Published: Mon, June 04, 2018
Finance | By Jaime Brady

Scalping Opportunity In WTI Crude Oil

Scalping Opportunity In WTI Crude Oil

Saudi Arabia stayed within its quota and its production inched up to 10.00 million bpd because more crude oil was consumed domestically by power plants, according to sources in the Reuters survey.

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower early Monday.

It was reported last week that US production rose to a record level in March, while drilling activity picked up again last week.

Pumpjacks operate on oil wells in the Permian Basin in this aerial photograph taken over Crane, Texas, U.S., on Friday, March 2, 2018.

And it's not just a front-month aberration, with WTI's discount to Brent for crude for delivery in six months at $10.71 a barrel on June 1, the most since September 2014.

There are no new catalysts behind the price action, traders are still pressing the short side because of concerns over record US production and worries over a jump in OPEC supplies.

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In addition to the EIA's numbers, which come close to matching those of top producer Russia, Baker Hughes disclosed in a report released Friday that US energy companies added two oil rigs in the week to June 1, bringing the total count to 861, the highest level since March 2015. Surging output and a lack of pipeline capacity in the prolific Permian Basin shale play in Texas is exacerbating swelling US inventories.

Global benchmark Brent LCOc1 fell 91 cents to $76.65 per barrel.

Now OPEC is facing the problem, if we really want to choke off American production, how low does the price have to go?'

U.S. drillers added two oil rigs in the week to June 1, bringing the total to 861, the most since March 2015, General Electric Co's Baker Hughes energy services firm said yesterday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 3.6 million barrels during the week ending May 25.

In May, Russia reached the 95% compliance with the deal led by the OPEC+ countries, which curbs oil production, Russian Energy Minister Alexander Novak told reporters on Saturday.

The statement added that the ministers also emphasised the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world.

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