Oil steady ahead of Storm Gordon; weighed by dollar, Cushing build

Donald Trump

Even though the crude market of late has seen sporadic upward movement based largely on fear that USA sanctions against Iran and weekly US inventory draws herald a market tightening, it's hard to ignore fundamentals suggesting the reverse: and on Monday crude prices held steady as data revealed rising supplies and slowing demand.

International Brent crude oil futures were at $77.43 a barrel at 2.22am GMT, down 21c, or 0.3%, from their last close.

Oil prices dipped on Thursday as emerging market turbulence weighed on sentiment, while a deadline neared for a potential new round of US tariffs on another $200 billion of Chinese goods.

There was also a typhoon hitting Japan's east coast overnight, with some damage to oil refineries in the Osaka region, although operator JXTG said its operations were not significantly affected.

The National Iranian Oil Company has cut down its crude oil prices to make the buyer intact during the expert drop.

India would not stop Iranian imports but would finalise its strategy on crude buys after this week's high-level meeting of USA state and defense secretaries, Mike Pompeo and Jim Mattis, and India's foreign and defence ministers, Sushma Swaraj and Nirmala Sitharaman, an Indian official told Reuters last month. In fact, the United States has increased oil production by 30% since the middle of 2016 to its current rate of 11 million barrels of oil per day. USA markets were closed on Monday for Labor Day.

Currently, Iran is the 3rd largest manufacturer among the Organization of the Petroleum Exporting Countries and has achieved a milestone in oil futures traded in the United Kingdom have increased to its highest with an expectation of Iranian supply loss.




This possible slowing in global economic growth and corresponding dip in world oil demand could offset the loss of Iranian oil as well as the continual loss of Venezuelan production and other marginal OPEC members, helping keep the market in balance.

US investment bank Jefferies said "the Brent forward curve has inverted to backwardation, signalling a tightening market that already feels the effects of declining Iranian exports".

Front-month volumes in the crude futures have risen to trade nearly 2.8 million lots of 1,000 barrels in July.

At the start of the week after the long USA holiday week-end, crude oil was already being underpinned by supply issues after global markets had tightened throughout the month of August.

"The oil market is expected to trade within the current range".

BNP Paribas expects Brent to average $79 per barrel in 2019.

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