Crude oil futures
December WTI (West Texas Intermediate) crude oil (DBO) (USO) futures contracts fell 0.11% and were trading at $54.09 per barrel in electronic trade at 2:15 AM EST on October 31, 2017. In contrast, December 2017 E-Mini S&P 500 (SPY) futures contracts rose 0.04% to 2,569 during the same time.
Crude oil (UWT) (DWT) (SCO) prices fell ahead of the American Petroleum Institute’s crude oil inventory report, which will be released on October 31, 2017. Moves in oil prices impact oil producers (IXC) (XES) like Anadarko Petroleum (APC), Hess (HES), SM Energy (SM), and Marathon Oil (MRO).
Iraq, Kurdistan, and crude oil futures
Brent crude oil (BNO) (UCO) (USL) prices have risen 6.1% since September 22, 2017, partially due to crude oil supply outages in Kurdistan. Some sources said that Kurdistan’s crude oil exports to Turkey through oil pipelines in Kirkuk resumed on October 30, 2017. Previously, exports through these pipelines averaged 264,000 bpd (barrels per day) when Iraqi troops seized the oilfields in Kirkuk. The exports through these pipelines averaged 550,000 bpd before the conflict between Iraq and Kurdistan.
Around 30% and 10% of Iraq’s crude oil reserves and crude oil production come from the Kurdistan region. The increase or decrease in crude oil supplies from Iraq could influence crude oil (SCO) (OIL) prices.
In the next part, we’ll discuss how US crude oil inventories and production impact oil prices.
The global oil supply is expected to average 97.99 MMbpd in 2017, which is 760,000 bpd or 0.8% higher than the oil supplies in 2016.
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