Oil Falls as Refiners Reduce Crude Runs by Most in Four Months
The EIA report “pretty much dovetails with the API numbers,” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $3.4 billion. “It’s already been priced in. We actually saw a decline in refining activity and that’s surprising.”
U.S. shale oil producers seem to have “blinked” in their “supposed standoff” with the Organization of Petroleum Exporting Countries and the “relentless rise in U.S. supply seems to be finally abating,” the International Energy Agency said in a month report Wednesday.
Gulf-based members of the Organization of Petroleum Exporting Countries are boosting supplies as they escalate a battle to preserve sales volumes, the IEA said.
The IEA raised its estimate for non-OPEC supply growth in 2015 by 200,000 barrels a day on “surprisingly strong” output in the first quarter from countries including Russia, China and Colombia. Non-OPEC producers, which account for about 60 percent of global supplies, will expand output this year by 830,000 barrels a day to 57.8 million a day.
To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Charlotte Porter
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