Trump tells OPEC to lower oil prices

Trump tells OPEC to lower oil prices

No major oil price increase is forecast, as Brent benchmark price isexpected to increase by $1 to $74/barrel next year.

He said, "They're not huge threats.markets all around the world are going down, and US markets are going up".

Tuesday evening the American Petroleum Institute (API) reported that crude inventories increased by about 1.25 million barrels in the week ending September 14. Total commercial petroleum inventories decreased 400,000 barrels last week. The agency forecasts an average of 10.7 million barrels per day for 2018, compared with 9.4 million barrels per day past year, and forecasts an average of 11.5 million barrels per day in 2019. Gasoline inventories were seen down just 104,000 barrels and distillate inventories were expected to rise by about 650,000 barrels.

"We're stuck in a range here", said Tariq Zahir, managing member at Tyche Capital Advisors in NY, with prices supported by the USA sanctions on Iranian supplies and pressured by the potential that Chinese demand could wane.

Brent crude is now trading near to $80 per barrel, close to its highest level since November 2014. During the same week past year, crude oil inputs to refineries averaged 15.17 million barrels per day due to Hurricane Harvey. Net U.S. crude imports fell last week by 106,000 barrels per day, as exports jumped over 500,000 bpd to 2.4 million bpd.

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Gasoline consumption usually picks up in the summer and wanes in autumn, but demand remained strong in the latest week, estimated at 9.5 million barrels per day (Mmbpd).

US crude inventories fell last week for the fifth straight week by 2.1 million barrels, according to the Energy Information Administration's weekly data reported on Wednesday. Using an ultra-tight 1:1 risk vs reward ratio and an initial stop at $71.01, this trade produces 12 ticks.

For this year's April-to-September driving season, the Energy Information Administration expects United States petrol prices to be up 19% from a year ago, mostly because of expectations for higher crude-oil prices. Distillate fuel inventories increased 0.8 million barrels last week, 0.9 percent above the levels of the same week a year ago. This data showed that this interest grew by 45% since the beginning of this week, reaching about 54 million barrels of crude.

The current price action confirms the notion that the crude oil market is "fragile" and highly sensitive to the upside on any news that even hints at lower supply. Previous year at this time, a gallon of regular gasoline cost $2.615 on average in the United States.

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