US crude oil rises further above $58 amid supply concerns
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, WTI crude on NYMEX jumped to its highest level in more than 2 years on Wednesday amid supply disruption arising from the shutdown of one of the largest crude oil pipelines in Canada.
TransCanada Corp.’s 590,000 b/d Keystone pipeline was taken offline last week due to a spill, cutting the company’s November shipments by 85%. In line with the recent shutdown, West Texas Intermediate was up 54 cents to settle at $58.56/barrel on Thursday after crossing the $58 threshold for the first time since 2015. In Friday’s intra-day trading, futures were still above $58/bbl.
According to the data released by the US Energy Information Administration (EIA), the country’s crude supplies declined by 1.9 million barrels, which showed a smaller-than-expected fall ahead of a major OPEC meeting next week.
Meanwhile, the OPEC producers and Russia are expected to extend their production cut agreement beyond March 2018, which may also support the global oil tightening, the media reported.
TransCanada Corp.’s 590,000 b/d Keystone pipeline was taken offline last week due to a spill, cutting the company’s November shipments by 85%. In line with the recent shutdown, West Texas Intermediate was up 54 cents to settle at $58.56/barrel on Thursday after crossing the $58 threshold for the first time since 2015. In Friday’s intra-day trading, futures were still above $58/bbl.
According to the data released by the US Energy Information Administration (EIA), the country’s crude supplies declined by 1.9 million barrels, which showed a smaller-than-expected fall ahead of a major OPEC meeting next week.
Meanwhile, the OPEC producers and Russia are expected to extend their production cut agreement beyond March 2018, which may also support the global oil tightening, the media reported.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Can LDPE uptrend hold in Asia?
- Europe PVC prices lag behind global markets, upward pressure mounts
- PS, ABS markets take respite from rising streak in China, SEA
- Muted demand in Europe paves way for plenty of PP, PE offers in Turkey
- Import PE uptrend persists in China despite bearish winds mounting in local market
- 3-digit hikes in Oct PVC offers reinforce supply-driven bullishness in Asia
- Crude oil caught between demand woes and production disruption
- Tightness drives European PVC market up, prices near pre-pandemic levels
- Major LDPE markets touch multi-year highs on growing tightness
- A prospect for Q4 through uncharted waters of 2020 amid pandemic
