May 16th
· North Dakota oil production hits new high in March
Oil production in North Dakota increased slightly in March, hitting a new high of 782.800 barrels a day despite bad weather that hampered drilling and well completions, the state’s Mineral Resource department said on Wednesday. North Dakota has experienced a surge in output after tapping into the giant Bakken shale formation which overlapping the U.S. and Canada border, turning the region into the second largest oil producing state in the country.
· U.S. crude stocks fall, products build
U.S. crude inventories fell last week, while gasoline and distillate stocks rose along with refinery rates data from the Energy Information Administration showed on Wednesday:
Crude: -0.624MLN
Distillates: +2.3MLN
Gasoline: +2.59MLN
Refinery runs: +1.0 pct pt
· Singapore residues stocks up 13.3% W-o-W)
|
Wk No. |
Stocks (kbbls) |
Change W-o-W (kbbls) |
Change W-o-W (%) |
Change Y-o-Y (kbbls) |
Change Y-o-Y(%) |
|
20 |
22,338 |
+2,626 |
+13.3% |
+3,967 |
+21.6% |
YESTERDAY’S MARKET
Crude oil futures settled up yesterday, with Brent up $1.08 a barrel. There is no apparent reason for yesterdays rise, other than an increasingly high U.S. stock market. U.N. talks with Iran concerning their nuclear program halted yet again, however this was not unexpected as we have seen this result over and over again. Oil markets are very well supplied, which increases the chance of new hard-hitting sanctions against Iran, which aims to limit the amount of Iranian oil hitting the market, without pushing the crude oil prices up. U.S. crude inventories fell last week, but gasoline and distillate stocks rose along with refinery rates, EIA data showed.
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