Climbing stocks ring warning bells

摘要

Crude prices tumbled as a larger-than-expected US stockbuild combined with another increase in the US rig count suggested a market moving out of balance despite Opec and non-Opec production cuts. US light sweet benchmark WTI fell by $4.80/bl to $48.40/bl in the week to 13 March. WTI has tumbled by more than $4/bl since the US EIA reported an 8.2mn bl rise in US crude stocks to 528.4mn bl in the week to 3 March, amid higher imports and production. US shale oil output is expected to increase by close to 110,000 b/d to 4.96mn b/d next month, the EIA says. And the number of active drilling rigs in the US has risen to 768, oil service firm Baker Hughes data show, the highest since November 2015.