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Crude oil futures were lower during mid-morning trade in Asia Thursday amid a build reported in last week`s US crude inventory. while market participants were awaiting for the impact from the end of sanction waivers on Iran.
According to US Energy Information Administration released Wednesday. commercial crude stocks in the US grew 9.93 million barrels to 470.57 million barrels during the week ended April 26. amid rising production and increased imports.
The build was due in large part to strong production. which edged up 100.000 b d to a fresh all-time high 12.3 million b d last week. as well as continued growth in imports. which were up 265.000 b d at a 10-week high 7.41 million b d.
`EIA data showed the inventories jumped almost 10 million barrels last week. which was significantly higher than the market was expecting. ` said ANZ analysts in a note Thursday.
Analysts surveyed Monday by S&.P Global Platts were looking for US crude stocks to have increased by 1.4 million barrels for the same period.
Gasoline inventories added 917.000 barrels last week. bringing stocks to 226.74 million barrels. while distillate fuel oil stocks fell by1.31 million barrels to 125.72 million barrels last week. EIA data showed.
Meanwhile. market participants would be watching out for developments around the end of waivers on Iranian crude oil effective from Thursday and the impact it will have on global supply of crude. said analysts.
It remains unclear how aggressively the US may pursue potential sanctions violations and the Trump administration has given little insight into what it may allow when waivers end. declining to comment on questions such a crude sales made to cover debt or to compensate for equity production in Iranian oil fields.
Iran`s oil minister on Wednesday criticized neighboring oil producers for taking advantage of his sanctions-hit country and Venezuela. saying they risk the `collapse of OPEC`.
In a speech at an oil conference in Tehran. Bijan Zanganeh said two OPEC members. whom he did not name. were using their oil production as `a political weapon.`
Saudi Arabia energy minister Khalid al-Falih said in an interview with Russia`s Sputnik news agency published Tuesday that a majority of OPEC-plus members supported extending the current production cut agreement upon its expiration in June.
`The coming OPEC meeting (June 19) will manifest as a key determinant for oil price trajectory as cartel members mull over a potential output hike in 2H 2019. ` said Benajamin Lu. investment analyst at Phillip Futures.
