Saudi's July oil output at around 10.290 mln bpd - OPEC sources

Anna Jefferson
August 6, 2018

In the previous week, total USA inventories rose 3.8 million barrels, while supplies at Cushing fell 1.3 million barrels.

The country's top two refiners SK Energy and GS Caltex bought 2 million barrels of US crude each for October arrival, while its smallest refiner Hyundai Oilbank has also purchased 2 million barrels of medium-sour Mars crude for the first time, the sources said. Saudi Arabia produced at record levels and support from Kuwait and the United Arab Emirates made up for losses elsewhere in the market.

Stocks at the key Cushing storage hub in Oklahoma fell by 1.3-million barrels, the lowest level since October 2014, according to data from the Energy Information Administration (EIA). The commercial crude oil inventories excluding SPR was 15.2 percent below the levels of the same week previous year.

Overall U.S. crude oil inventories actually rose by 3.8 million barrels last week to 408.74 million barrels C-STK-T-EIA , the EIA data showed. Refinery input was 72,000 barrels higher than the levels the same week past year. "In turn, for every 1 million barrels per day imbalance, we see a price impact on Brent of around $17", they added.

According to two officials, the USA hasn't been able to persuade China to reduce Iranian oil purchases, but Beijing has reportedly agreed not to increase its oil imports from Iran, Bloomberg reports.

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US crude oil exports averaged 1.31 million barrels per day last week, down by 1.37 million barrels per day from the previous week.

Fears that Chinese demand could taper fuelled the pullback on Friday after state oil major Sinopec cut its purchases of USA crude.

To be sure, production jumped from a year ago-by 13.3 percent from the 9.217 million bpd production in May last year. Analysts polled by Reuters had expected a decline of 2.8 million barrels.

Distillate fuel inventories increased by 2.98 million barrels last week, but 16.9 percent below the levels of the same week a year ago.

Total products supplied over the last four-week period averaged 20.87 million barrels per day, up by 0.6 percent from the same period a year ago.

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WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, set for a drop of 1.4%.

USA crude loadings for South Korea have been rising since July and arrivals are expected to reach 6 million barrels in each of September and October, the highest ever, according to the sources and trade flow data on Thomson Reuters Eikon.

Oil prices went down on Wednesday after official data showed that USA crude oil inventories increased despite the fact that the analysts were expecting a draw.

West Texas Intermediate (WTI) crude for September delivery traded at $67.85 at 3:51 Tokyo.

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