Will "Take Care" Of Countries That Don't Stop Importing Iran Oil

Irving Hamilton
October 12, 2018

Schork Report editor Stephen Schork discusses whether crude oil prices will reach $100 a barrel by the end of the year.

Refinery crude runs USOICR=ECI fell by 352,000 barrels per day as utilization rates USOIRU=ECI dropped 1.6 percentage points, the EIA data showed.

OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.

The International Monetary Fund downgraded its global economic growth forecasts for 2018 and 2019 on Tuesday, potentially tempering demand for oil and its products. -China tensions. Japan's Nikkei 225 was down more than 4 percent on Thursday.

Volumes for Brent are four times the average for the Asian timezone, while WTI contracts were about 75 percent above typical turnover, McCarthy said.

Crude inventories climbed by 9.7 million barrels in the week to October 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Hubble placed in safe mode as gyro issues investigated
The closed gyroscope was showing signs of being worsened for almost a year, and it was not unexpected to stop the work. The Hubble Space Telescope was launched in the year 1990 into low Earth orbit and until now remained in operation.

Says that market is being largely driven by decisions taken outside of OPEC+.

Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement.

"The significant increase in crude oil inventories is a reflection of refineries going down for maintenance", said Andrew Lipow, president of Lipow Oil Associates.

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the United States, almost 40 percent of daily crude oil production was lost from offshore US Gulf of Mexico wells on Tuesday because of platform evacuations and shut-ins ahead of Hurricane Michael. The cuts represent 718,877 barrels per day (bpd) of oil production.

The American Petroleum Institute reported a 9.75 million barrel increase in USA crude oil inventories.

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