Crude, Gasoline Prices Slip On Inventory Build

OPEC has been limiting its flow of oil for months but there are growing signs that could be coming to an end

As crude oil begins to slide back down on talk about a possible easing of the OPEC+ production cuts, the Energy Information Administration added to bearish sentiment by reporting a hefty build in crude oil inventories of 5.8 million barrels for the week ending May 18.

"We still believe that a production increase will still be forthcoming that will become official at next month's Opec meeting", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

The EIA estimated gasoline inventories had gone up by 1.9 million barrels, with average daily production at over 10 million barrels. The oil-rich nations will also discuss ramping up production.

Schumer and other democrats have sent a letter to Rick Perry, Trump's energy secretary, urging him to raise the issue when OPEC meets in Vienna on June 22. Positive outlook from Fed minutes would result in Gold price going down further as demand for greenback keeps increasing over prospect of multiple rate hikes this year while a dovish outlook would help Yellow metal reclaim $1300 price range.

He also reiterated that obligations under the 1.8 million b/d OPEC/non-OPEC output cut agreement may be lowered if the participants come to the conclusion at the June meeting the market has rebalanced.

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Saudi oil minister Khaled al-Faleh said at an economic conference in Russian Federation that a gradual output increase could happen in the second half of the year to prevent any supply shocks, according to the RIA Novosti agency. "Generally speaking, we are quite flexible".

Distillate inventories decreased by a million barrels last week and remain in the lower half of the average range for this time of year. Libya produced 390,000 barrels per day in 2016.

US inventories expanded by 5.78 MMbbl to about 438 MMbbl last week, data from the Energy Information Administration showed. The latter is somewhat surprising, Flynn said, because Brent crude is trading at more than a $7 premium to us crude, making exports more attractive.

The XAUUSD pair however rebound from Tuesday's loss during Asian market hours and is now trading around $1294/95 price range.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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