Monday, 19 September 2016

Crude Oil Future Weekly Outlook September 19 - 23, 2016

Oil futures fell sharply on Friday, with U.S. crude prices
Commodity Headline
touching a more than five-week low as signs of an ongoing recovery in U.S. drilling activity combined with increasing exports from OPEC added to concerns over a global supply glut. On the New York Mercantile Exchange, crude oil for delivery in October sank to a daily low of $42.74 a barrel, a level not seen since August 11. It ended at $43.03 by close of trade, down 88 cents, or 2%, on the day.  

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Market players continued to focus on U.S. drilling prospects, amid indications of a recent recovery in drilling activity. Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week rose by 2 to 416, marking the 11th increase in 12 weeks. That came after government data published on Wednesday showed large weekly builds in U.S. petroleum products. According to the U.S. Energy Information Administration, distillate inventories including diesel, increased by 4.619 million barrels last week, much higher than expectations for a rise of 1.543 million barrels.  

In the week ahead, oil traders will be focusing on U.S. stockpile data on Tuesday and Wednesday for fresh supply-and-demand signals. Market players will also continue to monitor developments before the informal meeting of major oil producing countries next week. 

Ahead of the coming week, We have compiled a list of these and other significant events likely to affect the markets.  

Tuesday, September 20
  • The American Petroleum Institute, an industry group, is to publish its weekly report on U.S. oil supplies. 
Wednesday, September 21
  • The U.S. Energy Information Administration is to release its weekly report on oil and gasoline stockpiles. 
Friday, September 23
  • Baker Hughes will release weekly data on the U.S. oil rig count.

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