Iran's Crude Oil Prices Ease

Oil slips despite larger draw in US stocks

China's September crude oil imports climbed to the second highest level on record, while natural gas imports rose to almost five per cent, official customs data showed on Friday.

In its latest monthly report published last week, calculations by OPEC showed the price of Iran's heavy crude rose 7.3% to $52.27 a barrel in September from the previous month.

Unrest in Iraq also supported prices.

OPEC, with other producers including Russian Federation, has agreed to production cuts of 1.8 million bpd.

As Oil Price writes in the article Draw In Crude Inventories Lifts Oil Prices, EIA's report could reinforce oil price optimism, especially now that oilfield operators in the Gulf of Mexico are returning to normal operation after shutting down 92 percent of production capacity because of Hurricane Nate.

The key catalyst for the oil market next year would be Saudi Aramco's planned IPO-the biggest initial public offering ever-Watling agreed, and added "Well, I think they need to get it away quick before oil goes to $10".

Prices were supported earlier in the week as traders weighed the likelihood that OPEC-led production cuts will be extended through next year in the wake of a meeting between Saudi King Salman and Russian President Vladimir Putin in Moscow.

Crude inventories fell by 2.7 million barrels in the week to October 6, compared with analysts' expectations for a decrease of 2 million barrels.

Gasoline stocks rose 2.5 million barrels, versus forecasts for a 480,000-barrel drop, spurring US gasoline futures to extend losses and gasoline margins.

Elsewhere, were up 2.37% at $1.625 a gallon, while rallied 1.17% to $3.024 per million British thermal units. The nation has spent around $24 billion building its crude reserves since 2015 and now holds around 850 million barrels of oil in inventory, according to the International Energy Agency (IEA).

Of course, there are other views among experts and analysts, with Citi, for example, expecting tighter supply next year, regardless of what OPEC does. It essentially means that OPEC must deepen its production cuts to finish its job of bringing oil stocks back to the five-year average.

Year-to-date, crude buying rose 12 per cent from a year ago to 318 million tonnes, or 8.5 million bpd, a record high.

I continue to expect rangebound markets over the near-term.

The OPEC/Non-OPEC producers need to do something about output because they are not getting any help from USA producers.

US crude inventories are still 13 percent above five-year averages headed into the busy winter season, despite efforts by OPEC to cut production.

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