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Crude losses $0.55

Posted on: May 10, 2017

The official EIA inventory report today showed crude stockpiles fell by 5 million barrels today after analysts had predicted 2 million barrel decline. Libya has been hemming their political divisions in the hopes of advancing political stability and reducing the possibility of militant attacks. Currently, Libya’s production levels have increased to 790k/bpd versus 700k/bpd at the end of April. Russia has publicly said they would consider (key word “consider”) prolonging output reductions pertaining to the OPEC agreement.

One of Nigeria’s largest pipelines has been fixed which could at up to 200k/bpd on restart. Lastly, an important report from the Energy Information Administration predicted US output to climb to 9.96 million barrels per day during 2018. Overall, NYMEX WTI prompt contracts lost $0.55 to settle at $45.88 for the day.

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