United States crude oil refinery inputs increase last week

Alfonso Ballard

dailytrendsnow.com

02:43 | Friday, Feb 08, 2019

Also supporting the market is concern that a Venezuelan crisis - and sanctions announced recently - could cause a collapse of the 1.15 million crude oil per day production of Venezuela. The WTI prices remained positive on Wednesday after the EIA inventory report joined hands with Venezuelan sanctions and supply outages at Canada and Mexico.

Both U.S. crude oil imports and exports increased during the week ending February 1, the U.S. Energy Information Administration (EIA) said on Wednesday.

West Texas Intermediate crude for March delivery slipped 0.4 percent to $53.81 a barrel on the New York Mercantile Exchange as of 10:50 a.m. London time.

U.S. President Donald Trump said in his State of the Union address that a trade deal with China was possible.

USA crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said.

WTI prices were $46.54 per barrel at the start of the year, rising to current levels in part on geopolitical concerns about Venezuela, as well as on the possibility of an economic slowdown in China.

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Prices have been buoyed by a new round of supply cuts from the Organization of the Petroleum Exporting Countries and its allies that began in January. OPEC has delivered nearly three-quarters of its pledged cutback already, a Reuters survey showed.

Following a US decision to impose sanctions on Venezuela's oil industry last week, Guaido and the Trump administration have sought to appoint a new board of directors for Citgo.

The move ratcheted up pressure on Maduro to cede power to National Assembly leader Juan Guaido, who the USA and European allies have recognized as Venezuela's rightful president.

Saudi Arabia, the world's top oil exporter, told OPEC it had pumped 10.24 million barrels per day (bpd) in January, two OPEC sources told Reuters, exceeding requirements agreed in the supply pact. Venezuela, on the other hand, has seen output production declines in recent years related to reduced maintenance and fewer upgrades amid economic difficulties, the Energy Information Administration has said.

"The market seems to be turning on renewed worries that there doesn't seem to be a lot of progress on the U.S".

"The market is being boosted by optimism over the higher-level trade talks between the United States and China that were completed on January 31".

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