was impressed by the military parade in central Paris in July, when he was visiting the French capital. And he said that his goal would be to "try to top" what France did.

Early Wednesday, traders are showing nearly no reaction to comments from Iraq's oil minister who said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut.

"OPEC and other participating countries in the deal are planning to extend the oil curb beyond March next year, when the agreement is scheduled to end". Iraq, the group's second-biggest producer, has said production should be reduced by an additional 1 percent to help rebalance the market.

Slovenia tops Serbia for first EuroBasket title
He scored 35 points in the final, six shy of the all-time record of 41, set by Serbia's Aleksandar Djordjevic in 1995. The win makes Slovenia the smallest country to win a EuroBasket tournament, since Latvia in 1935.

The U.S. benchmark West Texas Intermediate for October delivery, which expires September 20, rose $1.05 to $50.53 a barrel at 1:08 p.m. on the New York Mercantile Exchange after earlier rising to as high as $50.65. Total volume traded was about 39 percent below the 100-day average. The more-active November futures contract climbed 79 cents to $US50.69.

The key level for November WTI traders remains $50.30. The pace at which refiners processed crude rose by the most since 2008, yet distillate supplies slid by 5.69 million barrels and gasoline stockpiles fell by 2.13 million barrels. The global benchmark crude traded at a premium of $US5.60 to November WTI.

Indian government seek to deport 40000 Rohingya
The Centre also raised concern over the long-term fallout of permitting a large number of illegal immigrants to stay in India. A Bench led by Chief Justice of India Dipak Misra had asked the Centre to clarify its position on the matter.

Despite major Middle Eastern oil producers insisting that they are reducing supplies in a bid to support oil prices, an excess supply is still expected to put a dampener on the market. Diesel for October delivery rose 1.9 per cent to settle at $US1.807, the highest closing level since July 2015.

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