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MTECHTIPS:-Oil rises as market could be closer to balance than expected

Tuesday, October 18, 2016 5:08

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MTECHTIPS:-Oil rises as market could be closer to balance than expected

MTECHTIPS- Oil prices rose early on Tuesday as some analysts said markets might not be quite as oversupplied as suggested by many, with global inventories rising less than expected ahead of the high-demand winter heating season in the northern hemisphere. A drop in the dollar away from seven-month highs the previous day (DXY) also supported crude, as a lower greenback makes fuel purchases cheaper for countries using other currencies domestically. Brent crude (LCOc1) was at $51.91 per barrel at 0655 GMT, up 39 cents, or 0.76 percent from the previous close. U.S. West Texas Intermediate (WTI) crude (CLc1) was up 40 cents, or 0.8 percent, at $50.34 a barrel. Traders said prices were receiving support from the notion that oil markets, which have been dogged by oversupply for two years, may be closer to balance than previously anticipated. Beyond estimating production and consumption, one way to gauge the supply and demand balance is to analyze fuel inventory changes. “Global oil inventories (industry and government) increased by 17 million barrels to 5.618 billion barrels in 3Q16. This is the smallest build since 4 Q 14, confirming that inventory builds are slowing as the market comes back into balance,” Bernstein Energy said in a note on Tuesday.

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