U.S. oil stocks build unexpectedly despite record high exports

FxPro Forex Analysis: Crude Oil Analysis Ahead of EIA Inventories Data – April 25, 2018

The oil price has been boosted in recent months by mounting geopolitical fears as oil markets have tightened, with Venezuela's output falling sharply and expectations the U.S. will return to targeting Iran's oil exports if the Trump administration withdraws from the 2015 nuclear deal. A slight suggestion that President Trump might accept a revised deal between the six Western powers who signed the original nuclear deal with Iran on Tuesday did halt the price rise, but it was temporary.

US President Donald Trump has been very vocal of his displeasure with the current 2015 deal that has lifted trading sanctions and implemented regulatory safeguards on Iran's nuclear capabilities.

Oil prices were strong but off their highs midweek as a bearish build-up in USA crude stockpiles was countered by concerns that President Donald Trump could decide to jettison Iran's nuclear deal.

Brent futures are now trading around $74, while U.S. West Texas Intermediate (WTI) is fetching $68 a barrel.

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The latest figures from OPEC, for March, indicated that Iran produced around 3.8 million barrels of oil per day, making it the third largest oil producer in the 14-member group, after Saudi Arabia and Iraq.

The American Petroleum Institute (API) on Tuesday reported a buildup of 1.099 million barrels of the USA crude oil inventories for the week ending April 20. Plunging Venezuelan output and looming United States sanctions against Iran come against a backdrop of strong demand, especially in Asia, the world's biggest oil-consuming region.

With US output and exports surging, some analysts warn that the 20% climb in Brent prices since February is starting to look overdone.

However, not all market indicators point towards tighter supplies.

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U.S. crude inventories rose by 1.1 million barrels in the week to April 20 to 429.1 million, according to a report by the American Petroleum Institute on Tuesday.

Crude oil was higher Thursday morning despite an unexpected rise in U.S. oil inventories.

Combined exports of crude and petroleum products also hit a weekly record at 8.3 million bpd, of which more than 6 million bpd was from products like gasoline and diesel fuel.

Gasoline production averaged 9.9 million barrels daily last week, the EIA also said, and distillate production stood at 5 million bpd.

Amazon Working On Alexa Powered Robot Codenamed 'Vesta'
Amazon now uses robots in its product warehouses, though obviously Vesta bot would be specialized to operate in the home. The company's shares fell as much as 8.6 percent on Monday, the biggest intraday decline since early February.

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