Spot Cargo Markets - Sell-Off

摘要

Oil prices shed nearly $5 per barrel last week as US output hit a new record high and Opec member Iran announced plans to boost production. The slide in oil was part of a wider markets rout led by global equities. The closely watched US Dow Jones index has fallen more than 10% since its Jan. 26 peak. International benchmark Brent lost just under 8% in that time. New data from the Energy Information Administration show US crude production hitting a record high of 10.25 million barrels per day last week - more than current Saudi output. Saudi Arabia-led Opec and a group of other oil producers including Russia have cut production since January 2017 in a bid to drain global inventories. US producers have ramped up production in response to higher prices. US crude tanks built 1.9 million bbl in the week to Feb. 2 against expectations of a draw, with product stocks also rising. Analysts note that US distillate tanks are now above the four-year moving average. US refiners have invested heavily in hydro-treating capacity while rampant refinery utilization has helped boost diesel yields. The restart of the Forties pipeline in the North Sea added to losses on Brent which fell $4.84/bbl to a seven-week low of $64.81/bbl Thursday. The international benchmark has fallen 15% since peaking at a four-year high of over $71/bbl in late January. US price-pin West Texas Intermediate shed $4.65/bbl to close at a five-week low of $61.15/bbl Thursday.