Canadian Dollar Rallies After Data Shows Falling Oil Stockpiles

A US oil export boom 40 years in the making

Analysts had expected stocks to rise by 2.8 million barrels.

The growth of North American shale production, which caused an estimated 5-percent increase in USA crude output in 2017, has rocked the oil industry in the past few years, spurring OPEC and other traditional producers to cut output to trim global inventories.

Although oil inventories in the world's strongest economies posted their steepest drop in more than six years in December, escalating output from US shale fields may reverse the work OPEC and partners such as Russian Federation have undertaken since late 2016 to shrink the oversupply, the International Energy Agency said.

USA proved reserves of crude oil and lease condensate remained at 35.2 billion barrels at the year end of 2016, a slight net decline of 17 million barrels from 2015. Brent, the global benchmark, gained 48 cents, or 0.8%, to $63.20 a barrel.

Oil has erased this year's gains after the best start in more than a decade, putting in jeopardy the Organization of Petroleum Exporting Countries and its allies' plan of cutting supply to drain a global glut and boost prices.

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OPEC and its partners made a decision to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry. West Texas Intermediate crude for March delivery on the New York Mercantile Exchange rose $1.41, or 2.4%, to settle at $60.60 a barrel after earlier trading as low as $58.20.

In November 2014, the so-called USA shale revolution prompted to announce a new strategy geared towards improving its market share. The United States overtook Saudi Arabia last week to become the second-largest global producer.

Other data in the report showed inventories at the Cushing oil depo in Oklahoma declining -3.6m during the past week, a massive jump from the -0.7m of the previous week.

In parallel, oil imports were little changed, dippiing by 4,000 barrels per day to average 7.9m b/d. This, however, is not necessarily the case: oil price rises have come to a halt and gone into reverse, and, according to our supply/demand balance, so might the decline in oil stocks, at least in the early part of this year.”.

Citi said it expected 2018 oil markets to be balanced or in slight oversupply, forecasting a "market surplus of 0 to 0.2 million bpd". The Paris-based group also predicted America may unseat Russian Federation as the world's top crude producer by the end of this year, echoing a similar forecast by US government analysts. Last week, the US Energy Information Administration lifted its forecasts for 2018 and 2019 USA crude-oil production.

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