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MTECHTIPS:-NYMEX crude down in Asia ahead of U.S. industry stock estimates

Wednesday, October 12, 2016 2:52

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MTECHTIPS:-NYMEX crude down in Asia ahead of U.S. industry stock estimates

MTECHTIPS- Crude oil prices dipped in Asia on Wednesday with industry data on U.S. stockpiles due. Crude oil for November delivery on the New York Mercantile Exchange eased 0.8% to $50.75 a barrel. Later on Wednesday, the American Petroleum Institute will release its estimates of crude and refined product stocks last week. The figures, delayed by a day because of a public holiday, will be followed on Thursday by more closely-watched data from the U.S. Department of Energy and the International Energy Agency will release its monthly report on global oil supply and demand. Last week, data showing U.S. crude supplies fell for the fifth week in a row boosted the demand outlook in the world’s largest oil consumer. According to the U.S. Energy Information Administration, crude oil inventories fell by 3.0 million barrels last week to 499.7 million, the lowest since January. Overnight, Brent oil for December delivery on the ICE Futures Exchange in London shed 0.08% to $52.52 a barrel. On Tuesday, the IEA said in its October report it expected world oil demand to grow at a rate of 1.2 million bpd next year, keeping its forecast unchanged from last month, but cut its estimate of growth in 2016 by 40,000 bpd to around 1.2 million bpd, from around 1.3 million bpd last month. The IEA forecast a decline of 900,000 bpd in non-OPEC output in 2016 to 56.6 million bpd, and expects a rise of 400,000 bpd in 2017. Global stockpiles fell for the first time since March, down 10 million barrels to 3.092 billion barrels, just shy of July’s record 3.111 billion barrels. Oil gained on Monday after Russian President Vladimir Putin said his country is prepared to join an oil-output deal which may include a freeze or cut to output.

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