Crude Oil Drifting Lower By The Day

Gold, Silver, Copper and Crude Oil Briefing

USA crude oil inventories (excluding the Strategic Petroleum Reserve) fell by 8.9 million barrels (MMBbl) for the week ended August 11 from the previous week, the Energy Information Administration said in its Weekly Petroleum Status Report.

Oil prices dropped below $30 per barrel past year under the dual strains of robust US crude oil production and a strategy from the Organization of Petroleum Exporting Countries to defend their market share with more oil.

Oil prices have recovered with the support of falling crude inventories in the United States following a fall of more than 1% in the previous session, though high production rates continue to restrict gains.

US crude output rose by 79,000 bpd last week to 9.5 MMbopd, the EIA reported. It ranks first in oil futures trade.

The figure released was more than double the decline expected.

ETFS GBP Daily Hedged WTI Crude Oil (FCRU.L) shares are moving today on volatility -1.06% or $-0.30 from the open.

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Crude oil futures steadied Thursday as traders bet recent losses were overdone considering the significant drop in U.S. inventories. Look to use breaks to buy calls going into next year. If the spread covers U.S. crude oil storage and transportation costs, then exports could be profitable.

Oil also saw weakness on the SPR news.

Ole Hanson, the head of commodity strategy at Saxo Bank, said in an emailed newsletter crude oil prices have lost ground since June and the possibility that crude oil prices move much higher than $50 per barrel is unlikely because OPEC is struggling to clear the oversupply. Funds from that sale will go to the National Institutes of Health, according to the Department of Energy. However, recent data showed OPEC production rose in July because of weaker compliance with the accord as well as a resurgence in output in Libya and Nigeria.

Under Section 5010 of the 21st Century Cures Act, signed on January 4, 2016, the Secretary of Energy is directed to draw down and sell a total of 25 million barrels of crude oil from the SPR, over three consecutive fiscal years (FY), beginning in FY 2017.

Worries, do we have worries. Both nations are exempt from the pact because their oil industries have been disrupted by civil unrest.

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