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Russian crude oil pipeline exports to Europe fell sharply, European and American crude oil futures rose sharply, Brent crude oil futures broke through $75 a barrel for the first time in nearly six months. However, U.S. crude oil inventories rose to their highest level since October 2017, offsetting concerns about crude oil supply shortages. Traders took profits and European and American crude oil futures fell at the close. On Thursday (April 25), West Texas Light Oil futures settled at $65.21 a barrel in June 2019 on the New York Mercantile Futures Exchange, down $0.68, or 1.0%, from the previous trading day, with a trading range of $64.9-66.28; Brent Crude Oil settled at $74.35 a barrel in June 2019 on the London Intercontinental Exchange, down $0.22, or 0.3%, with a trading range of $74-75.6. 。
Concerned about pollution, Poland, the Czech Republic and Germany suspended imports of crude oil from Russia through the Druzba pipeline. Reuters calculates that the pipeline can transport up to 1 million barrels of crude oil a day, equivalent to 1% of global demand for crude oil. Currently, about 700,000 barrels of crude oil are disrupted. But Russia says it plans to start delivering clean fuels to Europe through the pipeline on April 29.
This week, the U.S. lifted its national and regional exemptions for imports of Iranian crude oil, raising concerns about a shortage of supply in the market, which led to a surge in international oil prices. However, Rystad Energy, a consultancy, argues that Saudi Arabia and the major oil producers in the production reduction alliance can replace Iran's export losses. Bjoernar Tonhaugen, head of oil research at Rystad, said: "Saudi Arabia and several of its allies are replacing Iran's export losses with more crude oil. Since October 2018, daily crude oil production in Saudi Arabia, Russia, the United Arab Emirates and Iraq has decreased by 1.3 million barrels, which is enough to compensate for the loss of Iranian crude oil exports.
The U.S. lifted its national and regional exemption for Iranian crude oil imports from early May, but analysts are still waiting to see how Iranian crude oil exports fare. Iran's foreign minister, Javad Zarif, said Wednesday that Iran plans to continue selling oil to foreign buyers and warned of unknown consequences if the United States tries to prevent oil sales through the Strait of Hormuz.
The U.S. Energy Information Agency will release its monthly report on U.S. oil production next Tuesday. The monthly Drilling Productivity Report issued by the U.S. Energy Information Agency in mid-April predicts that shale oil production will continue to grow in seven key areas of the United States in May 2019; data show that the number of oil wells drilled but not yet completed in shale oil production areas continues to rise.
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