Crude Breaks $65 as Record Drawdown Whittles US Oil Stockpiles

[thackney]

Crude Breaks $65 as Record Drawdown Whittles US Oil Stockpiles
https://www.bloomberg.com/news/articles/2018-01-24/oil-rally-fizzles-on-signs-u-s-inventories-halt-9-week-slide

 - 10-week drain on inventories is longest stretch on record

 - Vaulting U.S. crude production muting bullish sentiment

Crude popped above $65 a barrel for the first time in more than three years after U.S. crude stockpiles fell for a 10th week in the longest stretch of declines on record.

Futures advanced 1.8 percent in New York. Crude in American tanks and terminals slipped last week to the lowest since February 2015 while inventories at the nation’s biggest storage hub also swung lower, according to government data. Demand for stored supplies in the world’s biggest economy has been robust at a time of year when it’s usually weak because of refinery repairs, all against the backdrop of OPEC production curbs.

“Demand is outpacing supply,” Brian Kessens, who helps manage $16 billion in energy assets at Tortoise Capital Advisors LLC, said by telephone. “The OPEC curtailments are helping and their compliance has been relatively strong.”...

[thackney]

Oil hits $71 for first time since 2014 on tighter supply and weak dollar
https://uk.reuters.com/article/us-global-oil/oil-hits-71-for-first-time-since-2014-on-tighter-supply-and-weak-dollar-idUKKBN1FE047

Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in U.S. crude inventories and a weaker U.S. dollar.

The Organization of the Petroleum Exporting Countries and allies including Russia began to curb supplies in January 2017. An involuntary drop in Venezuela’s output in recent months has deepened the impact of the curbs.

Brent crude LCOc1, the international oil benchmark, hit $71.28 a barrel - the highest since early December 2014. At 1430 GMT, Brent eased to $70.95, still up 42 cents.

U.S. crude CLc1 climbed to $66.66, also the highest since early December 2014, before dipping to $66.20, up 59 cents....

[thackney]

https://www.eia.gov/petroleum/weekly/crude.php