News Worms
News Worms


Crude palm oil futures remain up on rising demand

Crude palm oil futures remain up on rising demand

Nevertheless, US crude is on track for a almost 5% gain this week, buoyed by the return of refineries after Hurricane Harvey and stronger indications of demand. S. crude stockpiles rose almost twice expected levels last week as refineries cut output following Hurricane Harvey, while gasoline and distillate inventories drew, industry group the American Petroleum Institute said after the market settled.

Referencing to the oil production cut agreed by OPEC members, he said all nations need to work together to avoid a supply crunch adding that energy and environmental issues "are of common concern and, as such, can not be pursued in isolation".

US crude rose 59 cents to settle at $49.89 a barrel and benchmark Brent settled up 31 cents at $55.47.

Global crude oil prices improved, as OPEC and non-OPEC countries continued to conform to voluntary output adjustments and United States stocks declined further, OPEC said.

Phil Flynn, senior market analyst at Price Futures Group, said the weekly drop was the largest in history and that the storms were to blame.

Oil hasn't managed to settle above US$50 in NY since July 31 as efforts by the Organisation of Petroleum Exporting Countries and partners including Russian Federation to whittle the supply surplus floundered.

"Even if bloated global oil stockpiles continue to decline through this year, OPEC will still fall short of its objective to reduce oil inventories to their five-year norm by the end of 1Q2018".

According to secondary sources, total OPEC production averaged 32.76 million barrels per day in August, a decrease of 79,000 over the previous month.

It was said that the gasoline stocks fell by 8.4 million barrels over the past week.

"Another optimistic indicator going forward is global oil demand growth".

The bulls kept coming for crude oil on Thursday, Sept. 14, pushing prices to their best levels in a month and sparking a rally in energy stocks for the second day in a row.

The US dollar index was down 0.4 per cent against a basket of currencies, making oil cheaper for holders of other currencies.

In its monthly oil market report the OPEC's research arm said better-than-expected numbers from industrialised nations in the West and China has led it to raise its oil demand growth estimate for 2017 to 1.42 million barrels a day (b/).

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