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09 February 2018, 02:01 | Rufus Hill
Global financial crash? Oil PLUMMETS as Dow Jones falls 1175 points in huge plunge
The US Energy Information Administration raised its domestic production forecast to 10.59 million barrels per day, which is 300,000 barrels per day more than last week's expectations.
Prices felt the blow of these revised projections and will likely continue to feel it for a few more days. U.S. West Texas Intermediate (WTI) crude ended Tuesday's session at $63.39, which is the lowest in two weeks.
Inventories of all petroleum products, which include diesel, heating oil and jet fuel, rose by 4.4 million barrels. "Shipments from USA ports have increased from a little more than 100,000 barrels a day in 2013 to 1.53 million in November - traveling as far as China and the U.K". In June, the price bottomed at $42 a barrel and then started a rally that saw it reach a three-year high of $66 last month.
Also supporting oil prices has been the continued weakness in the dollar, which has helped demand.
While the market is still digesting the STEO projections, the impact from EIA's weekly inventory could still be significant due to the size of the build. Gasoline figures are also bound to affect prices. Oil production in the US for the week, according to the department, also increased - by 3.3 percent, or by 332,000 barrels per day, to 10.251 million barrels per day.
Oil prices fell for the fifth session in a row Thursday on the back of surging USA production and rising inventories.
The level of American oil production has 40 years of records. Distillate production averaged over 5.1 million barrels a day last week, up about 500,000 compared to the prior week's production.
The Energy Information Administration said USA crude production hit 10.25 million barrels per day last week, up from 9.92 million bpd the week prior.
On Tuesday oil fell for the third day, as a landslide in global equities caused losses among bonds, cryptocurrencies and commodities.
"The report was unilaterally negative - not only did it show builds in both crude and refined products, but what spooked the bears is that USA production hit a fresh record high of 10.25 million" barrels per day, said Tamar Essner, director of energy and utilities at Nasdaq Corporate Solutions.
Following a spike in USA bond yields generating fears of a potential increase in inflation and higher interest rates, the financial markets tanked on Monday.
Crude oil futures plunged Monday along with global stocks as the U.S. dollar rallied on expectations of interest rate hikes. In particular, the main US stock indexes on February 6, rose by 1.8-2.3 percent.
The higher prices have not only boosted the attractiveness of energy stocks, but have bolstered the prospects for a rebound in shale production.
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