Daily Trends Now
Daily Trends Now


United States crude oil refinery inputs increase last week

United States crude oil refinery inputs increase last week

USA sanctions on Venezuela's state oil company could also lift prices, though they have yet to trigger any sharp increase.

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.




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".

follow

editors' picks

February 08, 2019
Ariana Grande not Performing at or Attending the Grammys after Disagreement
After releasing her fifth studio album, " thank u, next ", Ariana Grande was reportedly supposed to perform at the 2019 GRAMMYs. Meanwhile, Taylor, who is also nominated in the Best Pop Vocal Album category, is also thought to be giving the Grammys a miss.

February 07, 2019
Emiliano Sala: Nantes threaten Cardiff City with legal action over payment
Cardiff are reported to be committed to honouring the deal but not until they have been provided with sufficient documentation. Sala and his pilot David Ibbotson have been missing since shortly after their plane took off from France on January 21.

February 06, 2019
Apex Legends By Titanfall Developer Respawn Enteratainment Announced By EA, Out Today
I wasn't sure if people would take to the new title since it had stripped the Titanfall name, but it turns out I was wrong. Currently, eight of these characters are available out of which two are locked and can be purchased with in-game currency.

February 06, 2019
Meghan Markle's Friends Break Their Silence on the 'Lies & Untruths'
Harry understood it as William not being "behind" the marriage and Nicholl believes things between them haven't been right since. Yes! He then suffered two heart attacks, preventing him walking his daughter down the aisle at St George's Chapel, Windsor.

February 04, 2019
See Why Unai Emery must start Mesut Ozil against Manchester City
The long-serving Frenchman was often accused of failing to prepare for the opposition properly in games of this ilk. It took him nearly double the time to score here, 46 seconds, as it did at Newcastle , 24 seconds.

February 01, 2019
US, China Launch High-Level Trade Talks Amid Deep Differences
If confirmed that would be right around the time Trump is slated to meet North Korean leader Kim Jong-un for nuclear talks. The president seemed optimistic the two-day meeting would help de-escalate the trade dispute between the two countries.

January 27, 2019
Rajeev Ram, Barbora Krejcikova combine to win Australian Open mixed doubles
The big-swinging Czech suffered disappointing early exits at Grand Slams in 2018 despite winning five titles on the year. Both women had three break points over the course of the match, and Osaka's first serve was a high point for her.

January 27, 2019
Gunman kills 5, including parents, in Louisiana shooting spree
Webre said Theriot is driving a 2004 Dodge Ram pickup truck - gray on top and silver on the bottom - that was reported stolen. Separately on Facebook , the Ascension Parish sheriff's office said two people were shot dead in the city of Gonzalez.

January 26, 2019
Trump surrenders to Democrats, ends government shutdown
The partial government shutdown has entered its 35th day, breaking the record of the longest government shutdown in USA history. The Senate was unlikely to pass these bills since it would need 60 votes to do so, which neither side appeared to have.

January 26, 2019
Read the Roger Stone indictment, which includes a 'Godfather: Part II' reference
The FBI also executed a search warrant at Stone's NY residence, according to Kristin Davis who shares the duplex with Stone. They also at one point took in a wheaten terrier they found injured on a roadside, he said; its leg was later amputated.